Pharoah's Motel opened for business on May 1, 2020. Its trial balance before adjustment on May 31 is as follows

PHAROAH'S MOTEL Trial Balance May 31, 2020 Account Number Credit 101 126 130 Debit $ 3,600 2,050 3,000 13,000 61,800 14,400 140 141 149 201 Cash Supplies Prepaid Insurance Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Owner's Capital Rent Revenue Advertising Expense Salaries and Wages Expense Utilities Expense 208 275 $ 4,900 3,000 40,000 41,200 13,500 301 429 610 726 650 3,200 900 $102,600 732 $102,600 In addition to those accounts listed on the trial balance, the chart of accounts for Hank's Hotel 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: 1. 2. 3. Prepaid insurance is a 1-year policy starting May 1, 2020. A count of supplies shows $700 of unused supplies on May 31. Annual depreciation is $3,708 on the buildings and $1,440 on equipment. The mortgage interest rate is 6%. (The mortgage was taken out on May 1.) Two-thirds of the unearned rent revenue has been earned. Salaries of $700 are accrued and unpaid at May 31. 4. 5. 6. en Journalize the adjusting entries on May 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) ac No. Credit Debit Date Account Titles and Explanation 1. May 31 Insurance Expense 250 250 Prepaid Insurance No. Date Account Titles and Explanation Debit Credit 1. May 31 Insurance Expense 250 Prepaid Insurance 250 2. May 31 Supplies Expense Supplies 3. May 31 Depreciation Expense Accumulated Depreciation-Buildings Accumulated Depreciation Equipment 4. May 31 Interest Expense Interest Payable 5. May 31 Unearned Rent Revenue I Rent Revenue Rent Revenue 6. May 31 Salaries and Wages Expense Salaries and Wages Payable Prepare a ledger using the three-column form of account. Enter the trial balance amounts into the balance column and then post the adjusting entries. (Post entries in the order of journal entries posted in the previous part of the question.) Cash Date Explanation No. 101 Balance Ref. Debit Credit May 31 Balance Supplies Date No. 126 Balance Explanation Ref. Debit Credit May 31 Balance May 31 Adjusting J1 No. 130 Prepaid Insurance Date Explanation Ref. Debit Credit Balance May 31 Balance May 31 Adjusting J1 Land No. 140 Balance Date Explanation Ref. Debit Credit May 31 Balance Buildings No. 141 Date Explanation Ref. Debit Credit Balance May 31 Balance Accumulated Depreciation-Buildings Date Explanation No. 142 Balance Ref. Debit Credit MV1 Adductin 11 2,945 OCT 8 2 5 Accumulated Depreciation-Buildings Date Explanation No. 142 Balance Ref. Debit Credit May 31 Adjusting J1 Equipment Date No. 149 Balance Explanation Ref. Debit Credit May 31 Balance Accumulated Depreciation Equipment Date Explanation Ref. No. 150 Balance Debit Credit J1 May 31 Adjusting Accounts Payable Date Explanation No. 201 Balance Ref. Debit Credit May 31 Balance Unearned Rent Revenue Date Explanation No. 208 Balance Ref. Debit Credit May 31 Balance May 31 Adjusting J1 No. 212 Salaries and Wages Payable Date Explanation Ref. Debit Credit Balance May 31 Adjusting J1 No. 230 Interest Payable Date Explanation Ref. Debit Credit Balance May 31 Adjusting J1 No. 275 Balance Mortgage Payable Date Explanation May 31 Balance Ref. Debit Credit Owner's Capital Date Explanation No. 301 Balance Ref. Debit Credit May 31 Balance Rent Revenue Date Explanation No. 429 Balance Ref. Debit Credit May 31 Balance May 31 Adjusting J1 Advertising Expense Date Explanation No. 610 Balance Ref. Debit Credit May 31 Balance Depreciation Expense Date Explanation No. 619 Balance Ref. Debit Credit May 31 Adjusting J1 Supplies Expense Date Explanation No. 631 Balance Ref. Debit Credit May 31 Adjusting J1 Interest Expense Date Explanation No. 718 Ref. Debit Credit Balance May 31 Adjusting J1 Insurance Expense No. 722 2 Insurance Expense Date Explanation No. 722 Balance Ref. Debit Credit May 31 Adjusting J1 ly. Salaries and Wages Expense Date Explanation No. 726 Balance Ref. Debit Credit May 31 Balance May 31 Adjusting J1 Utilities Expense Date Explanation No. 732 Balance Ref. Debit Credit May 31 Balance Prepare an adjusted trial balance on May 31. PHAROAH'S MOTEL Adjusted Trial Balance May 31, 2020 Debit Credit Cash $ Supplies Prepaid Insurance Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Owner's Capital Rent Revenue Advertising Expense Salaries and Wages Expense Salaries and Wages Expense Utilities Expense Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Salaries and Wages Payable Interest Payable Depreciation Expense Supplies Expense Interest Expense Insurance Expense Totals Prepare an income statement for the month of May. PHAROAH'S MOTEL Income Statement For the Month Ended May 31, 2020 Revenues Rent Revenue $ Expenses Salaries and Wages Expense $ 2. Supplies Expense Utilities Expense Advertising Expense Interest Expense Depreciation Expense Insurance Expense Total Expenses Net Income / (Loss) Prepare an owner's equity statement for the month of May. PHAROAH'S MOTEL Owner's Equity Statement For the Year Ended May 31, 2020 Owner's Capital, May 1 v Add Investment V Net Income /(Loss) Owner's Capital, May 1 v $ e re hec Prepare a balance sheet at May 31. (List Assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.) PHAROAH'S MOTEL Balance Sheet May 31, 2020 Assets pon $ Cash de Supplies tec Prepaid Insurance Land $ Buildings Less Accumulated Depreciation-Buildings Equipment en Less Accumulated Depreciation Equipment Total Assets estion Liabilities and Owner's Equity e re estion Liabilities V hece stion tom $ Accounts Payable Unearned Rent Revenue cise 2 Salaries and Wages Payable ders ted Interest Payable Study Mortgage Payable Total Liabilities Owner's Equity Owner's Capital Total Liabilities and Owner's Equity en r adju Click if you would like to Show Work for this question: Open Show Work