PSB3.7 Prepare worksheet, adjusting entries, adjusted trial balance, and financial statements. L03, 4, 5, 6, 8 The Palpatine Hotel Ltd opened for business on I May 2019. A worksheet as at 31 May 2019 for Palpatine Hotel has been started as follows. PALPATINE HOTEL LTD Worksheet as at 31 May 2019 Adjusted trial Statement Statement of of financial Trial balance Dr Adjustments balance profit or loss position No. Account name Cr 100 Cash 112 Prepaid insurance 113 Supplies 120 Land 122 Building 130 Furniture $ 4500 2 520 2 660 21 000 98 000 23 520 200 Accounts payable 212 Rent rev. rec'd in advance 220 Mortgage payable 300 Share capital 400 Rent revenue 505 Advertising expense $ 6580 5040 50000 84000 12 880 510 Electricity expense 525 Salaries expense 700 1 400 4 200 S158 500 158 500 Totals In addition to those accounts listed on the tral balance, the chart of accounts for Palpatine Hotel also contains the following accounts: 123 Accumulated depreciation -building 131 Accumulated depreciation -fumiture, 506 Depreciation expense, 512 Insurance expense, 515 Interest expense, and 530 Supplies expense. Other data: 1. Insurance expires at the rate of $210 per month. 2. An inventory of supplies shows S1680 of unused supplies on 31 May 3. Annual depreciation is $5040 on the building and $4200 on funiture. 4, The mortgage interest rate is 12%. (The mortgage was taken out on l May.) 5. $2100 of the rent revenue received in advance relates to May and is now earned. 6. Salaries of $420 are unpaid at 31 May Required (a) Using information provided complete the above worksheet. (b) Journalise the adjusting entries on 31 May (c) Prepare the general ledger using T accounts. Enter the trial balance amounts and post the adjusting entries (d) Prepare an adjusted trial balance on 31 May (e) Prepare the statement of profit or loss and a calculation of retained eamings for the month of May and prepare the statement of financial position as at 31 May 2019. () Identify which accounts should be closed on 31 May