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7 (LO 3, 4) (Adjusting Entries and Financial Statements) Rolling Hills Golf Inc. was organized on July 1, 2025. Quarterly financial statements are prepared. The u ance and adjusted trial balance on September 30 are as follows. Cash Accounts Receivable Prepaid Rent Supplies Rolling Hills Golf Inc. Trial Balance September 30, 2025 Equipment Accumulated Depreciation Equipment Notes Payable Accounts Payable Salaries and Wages Payable Interest Payable Unearned Rent Revenue Common Stock Retained Earnings Dividends Service Revenue Rent Revenue Salaries and Wages Expense Rent Expense Depreciation Expense Supplies Expense Utilities Expenses Interest Expense Unadjusted Dr. $ 6,700 400 1,800 1,200 15,000 600 8,800 900 470 Cr. $5,000 1,070 1,000 14,000 0 14,100 700 605 070 605 070 Adjusted Dr. $ 6,700 1,000 900 180 15,000 600 9,400 1,800 350 1,020 470 50 605 170 Cr. $ 350 5,000 1,070 600 50 800 14,000 0 14,700 900 007 170

7 (LO 3, 4) (Adjusting Entries and Financial Statements) Rolling Hills Golf Inc. was organized on July 1, 2025. Quarterly financial statements are prepared. The u ance and adjusted trial balance on September 30 are as follows. Cash Accounts Receivable Prepaid Rent Supplies Rolling Hills Golf Inc. Trial Balance September 30, 2025 Equipment Accumulated Depreciation Equipment Notes Payable Accounts Payable Salaries and Wages Payable Interest Payable Unearned Rent Revenue Common Stock Retained Earnings Dividends Service Revenue Rent Revenue Salaries and Wages Expense Rent Expense Depreciation Expense Supplies Expense Utilities Expenses Interest Expense Unadjusted Dr. $ 6,700 400 1,800 1,200 15,000 600 8,800 900 470 Cr. $5,000 1,070 1,000 14,000 0 14,100 700 605 070 605 070 Adjusted Dr. $ 6,700 1,000 900 180 15,000 600 9,400 1,800 350 1,020 470 50 605 170 Cr. $ 350 5,000 1,070 600 50 800 14,000 0 14,700 900 007 170

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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 Using the Adjusted column in this problem, record any necessary closing entries 

P2.7 (LO 3, 4) (Adjusting Entries and Financial Statements) Rolling Hills Golf Inc. was organized on July 1, 2025. Quarterly financial statements are prepared. The unadjusted trial balance and adjusted trial balance on September 30 are as follows. Rolling Hills Golf Inc. Trial Balance September 30, 2025 Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Equipment Notes Payable Accounts Payable Salaries and Wages Payable Interest Payable Unearned Rent Revenue Common Stock Retained Earnings Dividends Service Revenue Rent Revenue Salaries and Wages Expense Rent Expense Depreciation Expense Supplies Expense Utilities Expenses Interest Expense Unadjusted Dr. $ 6,700 400 1,800 1,200 15,000 600 8,800 900 Cr. 470 $ 5,000 1,070 1,000 14,000 0 14,100 700 Adjusted Dr. $ 6,700 1,000 900 180 15,000 600 Cr. $ 350 5,000 1,070 600 50 800 14,000 0 9,400 1,800 350 1,020 470 50 $35,870 $35,870 $37,470 $37,470 14,700 900
Transcribed Image Text:P2.7 (LO 3, 4) (Adjusting Entries and Financial Statements) Rolling Hills Golf Inc. was organized on July 1, 2025. Quarterly financial statements are prepared. The unadjusted trial balance and adjusted trial balance on September 30 are as follows. Rolling Hills Golf Inc. Trial Balance September 30, 2025 Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Equipment Notes Payable Accounts Payable Salaries and Wages Payable Interest Payable Unearned Rent Revenue Common Stock Retained Earnings Dividends Service Revenue Rent Revenue Salaries and Wages Expense Rent Expense Depreciation Expense Supplies Expense Utilities Expenses Interest Expense Unadjusted Dr. $ 6,700 400 1,800 1,200 15,000 600 8,800 900 Cr. 470 $ 5,000 1,070 1,000 14,000 0 14,100 700 Adjusted Dr. $ 6,700 1,000 900 180 15,000 600 Cr. $ 350 5,000 1,070 600 50 800 14,000 0 9,400 1,800 350 1,020 470 50 $35,870 $35,870 $37,470 $37,470 14,700 900
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