P3.2 (LO 2, 3, 4) Lazy River Resort opened for business on May 1, 2020. Its trial balance before adjust- ment on May 31 is as follows. Lazy River Resort Trial Balance May 31, 2020 Account Number Credit 101 126 130 Debit 3,400 2,080 2.400 12,000 60,000 14,000 Cash Supplies Prepaid Insurance Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Share Capital-Ordinary Dividends Rent Revenue Advertising Expense Salaries and Wages Expense Utilities Expense 4.700 3.300 40,000 41.380 1.000 429 10,300 610 732 600 3,300 900 99,680 99,680 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 Accu- mulated 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 750 of unused supplies on May 31. 3. Annual depreciation is 3.600 on the buildings and 1.500 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. 6. Salaries of 750 are accrued and unpaid at May 31. Instructions a. Journalize the adjusting entries on May 31, b. Prepare a ledger using the three-column form of account. Enter the trial balance amounts and post the adjusting entries. (Use Jl as the posting reference.) c. Prepare an adjusted trial balance on May 31. d. Prepare an income statement and a retained earnings statement for the month of May and a state- ment of financial position at May 31