Neosho River Resort opened for business on June 1 with eight air-conditioned units. Its trial balance before adjustment on August 31 is as follows.
NEOSHO RIVER RESORT
Trial Balance
August 31, 2010
Account Number
Debit
Credit
101 Cash $19,600
126 Supplies 3,300
130 Prepaid Insurance 6,000
140 Land 25,000
143 Cottages 125,000
149 Furniture 26,000
201 Accounts Payable $6,500
209 Unearned Rent 7,400
275 Mortgage Payable 80,000
301 P. Harder, Capital 100,000
306 P. Harder, Drawing 5,000
429 Rent Revenue 80,000
622 Repair Expense 3,600
726 Salaries Expense 51,000
732 Utilities Expense 9,400
$273,900
$273,900
In addition to those accounts listed on the trial balance, the chart of accounts for Neosho River Resort also contains the following accounts and account numbers: No. 112 Accounts Receivable, No. 144 Accumulated Depreciation-Cottages, No. 150 Accumulated Depreciation-Furniture, No. 212 Salaries Payable, No. 230 Interest Payable, No. 620 Depreciation Expense-Cottages, No. 621 Depreciation Expense-Furniture, No. 631 Supplies Expense, No. 718 Interest Expense, and No. 722 Insurance Expense.
Other data:
Insurance expires at the rate of $400 per month.
A count on August 31 shows $600 of supplies on hand.
Annual depreciation is $6,000 on cottages and $2,400 on furniture.
Unearned rent of $4,100 was earned prior to August 31.
Salaries of $400 were unpaid at August 31.
Rentals of $1,000 were due from tenants at August 31. (Use Accounts Receivable.)
The mortgage interest rate is 9% per year. (The mortgage was taken out on August 1.)
Instructions
(a) Journalize the adjusting entries on August 31 for the 3-month period June 1’August 31.
J1
Date Account/Description Debit Credit
Aug. 31 Mortgage PayableInterest ExpensePrepaid InsuranceDepreciation Expense?FurnitureP.Harder, CapitalSuppliesCashRepair ExpenseInsurance ExpenseUnearned RentRent RevenueSalaries PayableSalaries ExpenseLandP.Harder, DrawingsDepreciation Expense?CottagesCottagesSupplies ExpenseAcc. Depr.-CottagesFurnitureAcc. Depr.-FurnitureUtilities ExpenseInterest PayableAccounts ReceivableAccounts Payable
Acc. Depr.-CottagesP.Harder, CapitalCottagesRent RevenueSalaries PayableInsurance ExpenseLandSupplies ExpenseCashSuppliesMortgage PayableP.Harder, DrawingsUtilities ExpenseRepair ExpenseInterest ExpenseFurnitureAcc. Depr.-FurniturePrepaid InsuranceDepreciation Expense?FurnitureSalaries ExpenseInterest PayableDepreciation Expense?CottagesUnearned RentAccounts ReceivableAccounts Payable
(To record expired insurance)
31 Interest ExpensePrepaid InsuranceUtilities ExpenseRent RevenueSalaries PayableSalaries ExpenseInterest PayableDepreciation Expense?FurnitureAcc. Depr.-FurnitureSupplies ExpenseP.Harder, CapitalP.Harder, DrawingsUnearned RentSuppliesAccounts PayableFurnitureMortgage PayableRepair ExpenseAccounts ReceivableCashLandInsurance ExpenseCottagesAcc. Depr.-CottagesDepreciation Expense?Cottages
CashCottagesSalaries ExpenseAcc. Depr.-CottagesSupplies ExpenseP.Harder, CapitalInterest PayableInsurance ExpenseFurnitureP.Harder, DrawingsRent RevenueAccounts ReceivableMortgage PayableRepair ExpenseUnearned RentAcc. Depr.-FurnitureInterest ExpensePrepaid InsuranceLandAccounts PayableUtilities ExpenseSalaries PayableSuppliesDepreciation Expense?CottagesDepreciation Expense?Furniture
