Fin 534 unit 4 | Business & Finance homework help

Melton River resort opened for business on June 1 with eight air conditioned units. Its trial balance before adjustment on August 31 was as follows:

Connect with a professional writer in 5 simple steps

Please provide as many details about your writing struggle as possible

Academic level of your paper

Type of Paper

When is it due?

How many pages is this assigment?


Account number

101 cash debited 19,600

126 supplies debited 3,300

130 prepaid insurance debited 6,000

140 land debited 25,000

143 buildings debited 125,000

149 equipment debited 26,000

201 Accounts payable credited 6,500

208 unearned rent revenue credited 7,400

275 mortgage payable credited 80,000

301 Owners Capital debited 100,000

306 Owners Drawings debited 5,000

429 Rent Revenue 80,000 credited

622 Maintenance and Repairs expense debited 3,600

726 Salaries and Wages Expense debited 51,000

732 Utilities Expense debited 9,400


In addition to those accounts listed on the trial balance, the chart of accounts for Melton River Resort alos contain the following accounts and account numbers: Number 112 for Accounts receivable, NO 144 accumulated Depreciation- buildings, NO 150 Accumulated Depreciation -Equipment, NO 212 Salaries and Wages Payable, NO 230 interest payable, NO 620 Depreciation Expenses, NO 631 Supplies Expense, NO 718 Interest expense, and NO 722 Insurance Expense


Insurance expires at the rate of $300 a month

A Physical count on August 31 shows $800 of supplies on hand

Annual depreciation is $6,000 on buildings and $2,400 on equipment

Unearned rent revenue of 48,000 was earned proir to August 31

Salaries of $ 400 were unpaid at August 31

Rentals of $4000 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)


Journalize the adjusting entried on August 31 for the 3 month period June 1 August 31


Prepare a ledger using the three columns for of account. Enter the trial balance moments and post the adjusting books


Prepare an adjusted trial balance on August 31



Prepare an income statement and an owner’s equity statements for the 3 months ending in the August 31.

Looking for a Similar Assignment? Let us take care of your classwork while you enjoy your free time! All papers are written from scratch and are 100% Original. Try us today! Use Code FREE20