King It Further As at August 31, 2021, approximately to (L02, 3, 4) AP The Highland Cove Resort has a May 31 fiscal year end and prepares adjusting a monthly basis. The following trial balance was prepared before recording the May 31 month-end Prepare and pl prepare adjus financial stat tries on a monthly basis. The fol justments: Credit $ 47,750 HIGHLAND COVE RESORT Trial Balance May 31, 2021 Debit Cash $ 17,520 Prepaid insurance 1,590 Supplies 995 Land 35,000 Building 150,000 Accumulated depreciation-building 33,000 Furniture Accumulated depreciation-furniture Accounts payable Unearned revenue Mortgage payable K. MacPhail, capital 42,735 K. MacPhail, drawings Service revenue 5,775 Depreciation expense 5,830 Insurance expense 5,720 Interest expense Repairs expense 156,710 Salaries expense 4,450 Supplies expense 37,600 Utilities expense $511,325 12,925 8,500 15,000 96,000 85,000 246,150 14,400 $511,325 Adjusting the Accounts Additional information: 1. The company pays $6,360 for its annual insurance policy on July 31 of each year, 2. A count shows $560 of supplies on hand on May 31, 2021. 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 paid to May 1, 2021. 7. Salaries accrued to the end of May were $1,450. 8. The May utility bill of $3,420 is unrecorded and unpaid. Instructions a. Prepare T accounts and enter the unadjusted trial balance amounts. b. Prepare and post the monthly adjusting journal entries on May 31. c. Prepare an adjusted trial balance at May 31. d. 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, 2021