-/25 E Question List Current Attempt in Progress The following is the unadjusted trial balance for Sunland Lodge Ltd. at its year end, May 31, 2021. The company adjusts its accounts monthly. Question 1 Accounting Multistep Viewing Question 2 Accounting Mult Debit Credit Cash $5,887 Accounts receivable 12.600 Supplies 5,000 Prepaid insurance 4,400 Land 105,560 Buildings 151,200 Accumulated depreciation-building $26,300 Furniture 34,500 Accumulated depreciation-furniture 17,800 Accounts payable 8,140 Deferred revenue 17.500 Mortgage payable, due 2024 132,000 Common shares 70,000 stion 2 Accumulated depreciation-furniture 17,800 Question 1 Accounting Multistep Accounts payable 8,140 Deferred revenue Mortgage payable, due 20241 17,500 132,000 70,000 Common shares 38,290 Retained earnings Dividends declared 2.200 Rent income 179,447 Salaries expense 108,100 Utilities expense 21.740 Depreciation expense 14,400 Interest expense 9.180 Insurance expense 6.160 Advertising expense 1,090 Income tax expense 7460 $489.477 $489.477 Viewing Question Accounting Muttep Additional information: An annual insurance policy was purchased for the first time on October 1, 2020, for $10,560 cash. A count of supplies shows $1.411 of supplies on hand on May 31. 2 2 3 The buildings have an estimated useful life of 20 years and straight-line depreciation is applied. 4. The furniture has an estimated useful life of five years and straight-line depreciation is applied. Question 1 Accounting Multistep Viewing Question 2 Accounting Multep 5. 6. 7. Customers must pay a $100 deposit if they want to book a room in advance during the peak period. An analysis of these bookings indicates that 175 deposits were received and credited to Deferred Revenue. By May 31,25 of the deposits were earned On May 25, a local business contracted with Sunland Lodge to rent one of its housekeeping units for four months, starting June 1, at a rate of $2,720 per month. An advance payment equal to one month's rent was paid on May 25 and credited to Rent Income On May 31. Sunland Lodge has earned $1,831 of rent income from customers who are currently staying at the lodge. The customers will pay the amount owing only when they check out in early June. Salaries of $1,448 are unpaid at May 31. 8. 9 Interest on the mortgage payable is $770 for the month of May and due June 1. 10. 11. The May utility bill of $2,116 has not yet been recorded or paid. Additional income tax is estimated to be $980. Question 2012 Prepare adjusting journal entries for the month. (List all debit entries before credit entries. Credit account titles are automatically Indented when the amount is entered. Do not indent manually. Round all amounts to the nearest dollar. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) No Date Account Titles and Explanation Debit Credit Question 1 Accounting Mus Viewing Question 2 Accounting Muiste 1 May 31 31 3: 31 A 31 31 Farm 7. 31 31 Question 1 Accounting Multistep Viewing Question 21 Accounting Multistep 8 31 31 10. 31 11 31 On