PLEASE EXPLAIN THE STEPS FOR ADJUSTING ENTRIES SO IT WILL HELP ME STUDY! THANK YOU!

Exercise 3-10 (Part Level Submission) Wildhorse Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows. Credit WILDHORSE RESORT TRIAL BALANCE AUGUST 31, 2020 Debit Cash $25,000 Prepaid Insurance 9,900 Supplies 8,000 Land 26,000 Buildings 126,000 Equipment 22,000 Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Retained Earnings Dividends 5,000 Rent Revenue Salaries and Wages Expense 44,800 Utilities Expenses 9,200 Maintenance and Repairs Expense 3,600 $279,500 $9,900 10,000 66,000 102,400 9,000 82,200 $279,500 Other data: 1. The balance in prepaid insurance is a one-year premium paid on June 1, 2020. 2. An inventory count on August 31 shows $431 of supplies on hand. 3. Annual depreciation rates are (a) buildings (4%) (b) equipment (10%). Salvage value is estimated to be 10% of cost. 4. Unearned Rent Revenue of $4,152 was earned prior to August 31. 5. Salaries of $410 were unpaid at August 31. 6. Rentals of $791 were due from tenants at August 31. (Use Accounts Receivable account.) 7. The mortgage interest rate is 8% per year. (b) Prepare an adjusted trial balance on August 31. WILDHORSE RESORT Adjusted Trial Balance August 31, 2020 Debit Credit Cash 25,000 Prepaid Insurance Supplies Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Retained Earnings Dividends Rent Revenue Salaries and Wages Expen Utilities Expenses Maintenance and Repairs E Insurance Expense Supplies Expense Depreciation Expense Accumulated Depreciation. Salaries and Wages Payabl Accounts Receivable Interest Expense Interest Payable Totals Journalize the adjusting entries on August 31 for the 3-month period June 1-August 31. (Round answers to the nearest whole dollar, e.g. 5,275. Credit account titles are automatically indented when amount is entered. Do not indent manually. I required, select "No entry" for the account titles and enter o for the amounts.) No. Date Account Titles and Explanation Debit Credit 1. Aug. 31 Insurance Expense Prepaid Insurance 2,475 2. Aug. 3175 Supplies 7,569 3. (a) Aug. 31TDepreciation Expense 1,134 Accumulated Depreciati 1,134 3. (b) Aug. 31TDepreciation Expense Accumulated Depreciati 495 4. Aug. 31TUnearned Rent Revenue 4,152 Rent Revenue 4,152 . 5. Aug. 31 Tsalaries and Wages Expen T Salaries and Wages Pay 410 6. Aug. 31 Aug. 31 TAccounts Receivable Rent Revenue 791 7. Aug. 31 Interest Expense 49.31 1,320 T Interest Payable 1,320 Click if you would like to Show Work for this question: Open Show Work