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The Highland Cove Resort has a May 31 fcalvear 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 $ 17,740 Prepaid Insurance 1.650 Supplies 840 Land 34,000 150,000 Buildings Accumulated Depreciation-Buildings $ 47,750 Furniture 33,000 Accumulated Depreciation - Furniture 12,925 Accounts Payable 7.700 Unearned Revenue 14,100 Mortgage Payable 118,000 K. MacPhail, Capital 80,000 K. MacPhail, Drawings 42,035 Service Revenue 227,285 Depreciation Expense 5,775 Insurance Expense 6,050 Interest Expense 6,490 Repairs Expense 14,400 Salaries Expense 154.430 Supplies Expense 4,150 Utilities Expense 37.200 $ 507.760 $507.760 Additional information: 1 2 3. 4 The company pays $ 6,600 for its annual insurance policy on July 31 of each year. A count shows $60@of supplies on hand on May 31, 2021 The building has an estimated useful life of 50 years, The furniture has an estimated useful life of 10 years. Two thirds of the unearned revenue have been earned. The mortgage interest rate is 6.0% per year. Interest has been paid to May 1, 2021. Salaries accrued to the end of May were $ 1.450. The May utility bill of $3,340 is unrecorded and unpaid. 5. 6. 7. 8. 1 Prepare Taccounts and enter the unadjusted trial balance amounts.(Post entries in the order displayed in the problem statement.) Cash Prepaid Insurance Supplies Land Question 1 of 2 Buildings Accumulated Depreciation-Buildings Furniture Accumulated Depreciation-Furniture Account Donable Homework Assignment Part II Question 1 of 2 Accounts Payable Mortgage Payable Unearned Revenue K. MacPhail, Capital K. MacPhail, Drawings Service Revenue Salaries Expense Interest Expense Repairs Expense Utilities Expense Insurance Expense Depreciation Expense C Supplies Expense e Textbook and Media 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 for the amounts) No. Credit Debit Date Account Titles and Explanation 1 May 31 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 for the amounts.) No. Date Account Titles and Explanation Debit Credit 1 May 31 2. May 31 > > 3. May 31 > May 31 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 17.740 Prepaid Insurance May 31 1650 Supplies May 31 840 Land May 31 34.000 Buildings May 31 150,000 Accumulated Depreciation-Buildings May 31 47.750 Furniture Accumulated Depreciation Furniture May 31 12.925 Accounts Payable May 31 7.700 Mortgage Payable Homework Assignment Parti Question 1 of 2 Unearned Revenue May 31 14,100 Interest Payable Salaries Payable K. MacPhail, Capital 80.000 May 31 Question 1 of 2 Service Revenue May 31 227.285 Salaries Expense May 31 154,430 > Interest Expense Question 1 of 2 Repairs Expense May 31 14.400 Utilities Expense May 31 37,200 Insurance Expense May 31 6,050 uestion 1 of 2 > Depreciation Expense May 31 5.775 > 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 $ 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 $ 22.02 INI Liabilities and Owner's Equity

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