3.2

Hank's Hotel opened for business on May 1, 2022. Its trial balance before adjustment on Mav 31 is as follows. In addition to those accounts listed on the trial balance, the chart of accounts for Hank's Hotel also contains the following accounts and account numbers: No. 142 Accumulated Depreciation-Buildings. No. 150 Accumulated Depreciation-Equipment, No. 212 Salaries and Wages Payable, No, 230 Interest Payable, No. 619 Depreciation Expense, No. 631 Supplies Rxpense, No. 718 Interest Expense, and No. 722 Insurance Expense. Other data: In addition to those accounts listed on the trial balance, the chart of accounts for Hank's Hotel also contains the following accounts and account numbers: No. 142 Accumulated Depreciation-Buildings. No. 150 Accumulated Depreciation-Equipment, No. 212 Salaries and Wages Payable, No. 230 Interest Payable, No. 619 Depreciation Expense, No. 631 Supplies Expense, No. 718 Interest Expense, and No. 722 Insurance Expense. Other data: 1. Prepaid insurance is a 1-year policy starting May 1, 2022. 2. A count of supplies shows $750 of unused supplies on May 31 . 3. Annual depreciation is $3,600 on the buildings and $1,500 on equipment. 4. The note payable interest rate is 6%. (The note was taken out on May 1 and will be repaid along with interest in 1 year.) 5. Two-thirds of the unearned rent revenue has been earned. 6. Salaries and wages of $750 are unpaid and unrecorded at May 31. Instructions a. Journalize the adjusting entries on May 31. b. Prepare a ledger using the three-column form of account. Enter the trial balance amounts and post the adjusting entries. (Use J1 as the posting reference.) c. Prepare an adjusted trial balance on May 31. c. Adj. trial balance $101,055 d. Prepare an income statement and an owner's equity statement for the month of May and a balance sheet at May 31. d. Net income $4,795 Ending capital $46,175 Total assets $92,925 Prepare adjusting entries and financial statements. P3.3(LO2,3,4),AP Alena Co. was organized on July 1,2022 , Quarterly financial