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Problem 4-03A The Pharoah Hotel opened for business on May 1, 2022. Here is its trial balance before adjustment on May 31. PHAROAH HOTEL Trial Balance May 31, 2022 Debit Credit Cash $ 2,623 Supplies 2,600 Prepaid Insurance 1,800 Land 15,123 Buildings 72,400 Equipment 16,800 Accounts Payable $ 4,823 Unearned Rent Revenue 3,300 Mortgage Payable 38,400 Common Stock 60,123 Rent Revenue 9,000 Salaries and Wages Expense 3,000 Utilities Expense 800 Advertising Expense 500 $115,646 $115,646 Other data: Insurance expires at the rate of $360 per month. 2. A count of supplies shows $1,130 of unused supplies on May 31. 3. (a) Annual depreciation is $3,480 on the building. (b) Annual depreciation is $2,880 on equipment. 4. The mortgage interest rate is 5%. (The mortgage was taken out on May 1.) 5. Unearned rent of $2,670 has been earned. 6. Salaries of $710 are accrued and unpaid at May 31.Journalize the adjusting entries on May 31. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1 2. 3 (a). 3 (b). 4. 5. 6.Prepare a ledger using T-accounts. Enter the trial balance amounts and post the adjusting entries. (Post entries in the order of journal entries presented in the previous question.) Cash Supplies Prepaid Insurance Land Building + Accumulated Depreciation-Building Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Rent RevenueSalaries and Wages Payable Interest Payable Mortgage Payable Common Stock Rent Revenue Salaries and Wages Expense Utilities Expense Advertising Expense Interest Expense\fPrepare an adjusted trial balance on May 31. PHAROAH HOTEL Adjusted Trial Balance Debit CreditPrepare an income statement for the month of May. PHAROAH HOTEL Income StatementPrepare a retained earnings statement for the month of May. PHAROAH HOTEL Retained Earnings StatementPrepare a classified balance sheet at May 31. (List current assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment .) PHAROAH HOTEL Balance Sheet Assets $ $\fIdentify which accounts should be closed on May 31. Cash Supplies Prepaid Insurance Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Rent Revenue Salaries and Wages Expense Utilities Expense Advertising Expense Interest Expense Insurance Expense Supplies Expense Depreciation Expense