(To record supplies used)
31 Interest PayableAccounts PayableRent RevenueDepreciation Expense?CottagesUtilities ExpenseInsurance ExpenseCottagesLandAccounts ReceivableSupplies ExpenseAcc. Depr.-FurnitureCashDepreciation Expense?FurnitureSalaries PayableP.Harder, CapitalRepair ExpenseAcc. Depr.-CottagesPrepaid InsuranceFurnitureUnearned RentP.Harder, DrawingsInterest ExpenseSalaries ExpenseSuppliesMortgage Payable
Depreciation Expense?FurnitureSuppliesUtilities ExpensePrepaid InsuranceInsurance ExpenseP.Harder, DrawingsUnearned RentMortgage PayableP.Harder, CapitalAccounts ReceivableRent RevenueSupplies ExpenseLandInterest ExpenseDepreciation Expense?CottagesInterest PayableSalaries ExpenseAcc. Depr.-CottagesCashCottagesRepair ExpenseFurnitureAccounts PayableAcc. Depr.-FurnitureSalaries Payable
(To record cottage depreciation)
31 Salaries ExpenseSupplies ExpenseFurnitureUtilities ExpenseSalaries PayableDepreciation Expense?CottagesAccounts ReceivableInterest ExpenseSuppliesAccounts PayableMortgage PayableRepair ExpenseCashLandPrepaid InsuranceInterest PayableCottagesDepreciation Expense?FurnitureAcc. Depr.-CottagesP.Harder, CapitalAcc. Depr.-FurnitureP.Harder, DrawingsInsurance ExpenseUnearned RentRent Revenue
SuppliesInsurance ExpenseLandCashPrepaid InsuranceRent RevenueAcc. Depr.-CottagesP.Harder, DrawingsInterest ExpenseMortgage PayableSupplies ExpenseInterest PayableDepreciation Expense?CottagesAcc. Depr.-FurnitureSalaries PayableSalaries ExpenseDepreciation Expense?FurnitureUnearned RentAccounts ReceivableP.Harder, CapitalCottagesAccounts PayableFurnitureRepair ExpenseUtilities Expense
(To record furniture depreciation)
31 Acc. Depr.-CottagesSalaries PayableInsurance ExpenseSupplies ExpenseCottagesPrepaid InsuranceDepreciation Expense?CottagesMortgage PayableUnearned RentInterest PayableFurnitureRent RevenueDepreciation Expense?FurnitureUtilities ExpenseSalaries ExpenseP.Harder, CapitalAcc. Depr.-FurnitureAccounts ReceivableLandInterest ExpenseCashAccounts PayableSuppliesP.Harder, DrawingsRepair Expense
Depreciation Expense?CottagesDepreciation Expense?FurnitureMortgage PayableRepair ExpenseSuppliesInsurance ExpenseFurniturePrepaid InsuranceP.Harder, CapitalRent RevenueP.Harder, DrawingsSalaries PayableSupplies ExpenseUnearned RentInterest PayableCashSalaries ExpenseAccounts ReceivableAcc. Depr.-FurnitureUtilities ExpenseAccounts PayableAcc. Depr.-CottagesInterest ExpenseLandCottages
(To record rent earned)
31 Interest PayableSalaries ExpenseP.Harder, DrawingsSalaries PayableP.Harder, CapitalAcc. Depr.-CottagesRepair ExpenseSuppliesUnearned RentDepreciation Expense?FurnitureAccounts PayableLandAcc. Depr.-FurniturePrepaid InsuranceRent RevenueCottagesInsurance ExpenseUtilities ExpenseInterest ExpenseMortgage PayableSupplies ExpenseFurnitureDepreciation Expense?CottagesAccounts ReceivableCash
Salaries ExpenseSuppliesAccounts ReceivableRepair ExpenseCashUtilities ExpenseLandUnearned RentInterest ExpenseCottagesFurnitureAccounts PayableAcc. Depr.-CottagesAcc. Depr.-FurnitureMortgage PayableP.Harder, CapitalP.Harder, DrawingsRent RevenueInterest PayableInsurance ExpenseSalaries PayableSupplies ExpensePrepaid InsuranceDepreciation Expense?CottagesDepreciation Expense?Furniture
