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P3-2A Neosho River Resort, Inc. 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, INC. Trial Balance August 31, 2008 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 $ 6,500 208 Unearned Rent 7,400 275 Mortgage Payable 80,000 311 Common Stock 100,000 332 Dividends 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 DepreciationCottages, No. 150 Accumulated Depreciation
Furniture, No. 212 Salaries Payable,No. 230 Interest Payable,No. 320 Retained Earnings,No. 620 Depreciation ExpenseCottages,
No. 621 Depreciation ExpenseFurniture, No. 631 Supplies Expense, No. 718 Interest Expense, and No. 722 Insurance Expense.
Other data: 1. Insurance expires at the rate of $400 per month. 2. A count on August 31 shows $600 of supplies on hand. 3. Annual
depreciation is $6,000 on cottages and $2,400 on furniture. 4. Unearned rent of $4,100 was earned prior to August 31. 5. Salaries of
$400 were unpaid at August 31. 6. Rentals of $1,000 were due from tenants at August 31. (Use Accounts Receivable.) 7. 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 1August 31. (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.) (c) Prepare an adjusted trial balance on August 31. (d)
Prepare an income statement and a retained earnings statement for the 3 months ending August 31 and a balance sheet as of August 31
(a)
J1
Date
Aug.

31

31

31

Account Titles and Explanation

Ref.

Debit

Insurance Expense ($400 X 3)...............................


Prepaid Insurance......................................

722
130

1,200

Supplies Expense ($3,300 $600)............................


Supplies.......................................................

631
126

2,700

Depreciation ExpenseCottages.........................
($6,000 X 1/4)
Accumulated Depreciation

620

1,500

Credit
1,200

2,700

31

31

31

31

31

Cottages...................................................

144

1,500

Depreciation ExpenseFurniture........................
($2,400 X 1/4)
Accumulated Depreciation
Furniture.................................................

621

Unearned Rent.......................................................
Rent Revenue..............................................

208
429

4,100

Salaries Expense.....................................................
Salaries Payable..........................................

726
212

400

Accounts Receivable..............................................
Rent Revenue..............................................

112
429

1,000

Interest Expense.....................................................
Interest Payable..........................................
[($80,000 X 9%) X 1/12]

718
230

600

600

150

600

4,100

400

1,000

600

(b)
Cash
Date
Aug.

No. 101
Explanation
31 Balance

Accounts Receivable

Ref.

Debit

Credit

Balance
19,600
No. 112

Date
Aug.

Explanation
31 Adjusting

Ref.

Debit

J1

1,000

Credit

1,000

Supplies
Date
Aug.

No. 126
Explanation
31 Balance
31 Adjusting

Ref.

Debit

J1

Credit

Balance

2,700

3,300
600

Prepaid Insurance
Date
Aug.

Explanation
31 Balance
31 Adjusting

No. 130
Ref.

Debit

J1

Credit

Balance

1,200

6,000
4,800

Land
Date
Aug.

No. 140
Explanation
31 Balance

Ref.

Debit

Credit

Aug.

Balance
25,000

Cottages
Date

Balance

No. 143
Explanation
31 Balance

Ref.

Debit

Credit

Balance
125,000

Accumulated DepreciationCottages
Date
Aug.

Explanation
31 Adjusting

No. 144
Ref.

Debit

J1

Credit

Balance

1,500

1,500

Furniture
Date
Aug.

No. 149
Explanation

31 Balance

Accumulated DepreciationFurniture
Date
Aug.

Explanation
31 Adjusting

Ref.

Debit

Credit

26,000

No. 150
Ref.

Debit

J1

Credit

Balance

600

600

Accounts Payable
Date
Aug.

Explanation
31 Balance

No. 201
Ref.

Debit

Credit

Aug.

Explanation
31 Balance

Balance
6,500

Unearned Rent
Date

Balance

No. 208
Ref.

Debit

Credit

Balance
7,400

31 Adjusting

J1

4,100

3,300

Salaries Payable
Date
Aug.

Explanation
31 Adjusting

No. 212
Ref.

Debit

J1

Credit
400

Interest Payable
Date
Aug.

Explanation
31 Adjusting

Aug.

Explanation
31 Balance

Ref.

Debit

J1

Credit

Balance

600

600

No. 275
Ref.

Debit

Credit

Aug.

Explanation
31 Balance

No. 311
Ref.

Debit

Credit

Balance
100,000

Dividends
Date

Balance
80,000

Common Stock
Date

400

No. 230

Mortgage Payable
Date

Balance

No. 332
Explanation

Ref.

Debit

Credit

Balance

Aug.

31

Balance

5,000

Rent Revenue
Date
Aug.

