Oriole Travel Court was organized on July 1, 2021, by Betty Johnson. Betty is a good manager but a poor accountant. From the trial balance prepared by a part-time bookkeeper, Betty prepared the following income statement for her fourth quarter, which ended June 30, 2022. ORIOLE TRAVEL COURT Income Statement For the Quarter Ended June 30, 2022 Revenues Rent revenue $213,800 Operating expenses Advertising expense $ 4,245 Salaries and wages expense 82,015 Utilities expense 910 Depreciation expense 2,750 Maintenance and repairs expense 4,105 Total operating expenses 94,025 Net income $119,775 Betty suspected that something was wrong with the statement because net income had never exceeded $30,000 in any one quarter. Knowing that you are an experienced accountant, she asks you to review the income statement and other data. You first look at the trial balance. In addition to the account balances reported above in the income statement, the trial balance contains the following additional selected balances at June 30, 2022. Supplies $ 9,160 Prepaid Insurance 14,400 Notes Payable 14,000 You then make inquiries and discover the following. 1. Oriole rentals revenues include advanced rental payments received for summer occupancy, in the amount of $57,060. 2. There were $1,810 of supplies on hand at June 30. 3. Prepaid insurance resulted from the payment of a one-year policy on April 1, 2022. 4. The mail in July 2022 brought the following bills: advertising for the week of June 24, $130; repairs made June 18, $4,480; and utilities for the month of June, $225. 5. Wages expense is $310 per day. At June 30, four days’ wages have been incurred but not paid. 6. The note payable is a 6% note dated May 1, 2022, and due on July 31, 2022. 7. Income tax of $14,250 for the quarter is due in July but has not yet been recorded. (a) Prepare any adjusting journal entries required at June 30, 2022. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. enter an account title to record the first transaction enter a debit amount enter a credit amount enter an account title to record the first transaction enter a debit amount enter a credit amount 2. enter an account title to record the second transaction enter a debit amount enter a credit amount enter an account title to record the second transaction enter a debit amount enter a credit amount 3. enter an account title to record the third transaction enter a debit amount enter a credit amount enter an account title to record the third transaction enter a debit amount enter a credit amount 4. enter an account title to record the fourth transaction enter a debit amount enter a credit amount enter an account title to record the fourth transaction enter a debit amount enter a credit amount enter an account title to record the fourth transaction enter a debit amount enter a credit amount enter an account title to record the fourth transaction enter a debit amount enter a credit amount 5. enter an account title to record the fifth transaction enter a debit amount enter a credit amount enter an account title to record the fifth transaction enter a debit amount enter a credit amount 6. enter an account title to record the sixth transaction enter a debit amount enter a credit amount enter an account title to record the sixth transaction enter a debit amount enter a credit amount 7. enter an account title to record the seventh transaction enter a debit amount enter a credit amount enter an account title to record the seventh transaction enter a debit amount enter a credit amoun

Oriole Travel Court was organized on July 1, 2021, by Betty Johnson. Betty is a good manager but a poor accountant. From the trial balance prepared by a part-time bookkeeper, Betty prepared the following income statement for her fourth quarter, which ended June 30, 2022. ORIOLE TRAVEL COURT Income Statement For the Quarter Ended June 30, 2022 Revenues Rent revenue $213,800 Operating expenses Advertising expense $ 4,245 Salaries and wages expense 82,015 Utilities expense 910 Depreciation expense 2,750 Maintenance and repairs expense 4,105 Total operating expenses 94,025 Net income $119,775 Betty suspected that something was wrong with the statement because net income had never exceeded $30,000 in any one quarter. Knowing that you are an experienced accountant, she asks you to review the income statement and other data. You first look at the trial balance. In addition to the account balances reported above in the income statement, the trial balance contains the following additional selected balances at June 30, 2022. Supplies $ 9,160 Prepaid Insurance 14,400 Notes Payable 14,000 You then make inquiries and discover the following. 1. Oriole rentals revenues include advanced rental payments received for summer occupancy, in the amount of $57,060. 2. There were $1,810 of supplies on hand at June 30. 3. Prepaid insurance resulted from the payment of a one-year policy on April 1, 2022. 4. The mail in July 2022 brought the following bills: advertising for the week of June 24, $130; repairs made June 18, $4,480; and utilities for the month of June, $225. 5. Wages expense is $310 per day. At June 30, four days’ wages have been incurred but not paid. 6. The note payable is a 6% note dated May 1, 2022, and due on July 31, 2022. 7. Income tax of $14,250 for the quarter is due in July but has not yet been recorded. (a) Prepare any adjusting journal entries required at June 30, 2022. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. enter an account title to record the first transaction enter a debit amount enter a credit amount enter an account title to record the first transaction enter a debit amount enter a credit amount 2. enter an account title to record the second transaction enter a debit amount enter a credit amount enter an account title to record the second transaction enter a debit amount enter a credit amount 3. enter an account title to record the third transaction enter a debit amount enter a credit amount enter an account title to record the third transaction enter a debit amount enter a credit amount 4. enter an account title to record the fourth transaction enter a debit amount enter a credit amount enter an account title to record the fourth transaction enter a debit amount enter a credit amount enter an account title to record the fourth transaction enter a debit amount enter a credit amount enter an account title to record the fourth transaction enter a debit amount enter a credit amount 5. enter an account title to record the fifth transaction enter a debit amount enter a credit amount enter an account title to record the fifth transaction enter a debit amount enter a credit amount 6. enter an account title to record the sixth transaction enter a debit amount enter a credit amount enter an account title to record the sixth transaction enter a debit amount enter a credit amount 7. enter an account title to record the seventh transaction enter a debit amount enter a credit amount enter an account title to record the seventh transaction enter a debit amount enter a credit amoun