(To record accrued wages)
31 LandInterest ExpenseSalaries PayableUnearned RentSalaries ExpenseP.Harder, DrawingsSupplies ExpenseInsurance ExpenseAcc. Depr.-CottagesRent RevenueDepreciation Expense?CottagesFurnitureCashRepair ExpenseAcc. Depr.-FurnitureInterest PayableSuppliesAccounts ReceivableCottagesDepreciation Expense?FurnitureUtilities ExpenseAccounts PayableMortgage PayableP.Harder, CapitalPrepaid Insurance
Insurance ExpenseAccounts PayableDepreciation Expense?FurnitureSalaries ExpenseUtilities ExpenseInterest ExpenseSuppliesCashAcc. Depr.-FurnitureP.Harder, CapitalRent RevenueAccounts ReceivableAcc. Depr.-CottagesSalaries PayableInterest PayablePrepaid InsuranceMortgage PayableFurnitureRepair ExpenseUnearned RentCottagesSupplies ExpenseDepreciation Expense?CottagesP.Harder, DrawingsLand
(To record accrued rent)
31 CashUnearned RentRent RevenueLandPrepaid InsuranceAccounts ReceivableFurnitureSalaries PayableMortgage PayableCottagesSuppliesRepair ExpenseAccounts PayableDepreciation Expense?FurnitureP.Harder, CapitalP.Harder, DrawingsUtilities ExpenseAcc. Depr.-CottagesInterest ExpenseDepreciation Expense?CottagesInsurance ExpenseSalaries ExpenseAcc. Depr.-FurnitureInterest PayableSupplies Expense
Interest ExpenseAccounts PayableAcc. Depr.-FurnitureCashSuppliesLandUnearned RentPrepaid InsuranceSupplies ExpenseAcc. Depr.-CottagesSalaries PayableMortgage PayableSalaries ExpenseInterest PayableAccounts ReceivableRepair ExpenseRent RevenueDepreciation Expense?CottagesP.Harder, DrawingsP.Harder, CapitalUtilities ExpenseInsurance ExpenseFurnitureCottagesDepreciation Expense?Furniture
(To record interest expense)
(b) Prepare a ledger using the three-column form of account. Enter the trial balance amounts and post the adjusting entries. (Use J1 as the posting reference.) (If an amount should be blank, enter a zero. All boxes must be filled to be correct.)
Cash
No. 101
Date
Explanation
Ref.
Debit
Credit
Balance
Aug. 31 Balance P
Accounts Receivable
No. 112
Date
Explanation
Ref.
Debit
Credit
Balance
Aug. 31 Adjusting J1
Supplies
No. 126
Date
Explanation
Ref.
Debit
Credit
Balance
Aug. 31 Balance P
31 Adjusting J1
Prepaid Insurance
No. 130
Date
Explanation
Ref.
Debit
Credit
Balance
Aug. 31 Balance P
31 Adjusting J1
Land
No. 140
Date
Explanation
Ref.
Debit
Credit
Balance
Aug. 31 Balance P
Cottages
No. 143
Date
Explanation
Ref.
Debit
Credit
Balance
Aug. 31 Balance P
Accumulated Depreciation”Cottages
No. 144
Date
Explanation
Ref.
Debit
Credit
Balance
Aug. 31 Adjusting J1
Furniture
No. 149
Date
Explanation
Ref.
Debit
Credit
Balance
Aug. 31 Balance P
Accumulated Depreciation”Furniture
No. 150
Date
Explanation
Ref.
Debit
Credit
Balance
Aug. 31 Adjusting J1
Accounts Payable
No. 201
Date
Explanation
Ref.
Debit
Credit
Balance
Aug. 31 Balance P
Unearned Rent
No. 208
Date
Explanation
Ref.
Debit
Credit
Balance
Aug. 31 Balance P
31 Adjusting J1
Salaries Payable
No. 212
Date
Explanation
Ref.
Debit
Credit
Balance
Aug. 31 Adjusting J1
Interest Payable
No. 230
Date
Explanation
Ref.
Debit
Credit
Balance
Aug. 31 Adjusting J1
Mortgage Payable
No. 275
Date
Explanation
Ref.
Debit
Credit
Balance
Aug. 31 Balance P
P. Harder, Capital
No. 301
Date
Explanation
Ref.
Debit
Credit
Balance
Aug. 31 Balance P
P. Harder, Drawing
No. 306
Date
Explanation
Ref.
