Interest expense Insurance expense Advertising expense Income tax expense 8,800 6.930 980 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 21, 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 5770 for the month of May and due June 1. The May utility bill of $2.292 has not yet been recorded or paid 7 8 9 10 11 Additional income tax is estimated to be $ 1.080. 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 - > Income Tax Expense Debit Credit No Date Account Titles and Explanation May 1 Insurance Expense 31 990 Prepaid Insurance 990 2. 31 Supplies Expense 3513 Supplies 3513 3. 31 Depreciation Expense 770 Accumulated Depreciation - Buildings 770 4. 31 Depreciation Expense 540 Accumolied Depreciation Furniture 540 5 31 Deferred Revenue 17.500 Fees Earned 17.500 5. 31 Rent Income 3074 Deferred Revenue 3074 7. 31 Accounts Receivable 1649 Rent Income 1649 3. 31 Salaries Expenses 2420 Salaris Payable 1490