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 Debit Credit $17,380 1,740 820 38,000 150,000 $47,750 33,000 12,925 6,700 Accounts Payable Unearned Revenue 6,700 18,000 Mortgage Payable 136,000 K. MacPhail, Capital 50,000 K. MacPhail, Drawings 42,510 Service Revenue 238,630 Depreciation Expense 5,775 Insurance Expense 6,380 Interest Expense 7,480 Repairs Expense 14,400 Salaries Expense 152,820 Supplies Expense 4,900 Utilities Expense 34,800 $510,005 $510,005 Additional information: 1. The company pays $6,960 for its annual insurance policy on July 31 of each year. 2. A count shows $520 of supplies on hand on May 31, 2021. 3. The building has an estimated useful life of 50 years. 4. The furniture has an estimated useful life of 10 years. 5. Two thirds of the unearned revenue have been earned. 6. The mortgage interest rate is 6.0% 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 $3,120 is unrecorded and unpaid. Prepare T accounts and enter the unadjusted trial balance amounts. (Post entries in the order displayed in the problem statement.) May 31 v 17,380 Cash Prepaid Insurance May 31 v 1,740 May 31 v I 820 Supplies Land May 31 v 38,000 May 31 v Land Buildings 150,000 Accumulated Depreciation-Buildings May 31 47,750 Furniture May 31 V 33,000 Accumulated Depreciation-Furniture May 31 12,925 Accounts Payable May 31 v 6,700 Mortgage Payable May 31 136,000 Unearned Revenue May 31 v 18,000 K. MacPhail, Capital May 31 v 50,000 May 31 v K. MacPhail, Drawings 42,150 Service Revenue May 31 v 238.630 Salaries Expense May 31 v 152,820 Interest Expense May 31 v 7,480 Repairs Expense May 31 14,400 May 31 Utilities Expense 34,800 Insurance Expense May 31 6,380 Depreciation Expense May 31 v 5,775 Supplies Expense May 31 v 4,900 Prepare the monthly adjusting journal entries on May 31. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Date Account Titles and Explanation 1. May 31 2. May 31 A 3. May 31 4. May 31 Debit Credit 5. May 31 6. May 31 7. May 31 8. May 31 > Post the monthly adjusting journal entries on May 31. (Post entries in the order of journal entries presented in the previous part.) May 31 May 31 May 31 Cash 17,380 Prepaid Insurance 1,740 I Supplies 820 Land May 31 38,000 Buildings May 31 150,000 Accumulated Depreciation-Buildings I May 31 Furniture 33,000 May 31 47,750 Accumulated Depreciation-Furniture Accumulated Depreciation-Furniture I May 31 12,925 Accounts Payable Mortgage Payable May 31 6,700 May 31 136,000 Mortgage Payable May 31 Unearned Revenue May 31 Interest Payable Salaries Payable K MacPhail Capital 136,000 18,000 K. MacPhail, Capital May 31 50,000 May 31 K. MacPhail, Drawings 42,510 May 31 I Service Revenue May 31 238,630 Salaries Expense 152,820 May 31 Interest Expense 7,480 Repairs Expense May 31 14,400 May 31 Utilities Expense 34,800 May 31 May 31 Insurance Expense 6,380 Depreciation Expense 5,775 Supplies Expense May 31 eTextbook and Media Supplies Expense 4,900 eTextbook and Media Prepare an adjusted trial balance at May 31. HIGHLAND COVE RESORT Adjusted Trial Balance EA Debit S Credit Prepare an income statement for the year ended May 31. HIGHLAND COVE RESORT Income Statement $ Prepare a statement of owner's equity for the year ended May 31. (List Items that Increase owner's equity first.) HIGHLAND COVE RESORT Statement Of Owner's Equity eTextbook and Media $ Prepare a balance sheet as at May 31, 2021. (List Assets In order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Furniture.) HIGHLAND COVE RESORT Balance Sheet Assets $ 69 6A Liabilities and Owner's Equity GA 6A Prepare an adjusted trial balance at May 31. HIGHLAND COVE RESORT Adjusted Trial Balance $ Debit Credit $ Total $ Prepare an income statement for the year ended May 31. HIGHLAND COVE RESORT Income Statement $ LA eTextbook and Media Prepare a statement of owner's equity for the year ended May 31. (List Items that Increase owner's equity HIGHLAND COVE RESORT Statement Of Owner's Equity $ $ Prepare a balance sheet as at May 31, 2021. (List Assets in order of liquidity. List Property, Plant and Equipment In order of Land, Buildings and Furniture.) HIGHLAND COVE RESORT Balance Sheet Assets S GA Liabilities and Owner's Equity