Debit
Credit
Balance
Aug. 31 Balance P
Rent Revenue
No. 429
Date
Explanation
Ref.
Debit
Credit
Balance
Aug. 31 Balance P
31 Adjusting J1
31 Adjusting J1
Depreciation Expense”Cottages
No. 620
Date
Explanation
Ref.
Debit
Credit
Balance
Aug. 31 Adjusting J1
Depreciation Expense”Furniture
No. 621
Date
Explanation
Ref.
Debit
Credit
Balance
Aug. 31 Adjusting J1
Repair Expense
No. 622
Date
Explanation
Ref.
Debit
Credit
Balance
Aug. 31 Balance P
Supplies Expense
No. 631
Date
Explanation
Ref.
Debit
Credit
Balance
Aug. 31 Adjusting J1
Interest Expense
No. 718
Date
Explanation
Ref.
Debit
Credit
Balance
Aug. 31 Adjusting J1
Insurance Expense
No. 722
Date
Explanation
Ref.
Debit
Credit
Balance
Aug. 31 Adjusting J1
Salaries Expense
No. 726
Date
Explanation
Ref.
Debit
Credit
Balance
Aug. 31 Balance P
31 Adjusting J1
Utilities Expense
No. 732
Date
Explanation
Ref.
Debit
Credit
Balance
Aug. 31 Balance P
(c) Prepare an adjusted trial balance on August 31. (If an amount should be blank, enter a zero. All boxes must be filled to be correct.)
NEOSHO RIVER RESORT
Adjusted Trial Balance
August 31, 2010
Debit
Credit
Cash $ $
Accounts Receivable
Supplies
Prepaid Insurance
Land
Cottages
Accumulated Depreciation”Cottages
Furniture
Accumulated Depreciation”Furniture
Accounts Payable
Unearned Rent
Salaries Payable
Interest Payable
Mortgage Payable
P. Harder, Capital
P. Harder, Drawing
Rent Revenue
Depreciation Expense”Cottages
Depreciation Expense”Furniture
Repair Expense
Supplies Expense
Interest Expense
Insurance Expense
Salaries Expense
Utilities Expense
$
$
(d) Prepare an income statement and an owner’s equity statement for the 3 months ending August 31 and a balance sheet as of August 31. (List multiple entries from largest to smallest eg 10, 5, 3, 2. If amounts are the same, list alphabetically. For the balance sheet, list assets in order of liquidity and liabilities from largest to smallest eg 10, 5, 3, 2, with accounts payable listed first.)
NEOSHO RIVER RESORT
Income Statement
August 31, 2010For the Three Months Ended August 31, 2010
Revenues
Depreciation expense?cottagesUtilities expenseCottagesInterest PayableAccounts ReceivableSalaries PayableRent revenueSalaries expenseUnearned RentRepair expenseAccounts PayableMortgage PayableInsurance expenseP.Harder, CapitalLandSupplies expenseFurnitureP.Harder, DrawingsAcc. Depr.-CottagesDepreciation expense?furnitureInterest ExpenseCashSuppliesAcc. Depr.-FurniturePrepaid Insurance $
Expenses
Depreciation expense?furnitureInsurance expenseCottagesUnearned RentSalaries PayableSuppliesP.Harder, DrawingsUtilities expenseAcc. Depr.-CottagesFurnitureRepair expenseDepreciation expense?cottagesCashP.Harder, CapitalSupplies expenseRent revenueAccounts PayableLandAcc. Depr.-FurnitureInterest PayableSalaries expenseAccounts ReceivableMortgage PayableInterest ExpnesePrepaid Insurance $
Depreciation expense?furnitureSalaries expenseInterest PayablePrepaid InsuranceRepair expenseP.Harder, CapitalAccounts PayableUnearned RentMortgage PayableRent revenueInterset ExpenseSupplies expenseSalaries PayableDepreciation expense?cottagesP.Harder, DrawingsAcc. Depr.-CottagesSuppliesCashLandCottagesInsurance expenseFurnitureAcc. Depr.-FurnitureAccounts ReceivableUtilities expense
Unearned RentSalaries PayableAccounts PayableMortgage PayableP.Harder, CapitalSuppliesFurnitureInterest ExpenseP.Harder, DrawingsRent revenueAcc. Depr.-CottagesAcc. Depr.-FurnitureCashInterest PayablePrepaid InsuranceLandAccounts ReceivableRepair expenseUtilities expenseSalaries expenseDepreciation expense?furnitureSupplies expenseDepreciation expense?cottagesInsurance expenseCottages
