Question

Exercise 3-10 (Part Level Submission) Wildhorse Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows. Credit WILDHORSE RESORT TRIAL BALANCE AUGUST 31, 2020 Debit Cash $25,000 Prepaid Insurance 9,900 Supplies 8,000 Land 26,000 Buildings 126,000 Equipment 22,000 Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Retained Earnings Dividends 5,000 Rent Revenue Salaries and Wages Expense 44,800 Utilities Expenses 9,200 Maintenance and Repairs Expense 3,600 $279,500 $9,900 10,000 66,000 102,400 9,000 82,200 $279,500
PLEASE EXPLAIN THE STEPS FOR ADJUSTING ENTRIES SO IT WILL HELP ME STUDY! THANK YOU!

Answer 1

Credit Debit $ 2,475 9900*3/12 $ 2,475 $ 7,569 8000-431 $ 7,569 $ 1.134 (126000-12600)*4%*3/12 $ 1,134 $ 495 (22000-2200)*10%*3/12 Date Account Title Aug-31 Insurnace expenses Prepaid Insurance Aug-31 Supplies Expenses Supplies Aug-31 Depreciation Expenes-Building Accumulated Depreciation -Building Aug-31 Depreciation Expenes-Equipment Accumulated Depreciation- Equipment Aug-31 Unearned Rent Revenue Rent Revenue Aug-31 Salaries Expenses Salaries payable Aug-31 Accounts Receivable Rent Revenue Aug-31 Interest Expenses Interest Payable $ 495 $ 4,152 $ 4,152 $ 410 $ 410 $ 791 $ 791 | $ 1,320 66000*8%*3/12 $ 1,320

Accounts Title Cash Prepaid Insurance Accounts Receivable Supplies Land Buildings Accumulated Depreciation- Building Equipment Accumulated Depreciation- Equipment Unearned Revenue Mortgage payable Salaries payable Interest payable Accounts payable Common stock Retained Earnings Dividend Rent Revenue Depreciation Expenses- Building Depreciation Expenses- Equipment Supplies Expenses Insurnace Expenses Salaries Expenses Interest expenses Maintenance and repairs expenses Utility Expenses Opening Trial Balance Adjustments Closing Trial balance Debit Credit Debit Credit Debit Credit $ 25,000 $ 25,000 $ 9,900 $ 2,475 $ 7,425 | $ 791 $ 791 $ 8,000 $ 7,569$ 431 $ 26,000 $ 26,000 $ 1,26,000 $ 1.26.000 $ 1,134 $ 1,134 $ 22,000 $ 22,000 $ 495 $ 495 $ 10,000 $ 4,152 $ 5,848 $ 66,000 $ 66,000 $ 410 $ 410 $ 1,320 $ 1,320 $ 9,900 $ 9,900 $ 1,02,400 $ 1,02,400 $ 9,000 $ 9,000 $ 5,000 $ 5,000 $ 82.200 $ 4,943 $ 87,143 $ 1,134 $ 1,134 $ 495 $ 495 $ 7,569 $ 7,569 $ 2,475 $ 2,475 $ 44,800 $ 410 $ 45,210 $ 1,320 $ 1,320 $ 3,600 $ 3,600 $ 9,200 $ 9,200 $ 2,79,500 $ 2,79,500 $18,346 $15,871 | $ 2,83,650 $ 2,83,650
In the adjustments column all adjustment are clearly given and final balances are carried forward to Adjusted trail balance