70.2K

Verified Solution

Link Copied!

Cullumber Creek Golf Inc. was organized on July 1, 2022. Quarterly financial statements are prepared. The trial balance and adjusted trial balance on September 30 are shown as follows. CULLUMBER CREEK GOLFING Trial Balance September 30, 2022 Unadjusted Adjusted Dr. Cr. Dr. Cr. Cash $ 6,310 $ 6,310 Accounts Receivable 690 1.550 Supplies 1,200 340 Prepaid Rent 1.840 920 17,500 17.500 Equipment Accumulated Depreciation-Equipment $ 350 Notes Payable $ 6,000 6,000 Accounts Payable 1.700 1,700 Salaries and Wages Payable 620 Interest Payable 60 Unearned Rent Revenue 1,010 330 Common Stock 13.500 13,500 Retained Earnings 0 0 Dividends 340 340 340 Service Revenue 17,800 18,660 Rent Revenue 1,090 1.770 Salaries and Wages Expense 8,140 8.760 Rent Expense 920 1.840 350 Depreciation Expense Supplies Expense 860 Utilities Expense 4,160 4,160 Interest Expense 60 $41,100 ** 1100 54250 $42550 $41.100 $42.990 $42.990 Journalize the adjusting entries that were made. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Accounts Receivable 860 Service Revenue 860 (To record service revenue earned) Rent Expense 920 Prepaid Rent 920 (To record rent expense) Supplies Expense 860 Supplies 860 (To record supplies used) Depreciation Expense 350 Accumulated Depreciation-Equipment 350 (To record monthly depreciation) 1. D. TO DO I. I. Interest Expense 60 Interest Payable 60 (To record interest on notes payable) Unearned Rent Revenue 680 Rent Revenue 680 (To record unearned rent revenue earned) Salaries and Wages Expense 620 Salaries and Wages Payable 620 (To record accrued salaries) Prepare an income statement for the 3 months ending September 30. CULLUMBER CREEK GOLF INC. Income Statement $ $ $

Answer & Explanation Solved by verified expert

See Answer