Problem 3-02A a-d (Part Level Submission) Prepare an income statement for the month of May.

Problem 3-02A a-d (Part Level Submission) Pharoah's Hotel opened for business on May 1, 2020. Its trial balance before adjustment on May 31 is as follows. PHAROAH'S HOTEL Trial Balance May 31, 2020 Credit Account Number 101 126 130 140 Debit $ 3,400 2,050 2,400 12,000 60,800 14,400 149 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 275 301 $ 4,900 3,300 40,000 41,400 10,300 726 600 3,400 850 $99,900 $99,900 In addition to those accounts listed on the trial balance, the chart of accounts for Pharoah'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. Prepaid insurance is a 1-year policy starting May 1, 2020. 2. A count of supplies shows $800 of unused supplies on May 31. 3. Annual depreciation is $3,648 on the buildings and $1,440 on equipment. 4. The mortgage at an annual interest rate is 6%. (The mortgage was taken out on May 1.) 5. Two-thirds of the unearned rent revenue has been earned. 6. Salaries of $700 are accrued and unpaid at May 31. Journalize the adjusting entries on May 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. May 31 Insurance Expense Prepaid Insurance 200 2. May 31 Supplies Expense Supplies 1,250 3. May 31 Depreciation Expense | Accumulated Depreciation-Buildings 304 Accumulated Depreciation-Equipment 120 4. May 31 Interest Expense Interest Payable 200 5. May 31 Tunearned Rent Revenue Rent Revenue 2,200 6. May 31 Salaries and Wages Expense | Salaries and Wages Payable 700 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 No. 101 Balance Date Explanation Ref. Debit Credit May 31 Balance Supplies Date 3400 No. 126 Balance Explanation Ref. Debit Credit May 31 Balance 2,050 May 31 Adjusting 800 Prepaid Insurance Date Explanation No. 130 Balance Ref. Debit Credit May 31 Balance 2,400 May 31 Adjusting 2,200 Land Date No. 140 Balance Explanation Ref. Debit Credit May 31 Balance 12,000 Buildings Date No. 141 Balance Explanation Ref. Debit Credit May 31 Balance 60,800 Accumulated Depreciation Buildings Date Explanation No. 142 Balance Ref. Debit Credit May 31 Adjusting 1 T T 3047 304 Equipment Date No. 149 Balance Explanation Ref. Debit edit May 31 Balance 14,400 Accumulated Depreciation Equipment Date Explanation Ref. No. 150 Balance Debit Credit May 31 Adjusting J1 120 Accounts Payable Date Explanation No. 201 Balance Ref. Debit Credit May 31 Balance V OI 1,000 Unearned Rent Revenue Date Explanation 4,900 No. 208 Balance Ref. Debit Credit May 31 Balance 3,300 May 31 Adjusting Salaries and Wages Payable Date Explanation May 31 Adjusting 7001 Interest Payable Date Explanation 1 T 2,200 T T 1,100 No. 212 Ref. Debit Balance 1 T T 700T 700 No. 230 Ref. Debit Credit Balance 1 TL i 2001 2001 200 No. 275 Ref. Debit Credit Balance May 31 Adjusting Mortgage Payable Date Explanation JU May 31 Balance v 1 1 40,000 Owner's Capital Date Explanation No. 301 Balance Ref. Debit Credit May 31 - Balance 41,400 Rent Revenue Date Explanation No. 429 Balance Ref. Debit Credit May 31 Balance 10,300 May 31 Adjusting 12,500 Advertising Expense Date Explanation No. 610 Balance Ref. VT Debit T Credit T May 31 Balance Depreciation Expense Date Explanation 600 No. 619 Balance Ref. Debit Credit May 31 Adjusting 31 424 Supplies Expense Date Explanation No. 631 Balance Ref. Debit Credit May 31 Adjusting J1 Interest Expense Date Explanation 1,250 No. 718 Balance Ref. Debit Credit May 31 Adjusting 2001 200/ Insurance Expense Date Explanation No. 722 Balance Ref. Debit Credit May 31 Adjusting 200 Salaries and Wages Expense Date Explanation No. 726 Balance Ref. Debit Credit May 31 Balance 3,400 May 31 Adjusting Utilities Expense Date Explanation 4,100 No. 732 Balance Ref. Debit Credit May 31 Balance 850 Prepare an adjusted trial balance on May 31. PHAROAH'S HOTEL Adjusted Trial Balance May 31, 2020 Credit Debit 3,400 Cash Supplies 8001 Prepaid Insurance 2,200 Land 12,000 Buildings 60,800 Accumulated Depreciation-Buildings Equipment 14,400 Accumulated Depreciation-Equipment 120 Accounts Payable 4,900 ITILULEHULALLIHULIITTO Unearned Rent Revenue 1,100 Salaries and Wages Payable 1 700 Interest Payable 200 Mortgage Payable 40,000 Owner's Capital 41,400 Rent Revenue T 12,500 Advertising Expense Depreciation Expense 424 Supplies Expense Interest Expense Insurance Expense 200 PLATE Salaries and Wages Expense 4,1001 Utilities Expense 850 Totals 101,224 101,224 Prepare an income statement for the month of May. PHAROAH'S HOTEL Income Statement For the Month Ended May 31, 2020 - Revenues Expenses Total Expenses Net Income / (Loss)