P4-4-The Moto Hotel opened for business on May 1, 2025. Here is its trial balance before adjustment on May 31. Debits Credits Cash $2,500 Accounts Payable $4,700 Supplies 2,600 Unearned Rent Revenue 3,300 Prepaid Insurance 1,800 Mortgage Payable 36,000 Land 15,000 Common Stock 60,000 Buildings 70,000 Rent Revenue 9,000 Equipment 16,800 Salaries and Wages Expense 3,000 Utilities Expense 800 Advertising Expense 500 Total Debits $113,000 Total Credits $113,000 Data for Adjusting Entries: 1. Insurance expires at the rate of $450 per month. 2. A count of supplies shows $1,050 of unused supplies on May 31. 3. (a) Annual depreciation is $3,600 on the building. (b) Annual depreciation is $3,000 on equipment. 4. The mortgage interest rate is 6%. (The mortgage was taken out on May 1.) 5. Unearned rent of $2,500 has been earned. 6. Salaries of $900 are accrued and unpaid at May 31. Requirements: a. Make the necessary adjusting journal entries in the attached General Journal worksheet and post to the adjustment columns in the six-column worksheet. Set up new accounts where appropriate on the enclosed worksheet. b. Prepare the adjusted trial balance in the worksheet after the adjustments have been entered. c. Prepare an Income Statement, Statement of Retained Earnings, and Balance Sheet from the worksheet on the enclosed Financial Statement form. Revenue: Expenses Income Statement For the Month Ended May 31, 2025 Total Expenses Net Income (Loss) Statement of Retained Earnings For the Month Ended May 31, 2025 Beginning Balance Add: Ending Balance Assets Moto Hotel Financial Statements Balance Sheet May 31, 2025 Liabilities: Total Current Assets Total Current Liabilities Total Liabilities Stockholders' Equity: Total Assets Total Liab. & S/E