Prepore adiuesting eris P43C Maquoketa Valley Resort opened for business on June 1 with eight air-conditioned ustnd trie biensce and units. Its trial balance before adjustment on August 31 is presented here. inancial statements MAQUOKETA VALLEY RESORT Trial Balance August 3I, 2014 Credit Debit s 24,600 5,400 4,300 40,000 132,000 36,000 Cash Prepaid Insurance Supplies Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Dividends Rent Revenue Salaries and Wages Expense Utilities Expense Maintenance and Repairs Expense $ 6,500 6,800 120,000 100,000 $,000 80,000 53,000 9,400 3,600 $313,300 $313,300 Other data: 1. Insurance expires at the rate of $450 per month. 2. A count of supplies on August 31 shows $700 of supplies on hand. 3. Annual depreciation is $6.600 on buildings and $4,000 on equipment. 4. Unearned rent of $5,000 was earned prior to August 31. 5. Salaries of $600 were umpaid at August 31. 6. Rentals of $1,600 were due from tenants at August 31. (Use Accounts Receivable.) 7. The mortgage interest rate is 9% per year. (The mortgage was taken out August 1 .) Instructions (a) Journalize the adjusting entries on August 31 for the 3-month period June 1-August 31. (b) Prepare a ledger using T accounts. Enter the trial balance amounts and post the adjusting entries (c) Prepare an adjusted trial balance on August 31. tial $314050 (d) Prepare an income statement and a retained earnings statement for the 3 months $ended August 31 and a classified balance sheet as of August 31