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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

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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 Debit Credit Cash $17,020 1.470 Prepaid Insurance 815 Supplies 33,000 Land 150.000 Buildings $47.750 Accumulated Depreciation--Buildings 33.000 Buildings 150,000 Accumulated Depreciation-Buildings $47.750 Furniture 33,000 Accumulated Depreciation-Furniture 12.925 Accounts Payable 6,000 Unearned Revenue 12,300 Mortgage Payable 105,000 K. MacPhail. Capital 50,000 K. MacPhail Drawings 42.310 Service Revenue 266,465 5.775 Depreciation Expense Insurance Expense .5.390 7.700 Interest Expense JUU K MacPhail, Drawings 42,310 Service Revenue 266,465 Depreciation Expense 5.775 Insurance Expense 5.390 Interest Expense 7.700 Repairs Expense 14,400 Salaries Expense 150.710 Supplies Expense 4,650 34200 Utilities Expense 5500,440 $500.440 Additional information policy on July 31 of each year. Additional information: 1. The company pays $5,880 for its annual insurance policy on July 31 of each year. 2. A count shows $560 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 8.0% per year. Interest has been paid to May 1, 2021. 7. Salaries accrued to the end of May were $1,500. 8. The May utility bill of $3,220 is unrecorded and unpaid. Prepare Taccounts and enter the unadjusted trial balance amounts. (Post entries in the order displayed in the problem statement.) Cash Prepaid Insurance Supplies Land Land Buildings Accumulated Depreciation-Buildings Furniture Accumulated Depreciation-Furniture Accumulated Depreciation-Furniture Accounts Payable Mortgage Payable Unearned Revenue K. MacPhail, Capital K. MacPhail, Capital K. MacPhail, Drawings Service Revenue Salaries Expense Interest Expense V Repairs Expense Utilities Expense Insurance Expense Donreciation Expense Utilities Expense Insurance Expense Depreciation Expense Supplies Expense

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