P.Harder, DrawingsInterest expenseUtilities expenseUnearned RentDepreciation expense?furnitureCottagesAcc. Depr.-FurnitureSalaries expenseSupplies expenseLandDepreciation expense?cottagesFurnitureP.Harder, CapitalMortgage PayableAcc. Depr.-CottagesSalaries PayableInterest PayableAccounts ReceivableInsurance expenseCashRepair expenseAccounts PayableSuppliesRent revenuePrepaid Insurance
Depreciation expense?furnitureCottagesRent revenueInterest expenseRepair expenseSupplies expenseLandUnearned RentInterest PayableInsurance expenseAcc. Depr.-FurnitureAccounts PayableFurnitureP.Harder, CapitalUtilities expenseSalaries expenseDepreciation expense?cottagesAccounts ReceivableCashSuppliesPrepaid InsuranceMortgage PayableP.Harder, DrawingsAcc. Depr.-CottagesSalaries Payable
Repair expenseP.Harder, CapitalDepreciation expense?furnitureLandCottagesRent revenueUtilities expenseAcc. Depr.-CottagesInsurance expenseAcc. Depr.-FurnitureFurnitureAccounts PayableP.Harder, DrawingsSalaries expenseUnearned RentAccounts ReceivableCashDepreciation expense?cottagesSuppliesMortgage PayableSalaries PayableInterest PayableSupplies expenseInterest expensePrepaid Insurance
Unearned RentSalaries PayableSalaries expenseDepreciation expense?furnitureRent revenueCashSupplies expenseAcc. Depr.-FurnitureAccounts ReceivableRepair expenseP.Harder, CapitalAcc. Depr.-CottagesP.Harder, DrawingsLandUtilities expenseInterest expenseCottagesSuppliesInterest PayableInsurance expensePrepaid InsuranceFurnitureDepreciation expense?cottagesAccounts PayableMortgage Payable
CashSalaries PayableCottagesAcc. Depr.-FurnitureAcc. Depr.-CottagesP.Harder, DrawingsFurnitureUtilities expenseAccounts PayableRent revenueUnearned RentAccounts ReceivableInterest ExpenseInsurance expenseDepreciation expense?cottagesSupplies expenseRepair expenseSuppliesSalaries expenseDepreciation expense?furnitureMortgage PayableP.Harder, CapitalPrepaid InsuranceLand
Total expenses
Net income $
NEOSHO RIVER RESORT
Owner’s Equity Statement
For the Three Months Ended August 31, 2010August 31, 2010
Mortgage PayableSalaries PayableAcc. Depr.-CottagesDrawingsSupplies expenseCashP.Harder, Capital, August 31Interest PayableRepair expenseUtilities expenseAccounts ReceivableDepreciation expense?furnitureNet incomeAcc. Depr.-FurnitureAccounts PayableInsurance expenseRent revenueUnearned RentP.Harder, Capital, June 1SuppliesInvestment by ownerCottagesDepreciation expense?cottagesInterest expensePrepaid InsuranceSalaries expenseFurnitureLand $
FurnitureAcc. Depr.-CottagesInterest expenseSuppliesCottagesLandNet incomeAcc. Depr.-FurnitureAccounts PayableInsurance expenseInterest PayableSupplies expensePrepaid InsuranceUnearned RentSalaries PayableMortgage PayableAccounts ReceivableInvestment by ownerDrawingsP.Harder, Capital, June 1Depreciation expense?cottagesP.Harder, Capital, August 31CashDepreciation expense?furnitureRepair expenseUtilities expenseSalaries expenseRent revenue
Add: Utilities expenseDepreciation expense?cottagesCashAccounts ReceivableAcc. Depr.-FurnitureLandNet incomePrepaid InsuranceInsurance expenseP.Harder, Capital, June 1SuppliesSalaries PayableFurnitureInvestment by ownerSupplies expenseAccounts PayableInterest expenseDrawingsP.Harder, Capital, August 31Depreciation expense?furnitureRepair expenseInterest PayableCottagesSalaries expenseUnearned RentRent revenueMortgage PayableAcc. Depr.-Cottages
