SALT CREEK GOLF INC. Trial Balance September 30, 2017 Unadjusted Adjusted Dr. Cr
ID: 2401689 • Letter: S
Question
SALT CREEK GOLF INC.
Trial Balance
September 30, 2017
Unadjusted
Adjusted
Dr.
Cr.
Dr.
Cr.
$41,900
$41,900
$43,645
$43,645
Account Titles and Explanation
Debit
Credit
(To record accrued salaries)
2. Prepare an income statement for the 3 months ending September 30.
Salt Creek Golf Inc. was organized on July 1, 2017. Quarterly financial statements are prepared. The trial balance and adjusted trial balance on September 30 are shown here.SALT CREEK GOLF INC.
Trial Balance
September 30, 2017
Unadjusted
Adjusted
Dr.
Cr.
Dr.
Cr.
Cash $ 6,340 $ 6,340 Accounts Receivable 530 1,260 Supplies 1,200 400 Prepaid Rent 1,740 870 Equipment 15,500 15,500 Accumulated Depreciation—Equipment $ 310 Notes Payable $ 5,500 5,500 Accounts Payable 2,000 2,000 Salaries and Wages Payable 650 Interest Payable 55 Unearned Rent Revenue 1,430 940 Common Stock 14,400 14,400 Retained Earnings 0 0 Dividends 490 490 Service Revenue 17,400 18,130 Rent Revenue 1,170 1,660 Salaries and Wages Expense 8,990 9,640 Rent Expense 820 1,690 Depreciation Expense 310 Supplies Expense 800 Utilities Expense 6,290 6,290 Interest Expense 55$41,900
$41,900
$43,645
$43,645
Explanation / Answer
Adjusting entries: Accounts title and explanation Debit $ Credit $ Accounts receivable Dr. 730 Service revenue 730 Rent expense Account Dr. 870 Prepaid rent Account 870 Supplies expense Account Dr. 800 Supplies 800 Depreciation expense Dr. 310 Accumulated depreciation 310 Interest expense Account Dr. 55 Interest payable account 55 Unearned rent revenue Dr. 490 Rent revenue 490 Salaries and wages expense Dr. 650 Salaries and wages payable 650 Income Statement: Revenue: Service revenue 18130 Rent revenue 1660 Total revenue 19790 Less: Expense Salaries and wages expense 9640 Rent expense 1690 Depreciation expense 310 Supplies expense 800 Utilities expense 6290 Interest expense 55 Total expense 18785 Net income 1005
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