P$3-2$B Badger Motel, Ltd$.$ opened for business on May $1,2017.$ Its trial balance before adjustment on May $31$ is as follows

Instructions

$($a$)$ Journalize the adjusting entries on May $31.$

$($b$)$ Prepare a ledger using the three$-$column form of account. Enter the trial balance amounts and post the adjusting entries.

$($Use J$1$ as the posting reference.$)$ BADGER MOTEL, LTD$.$ Trial Balance May $31,2017$ Account Number Debit Credit $101$ Cash $2,500126$ Supplies $1,520130$ Prepaid Insurance $2,400140$ Land $14,000141$ Buildings $58,000157$ Equipment $15,000201$ Accounts Payable $4,800208$ Unearned Rent Revenue $3,300275$ Mortgage Payable $38,000311$ Share Capital$$Ordinary $40,000429$ Rent Revenue $12,300610$ Advertising Expense $780726$ Salaries and Wages Expense $3,300732$ Utilities Expense $90098,40098,400$ Problems: Set B $153$

$($c$)$ Prepare an adjusted trial balance on May $31.$

$($d$)$ Prepare an income statement and a retained earnings statement for the month of May and a statement of fi nancial position at May $31.$