Less: Depreciation expense?furnitureInsurance expenseAccounts ReceivableInterest expenseDepreciation expense?cottagesInterest PayableFurnitureRent revenueSupplies expenseDrawingsCashSuppliesAccounts PayableCottagesPrepaid InsuranceUnearned RentRepair expenseSalaries PayableUtilities expenseMortgage PayableAcc. Depr.-CottagesSalaries expenseLandAcc. Depr.-FurnitureNet incomeInvestment by ownerP.Harder, Capital, June 1P.Harder, Capital, August 31
Depreciation expense?furnitureAcc. Depr.-FurnitureCashSalaries expenseSuppliesMortgage PayableInterest PayableSupplies expenseSalaries PayableAcc. Depr.-CottagesRent revenuePrepaid InsuranceAccounts ReceivableP.Harder, Capital, August 31DrawingsDepreciation expense?cottagesLandNet incomeCottagesFurnitureAccounts PayableInvestment by ownerUnearned RentP.Harder, Capital, June 1Insurance expenseInterest expenseRepair expenseUtilities expense $
NEOSHO RIVER RESORT
Balance Sheet
For the Three Months Ended August 31, 2010August 31, 2010
Assets
Interest payableCottagesFurniturePrepaid insuranceSalaries expenseAcc. Depr.-cottagesUnearned rentAcc. Depr.-furnitureCashInsurance expenseMortgage payableInterest ExpenseSuppliesAccounts receivableDepreciation expense?cottagesAccounts PayableRent revenueLandSalaries payableP.Harder, CapitalUtilities expenseSupplies expenseRepair ExpenseDepreciation expense?furnitureP.Harder, Drawings $
Rent revenueAcc. Depr.-cottagesP.Harder, CapitalCottagesInterest payableInsurance expenseCashAcc. Depr.-furnitureAccounts PayableSalaries payableInterest ExpenseDepreciation expense?furnitureRepair ExpenseAccounts receivableSupplies expenseSuppliesPrepaid insuranceFurnitureMortgage payableP.Harder, DrawingsUnearned rentDepreciation expense?cottagesUtilities expenseSalaries expenseLand
LandDepreciation expense?cottagesRepair ExpenseUnearned rentSupplies expenseSuppliesInterest payableSalaries payableAccounts receivableP.Harder, CapitalAcc. Depr.-cottagesInsurance expenseUtilities expenseInterest ExpensePrepaid insuranceSalaries expenseCashRent revenueMortgage payableCottagesDepreciation expense?furnitureP.Harder, DrawingsFurnitureAccounts PayableAcc. Depr.-furniture
Insurance expenseLandSalaries payableMortgage payableP.Harder, DrawingsAccounts PayableDepreciation expense?cottagesUnearned rentFurnitureInterest ExpenseRent revenueRepair ExpensePrepaid insuranceSupplies expenseUtilities expenseAcc. Depr.-cottagesP.Harder, CapitalSuppliesAccounts receivableSalaries expenseCashCottagesAcc. Depr.-furnitureInterest payableDepreciation expense?furniture
Acc. Depr.-cottagesP.Harder, CapitalInterest ExpenseSalaries expenseAcc. Depr.-furnitureInsurance expenseP.Harder, DrawingsRepair ExpenseDepreciation expense?cottagesCashAccounts PayableUtilities expenseRent revenueLandSalaries payableMortgage payablePrepaid insuranceSuppliesDepreciation expense?furnitureAccounts receivableSupplies expenseUnearned rentInterest payable
Insurance expensePrepaid insuranceSalaries payableSuppliesAccounts PayableRepair ExpenseSupplies expenseInterest ExpenseAccounts receivableDepreciation expense?furnitureCottagesP.Harder, CapitalCashUtilities expenseAcc. Depr.-furnitureMortgage payableUnearned rentInterest payableRent revenueAcc. Depr.-cottagesDepreciation expense?cottagesSalaries expenseP.Harder, Drawings $
