Credit Debit $5.993 11,800 4.720 4,200 102.490 157.200 $ 24,600 31.200 Cash Accounts receivable Supplies Prepaid insurance Land Buildings Accumulated depreciation-building Furniture Accumulated depreciation-furniture Accounts payable Deferred revenue Mortgage payable, due 2024 Common shares Retained earnings Dividends declared Rent income Salaries expense Utilities expense Depreciation expense Interest expense Insurance expense Advertising expense Income tax expense 17,700 8,620 17,500 120,000 50.000 38,500 2.120 212.853 108,030 24,510 13,710 9,310 5,880 990 7,620 $489.773 $489.773 Income tax expense 7.620 $489,773 $489.773 Additional information: 1. 2. 3. 5. 6. An annual insurance policy was purchased for the first time on October 1, 2020, for $10,000 cash A count of supplies shows $1,353 of supplies on hand on May 31. The buildings have an estimated useful life of 20 years and straight-line depreciation is applied. The furniture has an estimated useful life of five years and straight-line depreciation is applied. 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 Cullumber Lodge to rent one of its housekeeping units for four months starting June 1. at a rate of $2,871 per month. An advance payment equal to one month's rent was paid on May 25 and credited to Rent Income. On May 31, Cullumber Lodge has earned $1,683 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 $1.735 are unpaid at May 31. Interest on the mortgage payable is $700 for the month of May and due June 1 The May utility bill of $2,031 has not yet been recorded or paid. Additional income tax is estimated to be $1.060. 7. B. 9. 10. 11. O 10 99+ Precaut Me CULUMOER LODGELTD. Adjusted Trial Balance May al 2021 Debi Credit $