Trial Balance for Greco
August 31, 2008
DR Cash 6700
DR Prepaid Insurance 3500
DR Supplies 1800
DR Land 20000
DR Cottages 142000
DR Furniture 16000
CR Accounts Payable 4800
CR Unearned Rent Revenue 4600
CR Loan Payable 77000
CR Common Shares 81000
CR Retained Earnings 9000
DR Dividends 5000
CR Rent Revenue 76200
DR Salaries Expense 44800
DR Utilities Expense 9200
DR Repair Expense 3600
Totals $252600
Data
1. The balance in Prepaid Insurance is a one-year premium paid on June 1, 2008.
2. An inventory count on August 31 shows $450 of supplies on hand.
3. Annual amortization rates are cottages 4% and furniture 10%. The residual value is estimated to be 10% of hte cost.
4. Unearned Rent Revenue of $3,800 was earned prior to August 31.
5. Salaries of $375 were unpaidat August 31.
6. Rental fees of $800 were due from tenants at August 31.
7. The loan interest rate is 8% per year.
2007-09-30
11:27:48
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4 answers
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asked by
Nathe C
1
in
Other - Business & Finance