16. Problem 3-2A (Part Level Submission)

16. Problem 3-2A (Part Level Submission) The Skyline Motel opened for business on May 1, 2019. Its trial balance before adjustment on May 31 is as follows. Skyline Motel Trial Balance May 31, 2019 Debit Credit Account Number 101 126 130 140 Cash Supplies Prepaid Insurance Land $3,500 2,080 2,400 12,000 Buildings Equipment Accounts Payable 60,000 201 11,180 3,300 Mortgage Payable 311 35,000 10,300 Rent Revenue Advertising Expense Salaries and Wages Expense Utaities Expense 3,300 $99,780 199,780 In addition to those accounts lsted on the trial balance, the chart of accounts for Skyline Motel aso contains the following accounts and account numbers: No. 142 Accumulated Depreciation-Buildings, No. 150 Accumulated Depreciation-Equipment, No. 212 Salaries and Wages Paryable, No. 230 Interest Paryable, No. 619 Depreciation Expense, No. 631 Supplies Expense, No. 718 Interest Expense, and No. 722 1. Prepaid insurance is a 1-year policy starting May 1, 2019. 2. A count of supplies shows $750 of unused supplies on May 31 3. Annual depreciation is $3,000 on the buildings and $1,500 on equipment. 4, The mortgage interest rate is 12%. (The mortgage was taken out on May 1. 5. Two-thirds of the uneaned rent revenue has been earned. 6. Salaries of $750 are accrued and unpaid at May 31. Journalize the adjusting entries on May 31. (Credit account titles are automatically indented when the amount is entered. De not indent manually. Round answers to 0 decimal places, e.g. S,275.) No. Date Account Titles and Explanation 1. May 31 2. May 31 3. May 31 4. May 31 5. May 31 6. May 31 column and then post the adjusting entries. (Post entries in the order of journal entries posted in the previous part of the question. Round answers to O decimal places, e.g. 5,27s.) Date Explanation May 31 Balance Date Explanation May 31 Balance May 31 Adjusting Credit May 31 Balance May 31 Adjusting Date Explanation May 31 Balance Buildings Date Explanation May 31 Balance Accumulated No. 142 Buildings Date Explanation May 31 Adjusting Equipment Balance Date Explanation May 31 Balance Accumulated Depreciation- No. 150 Equipment Credit Balance Date Ref May 31 Adjusting May 31 Adjusting Date Explanation May 31 Balance May 31 Adjusting 31 Credit Date Explanation May 31 Balance an adjusted trial balance on May 31. (Round answers to o decimal places, e.g. 5,275.) Skyline Motel Adjusted Trial Balance Credit Debit Totals (d1) Prepare an income statement for the month of May 31. (Round answers to O decimal places, e.g. 5,275.) Skyline Motel Income Statement (d2) Prepare an retained earnings statement for the month of May 31. (Round answers to O decimal e.g. 5,275.) Skyline Motel Retained Earnings Statement (d3) Prepare a belance sheet at May 31. (List Assets in order of liquidity. List Property, plant and equipment in order of land, buildings and equipment. Round answers to O decimal places, e.g 5,275) Skyline Motel Balance Sheet Assets Labilities and Stockholders' Equity