Do:

Prepare a ledger using the three-column form of account. Enter the trial balance amounts into the balance column and then post the adjusting entries. (Post entries in the order of journal entries posted in the previous part of the question.)

Prepare an owners equity statement for the month of May.

Prepare a balance sheet at May 31. (List Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.)

Problem 3-02A a-d Sandhill's Hotel opened for business on May 1, 2020. Its trial balance before adjustment on May 31 is as follows SANDHILL'S HOTEL Trial Balance May 31, 2020 Account Number Debit Credit Cash 101 $3,400 126 Supplies 2,150 130 Prepaid Insurance 3,000 140 Land 13,000 Buildings 141 60,200 149 Equipment 15,000 Accounts Payable $4,900 201 208 Unearned Rent Revenue 3,000 Mortgage Payable 275 40,000 Owner's Capital 301 41,000 429 Rent Revenue 12,550 Advertising Expense 610 550 Salaries and Wages Expense 3,300 726 Utilities Expense 732 850 $101,450$101,450 In addition to those accounts listed on the trial balance, the chart of accounts for Sandhill'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, 2020 2. A count of supplies shows $800 of unused supplies on May 31 Annual depreciation is $3,612 on the buildings and $1,500 on equipment. 3. The mortgage at an annual interest rate is 6%. (The mortgage was taken out on May 1 .) 4. Two-thirds of the unearned rent revenue has been earned. 5. 6. Salaries of $700 are accrued and unpaid at May 31 Prepaid Insurance No. 130 Ref. Date Explanation Debit Balance Credit Balance May 31 Adjusting 31 May 31 Land No. 140 Ref. Explanation Debit Balance Date Credit Balance May 31 Buildings No. 141 Ref. Date Explanation Debit Balance Credit Balance May 31 Accumulated Depreciation-Buildings No. 142 Ref. Explanation Debit Balance Date Credit Adjusting 31 May 31 No. 149 Equipment Ref. Date Explanation Debit Balance Credit Balance May 31 Accumulated Depreciation-Equipment No. 150 Ref. Date Explanation Debit Balance Credit Adjusting 31 May 31 Salaries and Wages Payable No. 212 Ref. Date Explanation Debit Balance Credit Adjusting J1 May 31 Interest Payable No. 230 Ref. Date Explanation Debit Balance Credit Adjusting J1 May 31 Mortgage Payable No. 275 Ref. Date Explanation Debit Balance Credit Balance May 31 Owner's Capital No. 301 Ref. Date Explanation Debit Balance Credit Balance May 31 No. 429 Rent Revenue Ref. Date Explanation Debit Balance Credit Balance May 31 Adjusting J1 May 31 Advertising Expense No. 610 Ref. Date Explanation Debit Balance Credit Balance May 31 No. 619 Depreciation Expense Ref. Date Explanation Debit Balance Credit Adjusting J1 May 31 Supplies Expense No. 631 Ref. Date Explanation Debit Balance Credit Adjusting J1 May 31 No. 718 Interest Expense Ref. Date Explanation Debit Balance Credit Adjusting J1 May 31 No. 722 Insurance Expense Ref. Date Explanation Debit Balance Credit Adjusting J1 May 31 Salaries and Wages Expense No. 726 Ref. Date Explanation Debit Balance Credit Balance May 31 Adjusting J1 May 31 Utilities Expense No. 732 Ref. Date Explanation Debit Balance Credit Balance May 31 SANDHILL'S HOTEL Owner's Equity Statement For the Month Ended May 31, 2020 V Add V SANDHILL'S HOTEL Balance Sheet May 31, 2020 Assets Cash Supplies Prepaid Insurance Land Buildings Less .Accumulated Depreciation-Buildings Equipment Less Accumulated Depreciation-Equipment Total Assets Liabilities and Owner's Equity Total Owner's Equity Accounts Payable Unearned Rent Revenue Mortgage Payable Salaries and Wages Payable Interest Payable iaollii Owner's Equity Owner's Capital Total Liabilities and Owner's Equity