Oriole Company has the following balances in selected accounts on December 31, 2021. Oriole has a calendar year end. $ 0 0 7.100 0 Accounts Receivable Accumulated Depreciation-Equipment Equipment Interest Payable Notes Payable Prepaid Insurance Salaries Payable Supplies Unearned Revenue 8,400 2,316 O 2,580 30.600 All the accounts have normal balances. The information below has been gathered at December 31, 2021. 1. 2. Oriole Company borrowed $8,400 by signing a 4%, one-year note on September 1, 2021. A count of supplies on December 31, 2021, indicates that supplies of $970 are on hand. Depreciation on the equipment for 2021 is $970. Oriole Company paid $2,316 for 12 months of insurance coverage on June 1, 2021. 3. 4. 5. 6. On December 1, 2021, Oriole collected $30,600 for consulting services to be performed evenly from December 1, 2021, through March 31, 2022. Oriole performed consulting services for a client in December 2021. The client will be billed $5,100. Payment from the customer is expected on January 14, 2022. Oriole Company pays its employees total salaries of $10,400 every Wednesday for the preceding five-day week (Monday through Friday). On Wednesday, January 5, 2022, employees were paid for the last five weekdays of 2021. 7. (a) Prepare adjusting entries for the seven items described above. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts.) Debit No. Date Account Titles and Explanation Dec. 1. 31 Credit The Highland Cove Resort has a May 31 fiscal year end and prepares adjusting entries on a monthly basis. The following trial balance was prepared before recording the May 31 month-end adjustments: Credit HIGHLAND COVE RESORT Trial Balance May 31, 2021 Debit Cash $16,220 Prepaid Insurance 2,040 Supplies 860 Land 31,000 Buildings 150,000 Accumulated Depreciation-Buildings Furniture 33,000 Accumulated Depreciation - Furniture Accounts Payable Unearned Revenue Mortgage Payable $47.750 12.925 6,000 14,700 141,600 14,700 141,600 50,000 42,660 230,470 Mortgage Payable K. MacPhail, Capital K. MacPhail, Drawings Service Revenue Depreciation Expense Insurance Expense Interest Expense Repairs Expense Salaries Expense Supplies Expense Utilities Expense 5,775 7,480 6,490 14,400 152,420 4,900 36,200 $503,445 $503,445 Additional information: 1. 2. 3. 4. The company pays $8,160 for its annual insurance policy on July 31 of each year. A count shows $530 of supplies on hand on May 31, 2021. The building has an estimated useful life of 50 years. The furniture has an estimated useful life of 10 years. Two thirds of the unearned revenue have been earned. The mortgage interest rate is 5.0% per year. Interest has been paid to May 1, 2021. Salaries accrued to the end of May were $1,350. The May utility bill of $3,380 is unrecorded and unpaid. 5. 6. 7. 8. Prepare an adjusted trial balance at May 31. HIGHLAND COVE RESORT Adjusted Trial Balance Debit Credit $ $