rrent Attempt in Progress The Highland Cove Resort has a May 31 fiscal year end and prepares adjusting entries on a monthly basis. The following trial balance was prepared before recording the May 31 month-end adjustments: HIGHLAND COVE RESORT Trial Balance May 31, 2021 Cash Prepaid Insurance Supplies Land Buildings Accumulated Depreciation-Buildings Furniture Accumulated Depreciation-Furniture Accounts Payable Unearned Revenue Mortgage Payable: Debit Credit $16,880 1,710 955 30,000 150,000 $47,750 33,000 12,925 7,700 14,700 105,000 Mortgage Payable 105,000 K. MacPhail, Capital 80,500 K. MacPhail, Drawings 42,860 Service Revenue 235,275 Depreciation Expense 5,775 Insurance Expense 6,270 Interest Expense 7,700 Repairs Expense 14,400 Salaries Expense 153,750 Supplies Expense 4,150 Utilities Expense 36,400 $503,850 $503,850 Additional information: 1. The company pays $6,840 for its annual insurance policy on July 31 of each year. 2. A count shows $540 of supplies on hand on May 31, 2021. 3. The building has an estimated useful life of 50 years. 4. 5. 6. The furniture has an estimated useful life of 10 years. Two thirds of the unearned revenue have been earned. The mortgage interest rate is 8.0 % per year. Interest has been paid to May 1, 2021. 7. Salaries accrued to the end of May were $1,400. 8. The May utility bill of $3,440 is unrecorded and unpaid. Cash May 31 16,880 May 31 May 31 Land May 31 30,000 Prepaid Insurance 1,710 Buildings May 31 150,000 Supplies 955 Accumulated Depreciation-Buildings Question 1 of 1 < > May 31 Furniture 33,000 May 31 47,750 Accumulated Depreciation-Furniture May 31 12,925 Accounts Payable May 31 7,700 MacBook Air 5.2 Accounts Payable Mortgage Payable May 31 May 31 7,700 Unearned Revenue Interest Payable May 31 105,000 14,700 May 31 Interest Payable Salaries Payable K. MacPhail, Capital May 31 80,500 K. MacPhail, Drawings 42.860 Service Revenue May 31 235,275 Salaries Expense May 31 Salaries Expense 153,750 May 31 Interest Expense 7,700 Repairs Expense May 31 14,400 May 31 Utilities Expense 36,400 Question 1 of 1 < > May 31 6,270 May 31 Depreciation Expense 5,775 May 31 Supplies Expense 4,150 5