Drop down options are: May 31 Bal. & May 31 Adj.

Please answer in a format that resembles T accounts above.

The following is the unadjusted trial balance for Oriole Lodge Ltd. at its year end, May 31, 2021. The company adjusts its accounts monthly Debit Credit Cash $6,293 Accounts receivable 12,560 Supplies 4,790 4,950 Prepaid insurance Land 96,010 Buildings 184,800 Accumulated depreciation-building $ 23,100 Furniture 32,400 Accumulated depreciation-furniture 21,200 8,480 Accounts payable Deferred revenue Mortgage payable, due 2024 17,500 132,000 Common shares 60,000 42,410 Retained earnings Dividends declared 1,950 Rent income 200,383 Salaries expense 98,510 Utilities expense 26,120 13,200 Depreciation expense Interest expense 8,800 Insurance expense 4,930 Advertising expense 980 Income tax expense 6,780 $505,073 $505,073 Additional information: 1. 2. 3. 4. 5. 6. An annual insurance policy was purchased for the first time on October 1, 2020, for $11.880 cash A count of supplies shows $1,277 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 Oriole Lodge to rent one of its housekeeping units for four months, starting June 1, at a rate of $3,074 per month. An advance payment equal to one month's rent was paid on May 25 and credited to Rent Income On May 31, Oriole Lodge has earned $1,649 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 $1.490 are unpaid at May 31. Interest on the mortgage payable is $770 for the month of May and due June 1. The May utility bill of $2,292 has not yet been recorded or paid. Additional income tax is estimated to be $1,080. 7. B. 9. 10. 11. Prepare adjusting journal entries for the month. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round all amounts to the nearest dollar. If no entry is required, select "No Entry for the account titles and enter for the amounts.) late Account Titles and Explanation Debit Credit May 31 Insurance Expense 990 Prepaid Insurance 990 31 Supplies Expense 3513 Supplies 3513 31 Depreciation Expense 770 Accumulated Depreciation - Buildings 770 31 Depreciation Expense 540 Accumulated Depreciation - Furniture 540 31 Deferred Revenue 2500 Rent Income 2500 31 Rent Income 3074 Deferred Revenue 3074 31 Rent Receivable 1649 Rent Income 1649 31 Salaries Expense 1490 Salarles Payable 1490 31 Interest Expense 770 Interest Payable 770 31 Utilities Expense 1292 Utilities Payable 1292 31 Income Tax Expense 1080 Income Tax Payable 1050 Set up Taccounts, enter any opening balances and post the adjusting journal entries prepared in the above part. (Post entries in the order of journal entries presented in the previous part.) Cash Accounts Receivable Supplies Prepaid Insurance Land Buildings Accumulated Depreciation - Buildings Furniture Accumulated Depreciation - Furniture Accounts Payable Salaries Payable Interest Payable Income Tax Payable > Deferred Revenue Mortgage Payable Common Shares Retained Earnings Dividends Declared Rent Income > Salaries Expense Utilities Expense Interest Expense Insurance Expense V Advertising Expense Supplies Expense Depreciation Expense V Income Tax Expense