Vaughn Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows.
Totals$272,600 $272,600 Other data: 1.The balance in prepaid insurance is a one-year premium paid on June 1, 2017.2.An inventory count on August 31 shows $467 of supplies on hand.3.Annual depreciation rates are (a) buildings (4%) (b) equipment (10%). Salvage value is estimated to be 10% of cost.4.Unearned Rent Revenue of $3,476 was earned prior to August 31.5.Salaries of $346 were unpaid at August 31.6.Rentals of $802 […]