2.600 Problem 4-03A The Ivanhoe Hotel opened for business on May 1, 2022. Here is its trial balance before adjustment on May 31. IVANHOE HOTEL Trisi Balanac May 31, 2022 Debit Credit Cash 5 2,433 Supplies Prepaid Insurance 1,800 Land 14.933 Buildings 67.600 Equipment 16,800 Accounts Payable $4,533 Unearned Rent Revenue 3.300 Mortgage Payable 33,500 Common Stock 59,933 Rent Revenue 9,000 Salaries and Wages Expense 3.000 Utilities Expense Advertising Experise $110,466 $110,466 BOU Other data: 1. Insurance expires at the rate of $450 per month. 2. A count of supples shows $1,000 of unused supplies on May 31. 3. (a) Annual depreciations $3.960 an the building. (b) Annual depreciation is $3,360 on equipment 4. The mortgage Interest rate is 5%. The mortgage was taken out on May 1.) 5. Unearned rent of $2,570 has been earned 6. Salaries of $790 are accrued and unpaid at May 31. lournalize the adjusting entries on May 31. (IT no entry is required, select "No Entry for the accountles and enter for the amounts Credit account titles are automatically indented when the amount is entered. Do not indent m urally No. Account Titles and Explanation Debit Credit 2. 3(a). 3(1). 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 ccumulated Depreciation Building Accumulated Depreciation Equipment Accounts Payable Unearned Rent Revenue Salaries and Wages Payable Salaries and Wages Expense Utilities Expense Advertising Expense Interest Expense Insurance Expense Supplies Expense Depreciation Expense Prepare an income statement for the month of May. IVANHOE HOTEL Income Statement SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare a retained earnings statement for the month of May. IVANHOE HOTEL Retained Earnings Statement 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 Equipment.) IVANHOE HOTEL Balance Sheet Assets Liabilities and Stockholders' Equity Identify 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 Prepare an adjusted trial balance on May 31. IVANHOE HOTEL Adjusted Trial Balance Debit Credit