Practice Problem 1 (Part Level Submission) The Moto Hotel opened for business on May 1, 2017. Here is its trial balance before adjustment on May 31. MOTO HOTEL Trial Balance May 31, 2017 Debit Credit $ 2,473 2,600 1,800 14,973 72,400 16,800 Cash Supplies Prepaid Insurancee Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Rent Revenue Salaries and Wages Expense Utilities Expense Advertising Expense $ 4,673 3,300 38,400 59,973 9,000 3,000 800 500 $115,346 $115,346 Other data: 1. Insurance expires at the rate of $360 per month 2. A count of supplies shows $1,170 of unused supplies on May 31 3. (a) Annual depreciation is $3,720 on the building. (b) Annual depreciation is $3,120 on equipment 4. The mortgage interest rate is 5%. (The mortgage was taken out on May 1.) 5. Unearned rent of $2,540 has been earned 6. Salaries of $780 are accrued and unpaid at May 31. (a) Journalize the adjusting entries on May 31. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit Insurance Expense 360 Prepaid Insurance 360 2. Supplies Expense 1430 Supplies 430 3 (a). Depreciation Expense Accumulated Depreciation-Buildings (b) Depreciation Expense 4. 5. 6