Cash		$7,630
Accounts receivable		13,080
Supplies		6,550
Prepaid insurance		4,565
Land		108,100
Buildings		170,160
Accumulated depreciationbuilding				$ 20,800
Furniture		34,620
Accumulated depreciationfurniture				15,670
Accounts payable				8,360
Unearned revenue				22,225
Mortgage payable, due in 2019				126,750
Common shares				62,700
Retained earnings				51,180
Dividends		2,870
Rent revenue				190,661
Salaries expense		98,670
Utilities expense		27,780
Interest expense		9,330
Insurance expense		6,391
Advertising expense		1,170
Income tax expense		7,430
		$498,346		$498,346

Additional information:

1.		The annual insurance policy was purchased on October 1, 2014, for $10,956.
2.		A count of supplies shows $3,070 of supplies on hand on May 31.
3.		The building has an estimated useful life of 20 years.
4.		The furniture has an estimated useful life of five years.
5.		Customers must pay a $127 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 Unearned Revenue. By May 31, 25 of the deposits were earned.
6.		On May 25, a local business contracted with Rainbow Lodge to rent one of its housekeeping units for four months, starting June 1, at a rate of $2,900 per month. An advance payment equal to one months rent was paid on May 25 and credited to Rent Revenue.
7.		On May 31, Rainbow Lodge has earned $2,800 of rent revenue from customers who are currently staying at the inn. The customers will only pay the amount owing when they check out in early June.
8.		Salaries of $3,130 are unpaid at May 31.
9.		The mortgage interest rate is 8%. Interest has been paid to May 1; the next payment is due June 1.
10.		The May utility bill of $4,850 has not yet been recorded or paid.
11.		Aditional income tax is estimated to be $2,000.
12.		During the month of May, $6,000 of common shares were issued.

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