The Moto Hotel opened for business on May 1, 2017. Here is its trial balance before adjustment on May 31. MOTO HOTEL Trial Balance May 31, 2017 Debit Credit Cash Supplies $2,593 2,600 Prepaid Insurance 1,800 Land 15,093 Buildings 71,200 Equipment 16,800 Accounts Payable $ 4,793 Unearned Rent Revenue 3,300 Mortgage Payable 37,200 Common Stock 60,093 Rent Revenue 9,000 Salaries and Wages Expense 3,000 Utilities Expense 800 Advertising Expense 500 $114,386 $114,386 Other data: 1. Insurance expires at the rate of $450 per month. 2. A count of supplies shows $1,180 of unused supplies on May 31. 3. (a) Annual depreciation is $3,960 on the building. (b) Annual depreciation is $3,360 on equipment. 4. The mortgage interest rate is 6%. (The mortgage was taken out on May 1.) 5. Unearned rent of $2,660 has been earned. 6. Salaries of $740 are accrued and unpaid at May 31. Journalize the adjusting entries on May 31. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatica Indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation 1. 2. 3 (a). 3(b). 4. S. Debit Credit Prepare a ledger using T-accounts. Enter the trial balance amounts and post the adjusting entries. (Post entries in the order of journal entries presented in the previous question.) Cash Supplies Prepaid Insurance Land Building Accumulated Depreciation-Building Equipment Prepare an adjusted trial balance on May 31. MOTO HOTEL Adjusted Trial Balance Debit Credit repare an income statement for the month of May. MOTO HOTEL Income Statement LINK TO TEXT LINK TO TEXT LINK TO TEXT Prepare a retained earnings statement for the month of May. MOTO HOTEL Retained Earnings Statement SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT CALCULATOR VIDEO: SIMILAR PROBLEM VIDEO: SIMILAR PROBLEM FULL SCREEN PRON Prepare a classified balance sheet at May 31. (List current assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equip MOTO HOTEL Balance Sheet Assets cy 2000-2017 John Wiley & Sons, Inc., All Rights Reserved. A Division of John Wiley & Sons, Inc. MacBook Air dentify which accounts should be closed on May 31. Cash Supplies Prepaid Insurance Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Rent Revenue Salaries and Wages Expense Utilities Expense Advertising Expense Interest Expense Insurance Expense Supplies Expense Depreciation Expense O