Novak Corp. Trial Balance May 31, 2022 Account Number 101 Debit Credit Cash $4,410 126 Supplies 2,630 130 Prepaid Insurance 3,024 140 Land 15,120 141 149 Buildings Equipment 75,600 17,520 200 Notes Payable $50,400 201 Accounts Payable 14,096 208 Unearned Rent Revenue 4,158 311 Common Stock 44,100 429 Rent Revenue 11,598 610 Advertising Expense 756 726 Salaries and Wages Expense 4,158 732 Utilities Expense 1,134 $124,352 $124,352 In addition to those accounts listed on the trial balance, the chart of accounts for Novak Corp. 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, 2022. 2. A count of supplies shows $945 of unused supplies on May 31. 3. Annual depreciation is $3,780 on the buildings and $1,752 on equipment. 4.1 5. The note payable interest rate is 12%. (The note was taken out on May 1 and will be repaid along with interest in 2 years.) Two-thirds of the unearned rent revenue has been earned. 6. Salaries and wages of $885 are unpaid and unrecorded 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.) No. Date Account Titles and Explanation May 31 Debit Credit May 2. 31 May 3. 31 May 4. 31 5. May 31 b. May 31 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.) 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 01 = Prepaid Insurance No. 130 Date Explanation Ref Debit Credit Balance May 31 Balance V May 31 Adjusting J1 Land No. 140 Date Explanation Ref Debit Credit Balance May 31 Balance > No. 141 Buildings Date Explanation Ref Debit Credit Balance May 31 Balance Accumulated Depreciation- No. 142 Buildings 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 No. 150 Date Explanation Ref Debit Credit Balance May 31 Adjusting J1 Notes Payable No. 200 Date Explanation Ref Debit Credit Balance May 31 Balance Accounts Payable No. 201 Date Explanation Ref Debit Credit Balance May 31 Balance Unearned Rent Revenue Date Explanation May 31 Balance May 31 Adjusting No. 208 Ref Debit Credit Balance J1 Salaries and Wages Payable Date Explanation No. 212 Ref Debit Credit Balance May 31 Adjusting 31 Interest Payable No. 230 Date Explanation Ref Debit Credit Balance May 31 Adjusting 31 Common Stock No. 311 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 31 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 01 Supplies Expense No. 631 Date Explanation Ref Debit Credit Balance May 31 Adjusting 01 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 31 Salaries and Wages Expense No. 726 Ref Debit Credit Balance Date Explanation May 31 Balance May 31 Adjusting = Utilities Expense No. 732 Date Explanation Ref Debit Credit Balance May 31 Balance Prepare an adjusted trial balance on May 31. Novak Corp. Adjusted Trial Balance Debit Credit Totals Novak Corp. Income Statement eTextbook and Media List of Accounts Prepare a retained earnings statement for the month of May 31. Novak Corp. Retained Earnings Statement Novak Corp. Balance Sheet Assets $ $ Liabilities and Stockholders' Equity $