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 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 $ 2,403 2,600 1,800 14,903 70,000 16,800 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 $ 4,603 3,300 36,000 59,903 9,000 3,000 800 500 $112,806 $112,806 Other data: 1. Insurance expires at the rate of $450 per month. 2. A count of supplies shows $1,160 of unused supplies on May 31. 3. (a) Annual depreciation is $3,480 on the building. (b) Annual depreciation is $2,880 on equipment. 4. The mortgage interest rate is 6%. (The mortgage was taken out on May 1 .) 5. Unearned rent of $2,580 has been earned. 6. Salaries of $760 are accrued and unpaid at May 31