Q Search nts P3-2C The Collison Motel opened for business on May 1, 2014. Its trial balance before adjustment on May 31 is as follows. COLLISON MOTEL Trial Balance May 31, 2017 Account Number Debit Credit 101 126 130 140 Buildings 141 149 Equipment 201 $ 2,500 1,900 2,400 15,000 70,000 16,800 Cash Supplies Prepaid Insurance Land 275 301 429 610 726 732 Accounts Payable Unearned Rent Revenue Mortgage Payable Owner's Capital Rent Revenue Advertising Expense Salaries and Wages Expense Utilities Expense $ 5,300 3,600 40,000 55,000 9,200 500 3,000 1,000 $113,100 $113.100 In addition to those accounts listed on the trial balance, the chart of accounts for Collison Motel also contains the following accounts and account numbers: No. 142 Tools Window Help Wey AP 12e PC Ch03 Problems Set C.pdf (page 2 of 4) Q Search In addition to those accounts listed on the trial balance, the chart of accounts for Collison 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. Insurance expires at the rate of $200 per month. 2. A count of supplies shows $300 of unused supplies on May 31 3. Annual depreciation is $3,600 on the buildings and $3,000 on equipment. 4. The mortgage interest rate is 12%. (The mortgage was taken out on May 1.) 5. One third of the unearned rent revenue has been earned. 6. Salaries of $800 are accrued and unpaid at May 31 Instructions (a) Journalize the adjusting entries on May 31 (c) Adj, trial balance $114,850 (b) Prepare a ledger using the three-column form of account. Enter the trial balance (d) Net income $2,350 amounts and post the adjusting entries. (Use J1 as the posting reference.) Ending capital balance () Prepare an adjusted trial balance on May 31 557,350 (d) Prepare an income statement and Total assets $106,250 and a balance sheet at May 31 Prepare adjusting entries and financial statements P3-3C Renn Co. was organized on July 1, 2017. Quarterly financial statements are prepared. The unadjusted and adjusted trial balances as of September 30 are shown below LO 2, 3, 4)