The Skyline Motel opened for business on May 1, 2014. Its tr

The Skyline Motel opened for business on May 1, 2014. Its trial balance before adjustment on May 31 is as follows.SKYLINE MOTELTrial BalanceMay 31, 2014Account NumberDebitCredit101Cash$ 3,500126Supplies2,080130Prepaid Insurance2,400140Land12,000141Buildings60,000149Equipment15,000201Accounts Payable$ 4,800208Unearned Rent Revenue3,300275Mortgage Payable40,000301Owner’s Capital41,380429Rent Revenue10,300610Advertising Expense600726Salaries and Wages Expense3,300732Utilities Expense900$99,780$99,780In addition to those accounts listed on the trial balance, the chart of accounts for Skyline Motel also contains the following accounts and account numbers: No. 142 Accumulated Depreciation—Buildings, No. 150 Accumulated Depreciation—Equipment, No. 212 Salaries and Wages Payable, No. 230 Interest Payable, No. 619 Depreciation Expense, No. 631 Supplies Expense, No. 718 Interest Expense, and No. 722 Insurance Expense.Other data:1.Prepaid insurance is a 1-year policy starting May 1, 2014.2.A count of supplies shows $750 of unused supplies on May 31.3.Annual depreciation is $3,000 on the buildings and $1,500 on equipment.4.The mortgage interest rate is 12%. (The mortgage was taken out on May 1.)5.Two-thirds of the unearned rent revenue has been earned.6.Salaries of $750 are accrued and unpaid at May 31.1.Journalize the adjusting entries on May 31. 2.Prepare a ledger using the three-column form of account. Enter the trial balance amounts and post the adjusting entries. 3.Prepare an adjusted trial balance on May 31.4.Prepare an income statement for the month of May 31.5.Prepare an owner’s equity statement for the month of May 31. 6.Prepare a balance sheet at May 31.

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