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 $17,280 Prepaid Insurance 1,320 Supplies 950 Land 31.000 Buildings 150.000 $47,750 Accumulated Depreciation-Buildings 33.000 Furniture 12.925 Accumulated Depreciation - Furniture 8.302 Accounts Payable 16.200 Unearned Revenue 81.000 Mortgage Payable K. MacPhail, Capital 87,000 K. MacPhail, Drawings 42,080 Service Revenue 248,230 Depreciation Expense 5,775 Insurance Expense 4,840 Interest Expense 5,940 Repairs Expense 14,400 Salaries Expense 153.420 Supplies Expense 4,400 Utilities Expense 37,000 $501.405 $501,405 Additional information: 1. The company pays $5,280 for its annual insurance policy on July 31 of each year. 2. A count shows $500 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 $1,650. 8. The May utility bill of $3,340 is unrecorded and unpaid. (62) Post the monthly adjusting journal entries on May 31. (Post entries in the order of journal entries presented in the previous part.) Cash May 31 17,280 Prepaid Insurance 1,320 May 31 440 May 31 Bal. 880