Explanation
31
31
31

Balance
Adjusting
Adjusting

No. 429
Ref.

Debit

J1
J1

Credit

Balance

4,100
1,000

80,000
84,100
85,100

Depreciation ExpenseCottages
Date
Aug.

Explanation
31

Adjusting

No. 620
Ref.

Debit

J1

1,500

Credit

1,500

Depreciation ExpenseFurniture
Date
Aug.

Explanation
31

Adjusting

No. 621
Ref.

Debit

J1

600

Credit

Aug.

Explanation
31

Balance

Balance
600

Repair Expense
Date

Balance

No. 622
Ref.

Debit

Credit

Balance
3,600

Supplies Expense
Date
Aug.

Explanation
31

Adjusting

No. 631
Ref.

Debit

J1

2,700

Credit

2,700

Interest Expense
Date
Aug.

Explanation
31

Adjusting

No. 718
Ref.

Debit

J1

600

Credit

Aug.

Explanation
31

Adjusting

No. 722
Ref.

Debit

J1

1,200

Credit

Aug.

Explanation
31
31

Balance
Adjusting

No. 726
Ref.

J1

Debit

Credit

Aug.

Explanation
31

Balance

Balance
51,000
51,400

400

Utilities Expense
Date

Balance
1,200

Salaries Expense
Date

Balance
600

Insurance Expense
Date

Balance

No. 732
Ref.

Debit

Credit

Balance
9,400

(c)

NEOSHO RIVER RESORT, INC.


Adjusted Trial Balance
August 31, 2008

Cash..............................................................................................
Accounts Receivable...................................................................
Supplies........................................................................................
Prepaid Insurance.......................................................................
Land.............................................................................................
Cottages.......................................................................................
Accumulated DepreciationCottages......................................
Furniture.....................................................................................
Accumulated DepreciationFurniture....................................
Accounts Payable........................................................................
Unearned Rent............................................................................
Salaries Payable..........................................................................
Interest Payable..........................................................................
Mortgage Payable.......................................................................
Common Stock............................................................................
Dividends.....................................................................................
Rent Revenue..............................................................................
Depreciation ExpenseCottages..............................................
Depreciation ExpenseFurniture............................................

Debit
$ 19,600
1,000
600
4,800
25,000
125,000

Credit

$ 1,500
26,000
600
6,500
3,300
400
600
80,000
100,000
5,000
85,100
1,500
600

Repair Expense...........................................................................
Supplies Expense.........................................................................
Interest Expense..........................................................................
Insurance Expense......................................................................
Salaries Expense.........................................................................
Utilities Expense..........................................................................

(d)

3,600
2,700
600
1,200
51,400
9,400
$278,000

$278,000

NEOSHO RIVER RESORT, INC.


Income Statement
For the Three Months Ended August 31, 2008
Revenues
Rent revenue.........................................................................
Expenses
Salaries expense....................................................................
Utilities expense....................................................................
Repair expense.....................................................................
Supplies expense...................................................................
Depreciation expensecottages.........................................
Insurance expense................................................................
Interest expense....................................................................
Depreciation expensefurniture........................................
Total expenses.............................................................
Net income ......................................................................................

$ 85,100
$51,400
9,400
3,600
2,700
1,500
1,200
600
600
71,000
$ 14,100

NEOSHO RIVER RESORT, INC.


Retained Earnings Statement
For the Three Months Ended August 31, 2008
Retained earnings, June 1...................................................................................
Add: Net income..................................................................................................
Less: Dividends....................................................................................................
Retained earnings, August 31..............................................................................

0
14,100
14,100
5,000
$ 9,100

NEOSHO RIVER RESORT, INC.


Balance Sheet
August 31, 2008
Assets
Cash ..........................................................................................
Accounts receivable.................................................................
Supplies.....................................................................................
Prepaid insurance....................................................................
Land ..........................................................................................
Cottages.....................................................................................
Less: Accum. depreciationcottages....................................
Furniture...................................................................................

$19,600
1,000
600
4,800
25,000
$125,000
1,500
26,000

123,500

Less: Accum. depreciationfurniture..................................


Total assets............................................................

600

25,400
$199,900

Liabilities and Stockholders Equity


Liabilities
Accounts payable...........................................................
Mortgage payable...........................................................
Unearned rent.................................................................
Interest payable..............................................................
Salaries payable..............................................................
Total liabilities......................................................
Stockholders equity
Common stock................................................................
Retained earnings...........................................................
Total stockholders equity....................................
Total liabilities and stockholders
equity.................................................................

$6,500
80,000
3,300
600
400
90,800
$100,000
9,100
109,100
$199,900