Problem 4-03A The Blossom Hotel opened for business on May 1, 2022. Here is its trial balance before adjustment on May 31. BLOSSOM HOTEL Trial Balance May 31, 2022 Credit Debit $ 2,283 2,600 1,800 14,783 72,400 16,800 Cash Supplies Prepaid Insurance Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Rent Revenue Salaries and Wages Expense Utilities Expense Advertising Expense $ 4,483 3,300 38,400 59,783 9,000 3,000 800 500 $114,966 $114,966 Other data: 1. Insurance expires at the rate of $360 per month 2. A count of supplies shows $1,050 of unused supplies on May 31. 3. (a) Annual depreciation is $2,760 on the building, (b) Annual depreciation is $2,160 on equipment. 4. The mortgage interest rate is 5%. (The mortgage was taken out on May 1.) 5. Unearned rent of $2,580 has been earned. 6. Salaries of $810 are accrued and unpaid at May 31 Journalize the adjusting entries on May 31. (If no entry is required, select "No Entry for the account tres and enter 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 3 (a) 3(b). HOW TO ACCOUNT Prepare a ledger using T-accounts. Enter the trial balance amounts and post the adjusting entries. (Post entries in the order of journal entries presented in the previous question.) Supplies Prepaid Insurance land Accumulated Depreciation-Building D Equipment Accumulated Depreciation-Equipment Help System Announcements Accumulated Depreciation Equipment Accounts Payable Unearned Rent Revenue / Salaries and Wages Payable / / BEITRATE Interest Payable 10 / Mortgage Payable S 3 Salaries and Wages Expense Utilities Expense Advertising Expense Interest Expense Insurance Expense Supplies Expense Depreciation Expense Prepare an adjusted trial balance on May 31. BLOSSOM HOTEL Adjusted Trial Balance Debit Credit SHOW LIST OF ACCOUNTS LINK TO VIDEO LINK TO TEXT Prepare an income statement for the month of May. BLOSSOM HOTEL Income Statement SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Prepare a retained earnings statement for the month of May. BLOSSOM HOTEL Retained Earnings Statement SHOW LIST OF ACCOUNTS LINK TO VIDEO LINK TO TEXT CALCULA BLOSSOM HOTEL Balance Sheet Assets Liabilities and Stockholders' Equity Liabilities and Stockholders' Equity SHOW LIST OF ACCOUNTS LINK TO VIDEO LINK TO TEXT Identify which accounts should be closed on May 31. Cash Supplies Prepaid Insurance Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Rent Revenue Salaries and Wages Expense Utilities Expense Advertising Expense Interest Expense Insurance Expense Supplies Expense Depreciation Expense