P3.2A (LO 2, 3, 4) The Skyline Motel opened for business on May 1, 2020. Its trial balance before adjustment on May 31 is as follows Prepare adjasting entries, pe prepare adjusted trial balan financial snatemmts GLS Skyline Motel Trial Balance May 31, 2020 Account Number Debit Credit 101 126 $ 3,500 2,080 2,400 Cash Supplies Prepaid Insurance Land Buildings Equipment Accounts Payable Unearned Rent Revenue 130 140 12,000 60,000 15,000 141 149 201 $11,180 3,300 40,000 208 275 Mortgage Payable Common Stock 311 35,000 Rent Revenue Advertising Expense Salaries and Wages Expense Utilities Expense 10,300 429 600 610 3,300 726 732 900 $99,780 $99,780 In addition to those accounts listed on the trial balance, the chart of accounts for Skyline Motel 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 Pavable, 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 $3,000 on the buildings and $1,500 on equipment 4. The mortgage interest rate is 12%. (The mortgage was taken out on May 1.) 5 Two-thirds of the unearned rent revenue has been earned 6. Salaries of $750 are accrued and unpaid at May 31 ounts 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 J1 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 balance sheet at May 31