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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 16,800 Equipment 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: 1. 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. Your answer is correct. Journalize the adjusting entries on May 31. (If no entry is required, select "No Entry"for the account titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit lebit Credit Insurance Expense 360 Prepaid Insurance 360 Supplies Expense 1470 Supplies 1470 3 (a). Depreciation Expense 290 Accumulated Depreciation-Buildings 290 3(b). Depreciation Expense 240 Accumulated Depreciation-Equipment 240 Interest Expense 160 Interest Payable 160 Unearned Rent Revenue 2670 Rent Revenue 2670 Salaries and Wages Expense 710 Salaries and Wages Payable 710 Prepare an adjusted trial balance on May 31. PHAROAH HOTEL Adjusted Trial Balance May 31, 2022 Debit Credit Cash 2523 Supplies 1130 Prepaid Insurance Land Buildings 72400 Accumulated Depreciation-Bulldings Equipment 16800 Accumulated Depreciation-Equipment Accounts Payable Unearned Rent Revenue Revenue Salarles and Wages Payable Interest Payable Mortgage Payable 38400 Common Stock L 60223 Rent Revenue 11670 Salarles and Wages Expense 3710 Utilitles Expense 800 Advertising Expense 500 Interest Expense 160 Insurance Expense 360 Supplies Expense Depreciation Expense 530 117046 117046 (d1) Your answer is correct Prepare an income statement for the month of May. PHAROAH HOTEL Income Statement For the Month Ended May 31, 2022 Y Revenues Rent Revenue 11670 Expenses Salarles and Wages Expense S 3710 1 Uellitles Expense 800 1 Advertising Expense 5001 Interest Expense 160 1 Insurance Expense 3601 Supplies Expense - 14701 Depreciation Expense 530 1 Total Expenses 7530 1 Net Income /(Loss) 4140 eTextbook and Media List of Accounts (d2) Your answer is correct. Prepare a retained earnings statement for the month of May. PHAROAH HOTEL Retained Earnings Statement For the Month Ended May 31, 2022 Retained Earnings, Mayi Add : Net Income /(Loss) 4140 Retained Earnings, May 31 4140 eTextbook and Media List of Accounts (d3) Prepare 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 May 31, 2022 Assets Current Assets Cash Supplies 1130 Prepaid Insurance Total Current Assets 5193 Total Long-term Investments Land Accumulated Depreciation-Buildings Equipment Liabilities and Stockholders' Equity Liabilities and Stockholders' Equity Current Liabilitles Accounts Payable 4823 Salaries and Wages Expense 3710 Utilitles Expense 800 Advertising Expense Total Current Llablittles eTextbook and Media List of Accounts Save for Later