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Rolling Hills Golf Inc. was organized on July 1, 2012. Quarterly financial statements are prepared. The trial balance and adjusted trial balance on September 30 are shown here.
ROLLING HILLS GOLF INC. Trial Balance September 30, 2012
Unadjusted
Adjusted
Dr.
Cr.
Cash
$ 6,700
Accounts Receivable
400
1,000
Prepaid Rent
1,800
900
Supplies
1,200
180
Equipment
15,000
Accumulated Depreciation-Equipment
$ 350
Notes Payable
$ 5,000
5,000
Accounts Payable
1,070
Salaries and Wages Payable
600
Interest Payable
50
Unearned Rent Revenue
800
Common Stock
14,000
Retained Earnings
0
Dividends
Service Revenue
14,100
14,700
Rent Revenue
700
Salaries and Wages Expense
8,800
9,400
Rent Expense
Depreciation Expense
350
Supplies Expense
1,020
Utilities Expense
470
Interest Expense
$35,870
$37,470
Instructions
(a) Journalize the adjusting entries that were made.
(b) Prepare an income statement and a retained earnings statement for the 3 months ending September 30 and a classified balance sheet at September 30.
(c) Identify which accounts should be closed on September 30.
(d) If the note bears interest at 12%, how many months has it been outstanding?
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