Chaptes 3 Assignment [Pesd.Ony] - Word Tell me whyt you want to do on a monthly basls. The following trlal balence was prepared before recording the May 31monthly adlustments: Additional information: 1. The company pays $6,360 for its annual insurance policy on July 31 of each year. 2. Aceount shows $560 of supplies on hand on May 31, 2024. 3. The building has an estimated useful life of 50 years. 4. The furniture has an estimated useful life of 10 years. 5. Services related to two-thirds of the unearned revenue have been performed. 6. The mortgage Interest rate is 6.5% per year- Interest has been pald to April 30,2024 . 7. Salaries acerued to the end of May were $1,450. 8. The May utility bill of $3,420 is unrecorded and unpald. Instructions: 1. Prepare T accounts and enter the unadjusted trial balance amounts. 2. Prepare and post the monthly adjusting entrios on May 31. 3. Prepare an adjusted trial balance at May 31. 4. Prepare an income statement and a statement of owner's equity for the year ended May 31 , and a balance sheet as at May 31, 2024. Chaptes 3 Assignment [Pesd.Ony] - Word Tell me whyt you want to do on a monthly basls. The following trlal balence was prepared before recording the May 31monthly adlustments: Additional information: 1. The company pays $6,360 for its annual insurance policy on July 31 of each year. 2. Aceount shows $560 of supplies on hand on May 31, 2024. 3. The building has an estimated useful life of 50 years. 4. The furniture has an estimated useful life of 10 years. 5. Services related to two-thirds of the unearned revenue have been performed. 6. The mortgage Interest rate is 6.5% per year- Interest has been pald to April 30,2024 . 7. Salaries acerued to the end of May were $1,450. 8. The May utility bill of $3,420 is unrecorded and unpald. Instructions: 1. Prepare T accounts and enter the unadjusted trial balance amounts. 2. Prepare and post the monthly adjusting entrios on May 31. 3. Prepare an adjusted trial balance at May 31. 4. Prepare an income statement and a statement of owner's equity for the year ended May 31 , and a balance sheet as at May 31, 2024