4 of 4 < View Policies Current Attempt in Progress Lazy River Resort opened for business on May 1, 2020. Its trial balance before adjustment on May 31 is as follows LAZY RIVER RESORT Trial Balance MAY 31, 2020 Account Number Debit Credit 101 Cash 3,400 126 Supplies 2,000 130 Prepaid Insurance 3,000 140 Land 12.000 141 Buildings 61.200 149 Equipment 15.480 201 Accounts Payable 4,800 208 Unearned Rent Revenue 3,120 275 Mortgage Payable 40,000 311 Share Capital-Ordinary 41,000 332 Dividends 1,100 429 Rent Revenue 18.260 610 Advertising Expense 600 726 Salaries and Wages Expense 7,500 732 Utilities Expense 900 107,180 107,180 -/40 E Question 4 of 4 140 In addition to those accounts listed on the trial balance, the chart of accounts for Lazy River Resort 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, 2020. 2. A count of supplies shows 800 of unused supplies on May 31. 3. Annual depreciation is 3,672 on buildings and 1,548 on equipment. 4. The mortgage interest rate is 6%. (The mortgage was taken out on May 1) 5. Two-thirds of the unearned rent revenue is recognized as revenue. 7. Salaries of 700 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. Do not indent manually. Round answers to O decimal places, eg. 5,275) No. Date Account Titles and Explanation Debit Credit 1. May 31 May 2. 31 Question 4 of 4 3. May 31 May 4. 31 May 5. 31 6. May 31 < -/40 E eTextbook and Media List of Accounts ledger using the three-column form of account. Enter the trial balance amounts and post the adjusting entries. (Post to 0 decimal places, eg. 5,275.) Question 4 of 4 < /40 E Prepare a ledger using the three-column form of account. Enter the trial balance amounts and 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, eg 5,275) Cash Date Explanation Ref. Debit Credit No. 101 Balance May 31 Balance Supplies No. 126 Date Explanation Ref. Debit Credit Balance May 31 Balance V May 31 Adjusting 31 Prepaid Insurance No. 130 Date Explanation Ref. Debit Credit Balance May 31 Balance V May 31 Adjusting 31 No. 140 Land Date Explanation Ref. Debit Credit: Balance May 31 Balance v No. 141 Buildings Date Explanation Ref. Debit Credit Balance May 31 Balance Accumulated Depreciation Buildings No. 142 Question 4 of 4 < Accumulated Depreciation P/question/3 -/40 -Buildings No. 142 Date Explanation Ref. Debit Credit Balance May 31 Adjusting = 31 Equipment No. 149 Date Explanation Ref. Debit Credit Balance V May 31 Balance Accumulated Depreciation No. 150 -Equipment Date Explanation Ref. Debit Credit Balance May 31 Adjusting 31 Accounts Payable No. 201 Date Explanation Ref. Debit Credit Balance May 31 Balance V Unearned Rent Revenue Date Explanation Ref. Debit Credit May 31 Balance V May 31 Adjusting 31 Salaries and Wages Payable Balance No. 208 No. 212 Question 4 of 4 C /40 = Payable Date Explanation Ref. Debit Credit 1 Balance May 31 Adjusting J1 Interest Payable No. 230 Date Explanation Ref. Debit Credit Balance May 31 Adjusting 31 Mortgage Payable No. 275 Date Explanation Ref. Debit Credit Balance May 31 Balance Share Capital-Ordinary No. 311 Date Explanation Ref. Debit Credit Balance May 31 Balance V Dividends No. 332 Date Explanation Ref. Debit Credit Balance May 31 Balance V No. 429 Rent Revenue Date Explanation Ref. Debit Credit Balance May 31 Balance V May 31 Adjusting 31 No. 610 Advertising Expense Explanation Ref Debit Credit Balance Question 4 of 4 < -/40 E Advertising Expense No. 610 Date Explanation Ref. Debit Credit Balance May 31 Balance V Depreciation Expense No. 619 Date Explanation Ref. Debit Credit Balance May 31 Adjusting 01 Supplies Expense No. 631 Date Explanation Ref. Debit Credit Balance May 31 Adjusting 11 Interest Expense No. 718 Date Explanation Ref. Debit Credit Balance May 31 Adjusting 11 Insurance Expense No. 722 Date Explanation Ref. Debit Credit Balance May 31 Adjusting 31 Salaries and Wages No. 726 Expense Date Explanation Ref. Debit Credit Balance May 31 Balance v May 21 Adjusting -/40 Utilities Expense No. 732 Date Explanation Ref. Debit Credit Balance May 31 Balance v eTextbook and Media List of Accounts Prepare an adjusted trial balance on May 31. (Round answers to O decimal places, eg. 5.275.) LAZY RIVER RESORT Adjusted Trial Balance Debit Credit List of Accounts Prepare an income statement for the month of May 31. (Round answers to O decimal places, e.g. 5,275.) LAZY RIVER RESORT Income Statement Question 4 of 4 -/40 E Prepare a retained earnings statement for the month of May 31. (List items that increase retained earnings first. Round answers to 0 decimal places, eg. 5,275.) LAZY RIVER RESORT Retained Earnings Statement V : eTextbook and Media List of Accounts Prepare a statement of financial position as of May 31. (List Property, Plant and Equipment in order of Land, Buildings and Equipment List Current Assets in the reverse order of liquidity. Round answers to O decimal places, eg. 5,275.) /40 Prepare a statement of financial position as of May 31. (List Property. Plant and Equipment in order of Land, Buildings and Equipment. List Current Assets in the reverse order of liquidity. Round answers to O decimal places, eg. 5,275.) LAZY RIVER RESORT, Statement of Financial Position Assets Equity and Liabilities Question 4 of 4 < Equity and Liabilities /40 E