Debit		Credit
Cash		$7,120
Accounts receivable		13,370
Supplies		6,030
Prepaid insurance		4,575
Land		106,900
Building		170,160
Accumulated depreciationbuilding				$ 17,780
Furniture		34,740
Accumulated depreciationfurniture				14,370
Accounts payable				8,310
Unearned revenue				20,825
Mortgage payable, due in 2016				126,000
Common shares				64,900
Retained earnings				46,650
Dividends		3,860
Rent revenue				204,515
Salaries expense		98,910
Utilities expense		27,750
Interest expense		9,300
Insurance expense		6,405
Advertising expense		2,990
Income tax expense		11,240
		$503,350		$503,350

Additional information:

1.		The annual insurance policy was purchased on October 1, 2011, for $10,980.
2.		A count of supplies shows $2,280 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 $119 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 $3,400 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 $3,480 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 $2,520 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 $3,050 has not yet been recorded or paid.
11.		Additional income tax is estimated to be $1,610.
12.		During the month of May, $4,300 of common shares were issued.

Prepare the closing journal entries and post them to T - accounts

year end, May 31, 2015. The company adjusts its accounts monthly.