La FUSI L LIR ents Prepare an adjusted trial balance at August 31, 2017 AKING IT FURTHER As at August 31, 2017. approximately how old are the comment and vehicles Credit 35.000 A The Highland Cove Resort has a May 31 fiscal year end and repares adjusting entries on a mom The following trial balance was prepared before recording the May 31 month-end adjustments and prepares adjusting entries on a monthly Prepare and entries, and trial balance statements. HIGHLAND COVE RESORT Trial Balance May 31, 2017 Debit Cash $ 17,520 Prepaid insurance 1,590 Supplies Land Buildings 150,000 Accumulated depreciation-buildings $ 47.750 Furniture 33,000 Accumulated depreciation-furniture Accounts payable 8.500 Unearned revenue Mortgage payable K. MacPhail, capital 85.000 K. MacPhail, drawings Rent revenue 246,150 Depreciation expense 5830 Insurance expense 5,720 Interest expense Repairs expense Salaries expense 156.710 Supplies expense Utilities expense $511,325 12.925 15.000 96.000 42,735 5.775 14.400 4.450 Additional information: 1. The company pays $6,360 for its annual insurance policy on July 31 of each year. 2. A count show 560 of supplies on hand on May 31, 2017 3. The buildings have an estimated useful life of 50 years. 1. The furniture has an estimated useful life of 10 years. 5. Two thirds of the unearned revenue has been earned. The mortgage interest rate is 6.5% per year. Interest has been paid to April 1, 2017 1. Salaries accrued to the end of May were $1,450. The May utility bill of $3.420 is unrecorded and unpaid. Instructions epare Taccounts and enter the unadjusted trial balance amounts. srepare and post the monthly adjusting journal entries on May 31. Prepare an adiusted trial balance at May 31. 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, 2017. TAKING IT FURTHER to the owner capital account on the May 31, 2017, adjusted trial balance the same Amount as sho as shown in the May 31, 2017, balance sheet? Why or why not