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John air service operates a small air planes providing passenger and freight service to small towns, oil field, fishing lodges and other remote locations in Alaska. The business adjusts and closes its accounts each month. At May 31, the trial balance appeared as follows: JOHN, S AIR SERVICE TRIAL BALANCE MAY 31, 2018 Cash........ .$22.750 Accounts receivable. ..28,300 Prepaid rent.. .8,100 Unexpired insurance.. ...36,900 Air planes.. ...855,000 Accumulated depreciation: air planes.... $232,750 Notes payable.... ....450,000 Unearned passenger revenue..... 175,250 O'Connell, capital..... .171, 750 O'Connell, drawing..... .7.750 Passenger revenue... 54,250 Fuel expense... .47,600 Salaries expense...... .70,900 Maintenance expense. .6,700 1,084,000 1,084,000 Other data No entry has yet been made in the air lines accounting records to record $11,750 passenger revenue earned in May from Yukon Oil Company which has paid in advance. Three month's rent had been prepaid on May 1. On Jan 1, 12 month insurance policy had been purchased for $49,200 O'Connell, depreciates its airplanes over a period of 15 years Accrued interest on notes payable amounts to $450 at May 31 and has not yet been recorded Transport services rendered to passengers during the month but not yet collected $2,900 REQUIREMENTS Prepare the necessary adjusting entries for May. Prepare Adjusted Trial Balance with help of adjusting T Accounts