Name: Oriole Travel Court was organized on July 1, 2021, by Betty Johnson. B
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Description: Oriole Travel Court was organized on July 1, 2021, by Betty Johnson. Betty is a good manager but a poor accountant. From the trial balance prepared by a part-time bookkeeper, Betty prepared the following income statement for her fourth quarter, which

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 13EB: Marc Associates employs Janet Evanovich at its law firm. Her gross income for June is $7,500....

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Supplies		$ 9,160
Prepaid Insurance		14,400
Notes Payable		14,000

(a)

Prepare any adjusting journal entries required at June 30, 2022. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

No.	Account Titles and Explanation	Debit	Credit
1.	enter an account title to record the first transaction	enter a debit amount	enter a credit amount
	enter an account title to record the first transaction	enter a debit amount	enter a credit amount
2.	enter an account title to record the second transaction	enter a debit amount	enter a credit amount
	enter an account title to record the second transaction	enter a debit amount	enter a credit amount
3.	enter an account title to record the third transaction	enter a debit amount	enter a credit amount
	enter an account title to record the third transaction	enter a debit amount	enter a credit amount
4.	enter an account title to record the fourth transaction	enter a debit amount	enter a credit amount
	enter an account title to record the fourth transaction	enter a debit amount	enter a credit amount
	enter an account title to record the fourth transaction	enter a debit amount	enter a credit amount
	enter an account title to record the fourth transaction	enter a debit amount	enter a credit amount
5.	enter an account title to record the fifth transaction	enter a debit amount	enter a credit amount
	enter an account title to record the fifth transaction	enter a debit amount	enter a credit amount
6.	enter an account title to record the sixth transaction	enter a debit amount	enter a credit amount
	enter an account title to record the sixth transaction	enter a debit amount	enter a credit amount
7.	enter an account title to record the seventh transaction	enter a debit amount	enter a credit amount
	enter an account title to record the seventh transaction	enter a debit amount	enter a credit amount

(b)

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ORIOLE TRAVEL COURT Income Statement For the Quarter Ended June 30, 2022
Revenues
Rent revenue		$213,800
Operating expenses
Advertising expense	$ 4,245
Salaries and wages expense	82,015
Utilities expense	910
Depreciation expense	2,750
Maintenance and repairs expense	4,105
Total operating expenses		94,025
Net income		$119,775

1.		Oriole rentals revenues include advanced rental payments received for summer occupancy, in the amount of $57,060.
2.		There were $1,810 of supplies on hand at June 30.
3.		Prepaid insurance resulted from the payment of a one-year policy on April 1, 2022.
4.		The mail in July 2022 brought the following bills: advertising for the week of June 24, $130; repairs made June 18, $4,480; and utilities for the month of June, $225.
5.		Wages expense is $310 per day. At June 30, four days’ wages have been incurred but not paid.
6.		The note payable is a 6% note dated May 1, 2022, and due on July 31, 2022.
7.		Income tax of $14,250 for the quarter is due in July but has not yet been recorded.