Problem 3-02A a-c, d1-d3 (Video) The Skyline Motel opened for business on May 1, 2020. Its trial balance before adjustment on May 31 is as follows. Skyline Motel Trial Balance May 31, 2020 Credit Account Number 101 126 Debit $ 3,500 2,080 2,400 12,000 60,000 15,000 Cash Supplies Prepaid Insurance Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Rent Revenue Advertising Expense Salaries and Wages Expense Utilities Expense 208 275 $ 11,180 3,300 40,000 35,000 10,300 311 600 3,300 900 $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 Payable, No. 619 Depreciation Expense, No. 631 Supplies Expense, No. 718 Interest Expense, and No. 722 Insurance Expense. Other data: 1. 2. 3. 4. 5. 6. Prepaid insurance is a 1-year policy starting May 1, 2020. A count of supplies shows $750 of unused supplies on May 31. Annual depreciation is $3,000 on the buildings and $1,500 on equipment. The mortgage interest rate is 12%. (The mortgage was taken out on May 1.) Two-thirds of the unearned rent revenue has been earned. Salaries of $750 are accrued and unpaid at May 31. Journalize the adjusting entries on May 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to o decimal places, e.g. 5,275.) No. Date Account Titles and Explanation Debit Credit 1. May 31 2. May 31 3. May 31 4. May 31 5. May 31 6. May 31 Prepare a ledger using the three-column form of account. Enter the trial balance amounts and post sthe adjusting entries. (Post entries in the order of journal entries posted in the previous part of the question. Round answers to 0 decimal places, e.g. 5,275.) Cash Date No. 101 Balance Explanation Ref Debit Credit May 31 Balance Supplies Date No. 126 Balance Explanation Ref Debit Credit May 31 Balance May 31 Adjusting Prepaid Insurance Date Explanation No. 130 Balance Ref Debit Credit May 31 Balance May 31 Adjusting Land Date No. 140 Balance Explanation Ref Debit Credit May 31 Balance Buildings Date No. 141 Balance Explanation Ref Debit Credit May 31 Balance Accumulated Depreciation-Buildings Date Explanation May 31 Adjusting No. 142 Balance Debit Credit Ref 31 No. 149 Equipment Date Ref Debit Credit Balance Explanation Balance May 31 No. 150 Accumulated Depreciation Equipment Date Explanation Ref May 31 Adjusting J1 Debit Credit Balance Accounts Payable Date Explanation No. 201 Balance Ref Debit Credit May 31 Balance Unearned Rent Revenue Date Explanation No. 208 Balance Ref Debit Credit May 31 Balance May 31 Adjusting No. 212 Balance Debit Credit Ref j1 No. 230 Balance Debit Credit Salaries and Wages Payable Date Explanation May 31 Adjusting Interest Payable Date Explanation May 31 Adjusting Mortgage Payable Date Explanation May 31 Balance Common Stock Date Explanation Ref 1 No. 275 Balance Ref Debit Credit No. 311 Balance Ref Debit Credit May 31 Balance Rent Revenue Date Explanation No. 429 Balance Ref Debit Credit May 31 Balance May 31 Adjusting Advertising Expense Date Explanation No. 610 Balance Ref Debit Credit May 31 Balance Depreciation Expense Date Explanation No. 619 Balance Ref Debit Credit May 31 Adjusting 31 Supplies Expense Date Explanation No. 631 Balance Ref Debit Credit May 31 Adjusting 31 Interest Expense Date Explanation No. 718 Balance Ref Debit Credit May 31 Adjusting J1 Insurance Expense Date Explanation No. 722 Balance Debit Credit Ref 1 May 31 Adjusting Salaries and Wages Expense Date Explanation No. 726 Balance Ref Debit Credit May 31 Balance May 31 Adjusting Utilities Expense Date Explanation May 31 Balance No. 732 Balance Ref Debit Credit Prepare an adjusted trial balance on May 31. (Round answers to O decimal places, e.g. 5,275.) Skyline Motel Adjusted Trial Balance Debit Credit Totals Prepare an income statement for the month of May 31. (Round answers to o decimal places, e.g. 5,275.) Skyline Motel Income Statement Prepare an retained earnings statement for the month of May 31. (Round answers to 0 decimal places, e.g. 5,275.) Skyline Motel Retained Earnings Statement Prepare a balance sheet at May 31. (List Assets in order of liquidity. List Property, plant and equipment in order of land, buildings and equipment. Round answers to O decimal places, e.g. 5,275.) Skyline Motel Balance Sheet Assets Liabilities and Stockholders' Equity