Income Statement May 31, 2019 For the Month Ended May 31, 2019 For the Quarter Ended May 31, 2019 $ The Cheyenne Corp. opened for business on May 1, 2019. Its trial balance before adjustment on May 31 is as follows. Cheyenne Corp. Trial Balance May 31, 2019 Account Number Debit Credit 101 Cash $3,500 126 Supplies 2,000 130 Prepaid Insurance 2,400 140 Land 14,000 141 Buildings 61,600 149 Equipment 14.900 201 Accounts Payable $ 11,300 208 3,200 Unearned Rent Revenue Mortgage Payable 275 40,000 311 Common Stock 35,300 429 Rent Revenue 13.400 610 Advertising Expense 650 726 Salaries and Wages Expense 3.200 610 Advertising Expense 650 726 Salaries and Wages Expense 3,200 732 Utilities Expense 950 $103,200 $103,200 In addition to those accounts listed on the trial balance, the chart of accounts for Cheyenne Corp. also contains the following accounts and account numbers: No. 142 Accumulated Depreciation-Buildings, No. 150 Accumulated Depreciation-Equipment, No. 212 Salaries and Wages Payable, No. 230 Interest Payable, No 619 Depreciation Expense, No 631 Supplies Expense, No. 718 Interest Expense, and No 722 Insurance Expense. Other data: 2 3 1 Prepaid insurance is a 1-year policy starting May 1, 2019. A count of supplies shows $700 of unused supplies on May 31. Annual depreciation is $3,084 on the buildings and $1,488 on equipment The mortgage interest rate is 12%. (The mortgage was taken out on May 1.) 5. Two-thirds of the unearned rent revenue has been earned. 6. Salaries of $800 are accrued and unpaid at May 31