1.Journalize the adjusting entries on May 31.

2.Prepare a ledger using T-accounts. 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.

5.Prepare a retained earnings statement for the month of May.

6.Prepare a classified balance sheet at May 31

The Sandhill Hotel opened for business on May 1, 2022. Here is its trial balance before adjustment on May 31. Credit SANDHILL HOTEL Trial Balance May 31, 2022 Debit Cash $ 2,463 Supplies 2,600 Prepaid Insurance 1.800 Land 14,963 Buildings 71,200 Equipment 16,800 Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Rent Revenue Salaries and Wages Expense 3,000 Utilities Expense 800 Advertising Expense 500 $114,126 $4,663 3,300 37,200 59,963 9,000 $114,126 Other data: 1. 2. 3. Insurance expires at the rate of $360 per month. A count of supplies shows $1,070 of unused supplies on May 31. (a) Annual depreciation is $3,000 on the building. (b) Annual depreciation is $2,400 on equipment. The mortgage interest rate is 6%. (The mortgage was taken out on May 1.) Unearned rent of $2,510 has been earned. Salaries of $860 are accrued and unpaid at May 31. 4. 5. 6