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Discuss prepaid insurance is a one-year premium paid

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Reference no: EM131770467

Uhura Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows (in thousands).

UHURA RESORT TRIAL BALANCE AUGUST 31, 2015
  Debit Credit
Cash ¥ 19,600    
Prepaid Insurance 4,500  
Supplies 2,600  
Land 20,000  
Buildings
 120,000  
Equipment
 16,000  
Accounts Payable   ¥  4,500
Unearned Rent Revenue   4,600
Mortgage Payable   50,000
Share Capital-Ordinary   100,000
Retained Earnings   0
Dividends 5,000  
Rent Revenue   86,200
Salaries and Wages Expense
 44,800  
Utilities Expense 9,200  
Maintenance and Repair Expense 3,600  
Totals
 ¥245,300 ¥245,300

Other data:

1. The balance in prepaid insurance is a one-year premium paid on June 1, 2015.
2. An inventory count on August 31 shows ¥650 of supplies on hand.
3. Annual depreciation rates are buildings (4%) and equipment (10%). Residual value is estimated to be 10% of cost.
4. Unearned rent revenue of ¥3,800 was earned prior to August 31.
5. Salaries and wages of ¥375 were unpaid at August 31.
6. Rentals of ¥800 were due from tenants at August 31.
7. The mortgage note is dated 1/1/2015. The mortgage interest rate is 8% per year.

(a) Journalize the adjusting entries on August 31 for the 3-month period June 1-August 31.

 

Reference no: EM131770467

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