Journalize the adjusting entries on May 31.

Prepare a ledger using T-accounts. Enter the trial balance amounts and post the

adjusting entries.

Prepare an adjusted trial balance on May 31.

Prepare an income statement and a retained earnings statement for the month of May

and a classified balance sheet on May 31.

Identify which accounts should be closed on May 31.

The insurance expires at the rate of $450 per month.

A count of supplies shows $1,050 of unused supplies on May 31.

Annual depreciation is $3,600 on the building and $3,000 on equipment.

The mortgage interest rate is 6%. (The mortgage was taken out on May 1.)

Unearned rent of $2,500 has been earned.

Salaries of $900 are accrued and unpaid at May 31.

P4-3A The Solo Hotel opened for business on May 1, 2014. Here is its trial balance before adjustment on May 31