E3.10 (LO3) (Adjusting Entries) Uhura Resort opened for business on June 1 with eight air-conditioned units....

E3.10 (LO3) (Adjusting Entries) Uhura Resort opened for business on June 1 with
eight air-conditioned units. Its trial balance on August 31 is as follows (in
thousands).

Uhura Resort
Trial Balance
August 31, 2019
Debit Credit
Cash ¥ 19,600
Prepaid Insurance 4,500
Supplies 2,600
Land 20,000
Buildings 120,000
Equipment 16,000
Accounts Payable ¥ 4,500
Unearned Rent Revenue 4,600
Mortgage Payable 50,000
Share Capital—Ordinary 100,000
Retained Earnings 0
Dividends 5,000
Rent Revenue 86,200
Salaries and Wages Expense 44,800
Utilities Expense 9,200
Maintenance and Repairs Expense 3,600
¥245,300 ¥245,300
Other data:
1. The balance in prepaid insurance is a 1-year premium paid on June 1, 2019.
2. An inventory count on August 31 shows ¥650 of supplies on hand.
3. Annual depreciation rates are buildings (4%) and equipment (10%). Residual value
is estimated to be 10% of cost.
4. Unearned rent revenue of ¥3,800 should be recognized as revenue prior to August
31.
5. Salaries and wages of ¥375 were unpaid at August 31.
6. Rentals of ¥800 were due from tenants at August 31.
7. The mortgage note is dated 1/1/2019. The mortgage interest rate is 8% per year.
Instructions
a. Journalize the adjusting entries on August 31 for the 3-month period June 1
–August 31. (Omit explanations.)
b. Prepare an adjusted trial balance on August 31.

Expert Solution

A) Adjusting entry

b) adjusting trail balance

ekkarill92 answered 1 year ago

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