P3-2B Maquoketa River Resort opened for business on June 1 with eight air- conditioned units. Its trial balance before adjustment on August 31 is as follows MAQUOKETA RIVER RESORT Trial Balance August 31, 2019 ccount Number Deb Credit $ 19,600 3,300 6,000 25,000 125,000 26,000 101 126 130 140 141 149 201 208 275 311 332 429 622 726 732 Cash Supplies Prepaid Insurance Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Dividends Rent Revenue Maintenance and Repairs Expense3,600 Salaries and Wages Expense 51,000 Utilities Expense $ 6,500 7,400 80,000 100,000 5,000 80,000 9,400 $273,900 $273,900 In addition to those accounts listed on the trial balance, the chart of accounts for Maquoketa River Resort also contains the following accounts and account numbers: No. 112 Accounts Receivable, 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: Insurance expires at the rate of $300 per month. A count on August 31 shows $800 of supplies on hand Annual depreciation is $6,000 on buildings and $2,400 on equipment. Unearned rent revenue of $4,800 has been earned Salaries of $400 were unpaid at August 31 Rentals of $4,000 were due from tenants at August 31 The mortgage interest rate is 9% per year. (The mortgage was taken out on August 1.) 1. 2. 3. 4. 5. 6. 7. Instructions (a) Journalize the adjusting entries on August 31 for the 3-month period June 1- (b) Prepare a ledger using the three-column form of account. Enter the trial Adj. trial bal $281,000 ance August 31 balance amounts and post the adjusting entries. (Use J1 as the posting reference.) (c) Prepare an adjusted trial balance on August 31 (d) Prepare an income statement and a retained eanings statement for the 3 months ending August 31 and a balance sheet as of August 31