Prepare adjusting entries, post and prepare adjusted trial balance and financialment GLS P3.2A (LO 2, 3, 4 Financial Statement Hank's Hotel opened for business on May 1, 2020. Its trial balance before adjustment on May 31 is as follows Hank's Hotel Trial Balance May 31, 2020 Account Number Debit Credit 101 $ 3.400 126 Supplies 2080 130 Prepaid Insurance 2.400 140 Land 12.000 Buildings 60,000 149 Equipment 15.000 201 Accounts Payable $ 4.700 208 Unearned Rent Revenue 3.100 275 Mortgage Payable 40.000 301 Owner's Capital 41.380 429 Rent Revenue 610 Advertising Expense 600 726 Salaries and Wages Expense 3.300 732 Utilities Expense 900 599.680 $99,680 10,300 In addition to those accounts listed on the trial balance, the chart of accounts for Hank's Hotel 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 S1.500 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 has been earned. 6. Salaries of $750 are accrued and unpaid at May 31. 3-52 CHAPTER 3 Adjusting the Accounts 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 c. Adj. trial balance 5101,055 the adjusting entries. (Used as the posting reference.) d. Net income $4,795 c. Prepare an adjusted trial balance on May 31. Ending capital $46,175 d. Prepare an income statement and an owner's equity statement for the month of May and a balance Total assets 592,925 sheet at May 31