Less: LandAccounts PayableUnearned rentInterest ExpenseRepair ExpenseMortgage payableAcc. Depr.-furnitureAcc. Depr.-cottagesSalaries payableInterest payableSalaries expenseSuppliesUtilities expenseP.Harder, CapitalCottagesInsurance expenseCashAccounts receivableRent revenueSupplies expenseDepreciation expense?cottagesDepreciation expense?furnitureP.Harder, DrawingsFurniturePrepaid insurance
Salaries payableUnearned rentInterest payableMortgage payableAccounts receivableDepreciation expense?furnitureP.Harder, CapitalCashSuppliesAcc. Depr.-furnitureAcc. Depr.-cottagesSupplies expenseUtilities expenseInterest ExpenseInsurance expenseDepreciation expense?cottagesP.Harder, DrawingsSalaries expenseAccounts PayableRent revenueRepair ExpenseFurniturePrepaid insurance
Less: Mortgage payableLandAccounts receivableP.Harder, DrawingsFurnitureInterest ExpensePrepaid insuranceInterest payableUnearned rentAccounts PayableP.Harder, CapitalSalaries payableSuppliesRepair ExpenseAcc. Depr.-furnitureInsurance expenseAcc. Depr.-cottagesDepreciation expense?cottagesCottagesDepreciation expense?furnitureUtilities expenseSupplies expenseSalaries expenseRent revenueCash
Total assets $
Liabilities and Owner’s Equity
Liabilities
FurnitureAccounts receivableCashUtilities expenseP.Harder, DrawingsInterest payableSalaries expensePrepaid insuranceRepair ExpenseInsurance expenseLandUnearned rentAcc. Depr.-cottagesRent revenueCottagesSuppliesDepreciation expense?cottagesSalaries payableP.Harder, CapitalSupplies expenseInterest ExpenseDepreciation expense?furnitureAcc. Depr.-furnitureAccounts PayableMortgage payable $
Depreciation expense?cottagesUtilities expenseDepreciation expense?furnitureSuppliesSalaries expenseRent revenueP.Harder, DrawingsInsurance expenseFurnitureLandAccounts receivableCashPrepaid insuranceP.Harder, CapitalUnearned rentSupplies expenseInterest ExpenseAccounts PayableRepair ExpenseMortgage payableAcc. Depr.-furnitureAcc. Depr.-cottagesCottagesInterest payableSalaries payable
Mortgage payableRepair ExpenseFurnitureAccounts receivableSuppliesCashPrepaid insuranceInterest ExpenseAcc. Depr.-furnitureDepreciation expense?furnitureAccounts PayableP.Harder, CapitalInterest payableSalaries expenseAcc. Depr.-cottagesUnearned rentSalaries payableCottagesLandDepreciation expense?cottagesInsurance expenseSupplies expenseUtilities expenseRent revenueP.Harder, Drawings
Unearned rentMortgage payableP.Harder, CapitalSalaries expenseAcc. Depr.-furnitureInsurance expenseRepair ExpenseInterest payableRent revenuePrepaid insuranceCashSupplies expenseSalaries payableUtilities expenseAcc. Depr.-cottagesInterest ExpenseP.Harder, DrawingsDepreciation expense?cottagesLandSuppliesAccounts PayableDepreciation expense?furnitureFurnitureCottagesAccounts receivable
Prepaid insuranceAcc. Depr.-furnitureCashMortgage payableCottagesInsurance expenseFurnitureDepreciation expense?furnitureInterest payableInterest ExpenseAccounts PayableAcc. Depr.-cottagesRent revenueLandSuppliesRepair ExpenseSalaries payableUnearned rentP.Harder, CapitalP.Harder, DrawingsAccounts receivableDepreciation expense?cottagesUtilities expenseSalaries expenseSupplies expense
Total liabilities
Owner’s equity
Rent revenueCashUtilities expenseSupplies expenseInterest payableDepreciation expense?cottagesAccounts receivablePrepaid insuranceDepreciation expense?furnitureSalaries payableAcc. Depr.-furnitureMortgage payableRepair ExpenseUnearned rentCottagesInterest ExpenseAccounts PayableInsurance expenseSuppliesP.Harder, CapitalSalaries expenseAcc. Depr.-cottagesFurnitureP.Harder, DrawingsLand
Total liabilities and owner’s equity