Current Attempt in Progress The Sheridan Hotel opened for business on May 1, 2022. The May transactions resulted in a tabular summary, with May 31 unadjusted balances shown below in the first row. The $13,500 in the revenue column resulted from Rent Revenue. The $6,450 in the expense column includes Salaries and Wages $4,500, Utilities $1,200, and Advertising $750. Assets Acc. Acc. Prepd. Depre Depr.- Accts. Int. S Cash + Supplies + Insur. + Land + Bldgs. Bldgs. + Equip. Equip. Pay. +Pay Bal. 3,750 + 3,900 + 2,700 + 22,500 + 105,000 - 0 + 25,200 7,050 + 0+ (a) Record adjustments on May 31 that reflect the following data. Include explanations for each adjustment to revenue or expense. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) 1. Insurance expires at the rate of $675 per month. 2. A count of supplies shows $1,575 of unused supplies on May 31. 3. (a) Annual depreciation is $5,400 on the building. (b) Annual depreciation is $4,500 on equipment. The mortgage interest rate is 6%. (The mortgage was taken out on May 1.) The Sheridan Hotel opened for business on May 1, 2022. The May transactions resulted in a tabular summary, with May 31 unadjust balances shown below in the first row. The $13,500 in the revenue column resulted from Rent Revenue. The $6,450 in the expense column includes Salaries and Wages $4,500, Utilities $1,200, and Advertising $750. Liabilities Stockholders' Equity Acc. Unearn Retained Earnings Depre Accts. ip. Equip. Pay. Int. + Pay + Sal/Wages Pay Rent. Rev. Mortg Pay Com + Stock Rev. Exp Div 200 7,050 + 0+ 4,950 54,000 90,000+ 13.500 6.450 (a) Record adjustments on May 31 that reflect the following data. Includ explanations for each adjustment to revenue or expense. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced) 1. Insurance expires at the rate of $675 per month 2 A count of supplies shows $1.575 of unused supplies on May 31 a (a) Annual depreciation is $5,400 on the building (b) Annual depreciation is $4,500 on equipment 4. The mortgage interest rate is 6%. (The mortgage was taken out on May 13 5. Rental services related to unearned rent of $3,750 have been provided 6 Salaries of $1.350 are accrued and unpaid at May 31 =00 9 Record adjustments on May 31 that reflect the following data Include explanations for each adjustment to revenue or expense. Of a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity place a negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity Item that was reduced) 1. Insurance expires at the rate of $675 per month 2. A count of supplies shows $1.575 of unused supplies on May 31 3. (a) Annual depreciation is $5,400 on the building 4 5. 6. (b) Annual depreciation is $4,500 on equipment The mortgage interest rate is 6% (The mortgage was taken out on May 1) Rental services related to unearned rent of $3.750 have been provided Salaries of $1.350 are accrued and unpaid at May 31 Land Assets Bidgs 22.500 105,000 Acc. Depr Bldgs Acc Equip B 25.200