Problem 3-2A (Part Level Submission) The Metlock, Inc. opened for business on May 1, 2019. Its trial balance before adjustment on May 31 is as follows. Metlock, Inc. Trial Balance May 31, 2019 Account Number Debit Credit 101 Cash $ 3,600 126 Supplies 2,150 130 Prepaid Insurance 1,800 140 Land 15,000 141 Buildings 61,200 149 Equipment 15,600 201 Accounts Payable $ 11,000 208 Unearned Rent Revenue 3,200 275 Mortgage Payable 40,000 311 Common Stock 35,300 429 Rent Revenue 14,600 610 Advertising Expense 550 726 Salaries and Wages Expense 3,300 732 Utilities Expense 900 $104,100 $104,100 In addition to those accounts listed on the trial balance, the chart of accounts for Metlock, Inc. 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. Prepaid insurance is a 1-year policy starting May 1, 2019. A count of supplies shows $700 of unused supplies on May 31. Annual depreciation is $3,060 on the buildings and $1,560 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 $800 are accrued and unpaid at May 31. 4. 5. 6. Prepare a ledger using the three-column form of account. Enter the trial balance amounts into the balance column and then post the adjusting entries. (Post entries in the order of journal entries posted in the previous part of the question. Round answers to o 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 J1 May 31 Adjusting Prepaid Insurance Date Explanation No. 130 Balance Ref Debit Credit May 31 Balance May 31 Adjusting J1 Land Date No. 140 Balance Explanation Ref Debit Credit May 31 Balance No. 141 Buildings Date Explanation Ref Debit Credit Balance May 31 Balance No. 142 Debit Credit Balance No. 149 Debit Credit Balance No. 150 Accumulated Depreciation Buildings Date Explanation Ref May 31 Adjusting J1 Equipment Date Explanation Ref May 31 Balance Accumulated Depreciation Equipment Date Explanation Ref May 31 Adjusting J1 Accounts Payable Date Explanation Ref May 31 Balance Unearned Rent Revenue Date Explanation Ref May 31 Balance Debit Credit Balance No. 201 Balance Debit Credit No. 208 Balance Debit Credit J1 May 31 Adjusting Salaries and Wages Payable Date Explanation No. 212 Ref Debit Credit Balance May 31 Adjusting J1 No. 230 Ref Debit Credit Balance J1 No. 275 Balance Ref Debit Credit Interest Payable Date Explanation May 31 Adjusting Mortgage Payable Date Explanation May 31 Balance Common Stock Date Explanation May 31 Balance Rent Revenue Date Explanation No. 311 Balance Ref Debit Credit No. 429 Ref Debit Credit Balance May 31 Balance J1 No. 610 Balance Ref Debit Credit May 31 Adjusting Advertising Expense Date Explanation May 31 Balance Depreciation Expense Date Explanation No. 619 Ref Debit Credit Balance May 31 Adjusting J1 Supplies Expense Date Explanation May 31 Adjusting No. 631 Balance Ref Debit Credit J1 No. 718 Balance Ref Debit Credit J1 Interest Expense Date Explanation May 31 Adjusting Insurance Expense Date Explanation May 31 Adjusting Salaries and Wages Expense Date Explanation No. 722 Balance Ref Debit Credit 21 No. 726 Ref Debit Credit Balance May 31 Balance J1 May 31 Adjusting Utilities Expense Date Explanation No. 732 Ref Debit Credit Balance May 31 Balance