Lazy River Resort opened for business on May 1, 2020. Its trial balance before adjustment on May 31 is as follows. LAZY RIVER RESORT Trial Balance MAY 31, 2020 Account Number Debit Credit 101 Cash 3,400 126 Supplies 2,000 130 Prepaid Insurance 1,800 140 Land 14,000 141 Buildings 62,400 149 Equipment 14,400 201 Accounts Payable 4,700 208 275 Unearned Rent Revenue Mortgage Payable 3,240 40,000 311 Share Capital-Ordinary 41,300 332 Dividends 2,100 429 Rent Revenue 20,160 610 Advertising Expense 650 726 Salaries and Wages Expense 7,800 732 Utilities Expense 850 109,400 109,400 In addition to those accounts listed on the trial balance, the chart of accounts for Lazy River Resort 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 700 of unused supplies on May 31. Annual depreciation is 3,744 on buildings and 2,880 on equipment. 4. The mortgage interest rate is 6%. (The mortgage was taken out on May 1.) 5. Two-thirds of the unearned rent revenue is recognized as revenue. 7. Salaries of 700 are accrued and unpaid at May 31. Journalize the adjusting entries on May 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to O decimal places, e.g. 5,275.) No. Date Account Titles and Explanation 1. May 31 May 2. 1321 3. May 31 May 4. 31 May 5. 31 May 6. 31 Debit Credit Prepare a ledger using the three-column form of account. Enter the trial balance amounts and post the adjusting entries. (Post entries in the order of journal entries posted in the previous part of the question. Round answers to O decimal places, e.g. 5,275.) Cash Date Explanation Ref. Debit Credit No. 101 Balance May 31 Balance Supplies No. 126 Date Explanation Ref. Debit Credit Balance May 31 Balance May 31 Adjusting J1 Prepaid Insurance No. 130 Date Explanation Ref. Debit Credit Balance May 31 Balance May 31 Adjusting J1 Land No. 140 Date Explanation Ref. Debit Credit Balance May 31 Balance Buildings No. 141 Date Explanation Ref. Debit Credit Balance May 31 Balance Accumulated Depreciation- Buildings No. 142 Date Explanation Ref. Debit Credit Balance May 31 Adjusting J1 Equipment No. 149 Date Explanation Ref. Debit Credit Balance May 31 Balance Accumulated Depreciation- Equipment Date Explanation Ref. Debit Credit Balance May 31 Adjusting J1 No. 150 Accounts Payable No. 201 Date Explanation Ref. Debit Credit Balance May 31 Balance Unearned Rent Revenue No. 208 Ref. Debit Credit Balance Date Explanation May 31 Balance May 31 Adjusting J1 Salaries and Wages Payable Ref. Debit Credit Balance Date Explanation May 31 Adjusting J1 No. 212 Interest Payable No. 230 Date Explanation Ref. Debit Credit Balance May 31 Adjusting J1 Mortgage Payable No. 275 Date Explanation Ref. Debit Credit Balance May 31 Balance Share Capital-Ordinary No. 311 Date Explanation Ref. Debit Credit Balance May 31 Balance Dividends No. 332 Date Explanation Ref. Debit Credit Balance May 31 Balance Rent Revenue No. 429 Date Explanation Ref. Debit Credit Balance May 31 Balance May 31 Adjusting J1 Advertising Expense No. 610 Date Explanation Ref. Debit Credit Balance May 31 Balance Depreciation Expense No. 619 Date Explanation Ref. Debit Credit Balance May 31 Adjusting J1 Supplies Expense No. 631 Date Explanation Ref. Debit Credit Balance May 31 Adjusting = J1 Interest Expense No. 718 Date Explanation Ref. Debit Credit Balance May 31 Adjusting J1 Insurance Expense No. 722 Date Explanation Ref. Debit Credit Balance May 31 Adjusting J1 Salaries and Wages Expense No. 726 Ref. Debit Credit Balance Date Explanation May 31 Balance May 31 Adjusting J1 Utilities Expense No. 732 Date Explanation Ref. Debit Credit Balance May 31 Balance v Prepare an adjusted trial balance on May 31. (Round answers to O decimal places, e.g. 5,275.) LAZY RIVER RESORT Adjusted Trial Balance Debit Credit Prepare an income statement for the month of May 31. (Round answers to O decimal places, e.g. 5,275.) LAZY RIVER RESORT Income Statement Prepare a retained earnings statement for the month of May 31. (List items that increase retained earnings first. Round answers to O decimal places, e.g. 5,275.) : LAZY RIVER RESORT Retained Earnings Statement Prepare a statement of financial position as of May 31. (List Property, Plant and Equipment in order of Land, Buildings and Equipment. List Current Assets in the reverse order of liquidity. Round answers to O decimal places, e.g. 5,275.) LAZY RIVER RESORT, Statement of Financial Position : < < Assets Equity and Liabilities