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 $ 2,233 2,600 1,800 14,733 67,600 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 $ 4,433 3,300 33,600 59,733 9,000 3,000 800 500 $110,066 $110,066 Other data: 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 $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 $2,500 has been earned. 6. Salaries of $820 are accrued and unpaid at May 31. Your answer is partially correct. Try again. 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 2 1. Insurance Expense Prepaid Insurance 450 2. Supplies Expense 1550 Supplies 1550 3(a). Depreciation Expense X Accumulated Depreciation-Buildings 3 (b). TDepreciation Expense T > Accumulated Depreciation-Equipment 4. Interest Expense > Interest Payable 5. Unearned Rent Revenue Rent Revenue 6. Tsalaries and Wages Expense Salaries and Wages Payable A Your answer is incorrect. Try again. 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.) Cash Supplies Prepaid Insurance Land || ||_|_|_||||| DDDD OOOOOOOOD Accumulated Depreciation-Building Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Rent Revenue Salaries and Wages Payable Interest Payable IDIO O OOOOOD LITI IIIIIIII Mortgage Payable Common Stock Rent Revenue Salaries and Wages Expense xx Utilities Expense LLLLLLL Advertising Expense Interest Expense cod od 10 dd d d ddi Insurance Expense Supplies Expense Depreciation Expense Your answer is partially correct. Try again. Prepare an adjusted trial balance on May 31. BLOSSOM HOTEL Adjusted Trial Balance May 31, 2022 Debit Credit Tcash X Prepaid Insurance Supplies Equipment q Buildings TLand TAccumulated Depreciation Equipment Tociddddfodd dd- crcdTTTTTNOTTO: Accumulated Depreciation-Buildings Accounts Payable Tinterest Payable Salaries and Wages Payable Unearned Rent Revenue Mortgage Payable Common Stock Rent Revenue Salaries and Wages Expense Interest Expense Supplies Expense Utilities Expense 000000000 000000000 E Insurance Expense Depreciation Expense Advertising Expense x Your answer is incorrect. Try again. Prepare an income statement for the month of May. BLOSSOM HOTEL Income Statement Your answer is partially correct. Try again. Prepare a retained earnings statement for the month of May. BLOSSOM HOTEL Retained Earnings Statement Your answer is incorrect. Try again. Prepare a classified balance sheet at May 31. (List current assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.) BLOSSOM HOTEL Balance Sheet Assets OOOO 10 O O TO Liabilities and Stockholders' Equity Liabilities and Stockholders' Equity