Problem 4-03A The Pharoah Hotel opened for business on May 1, 2022. Here is its trial balance before adjustment on May 31. PHAROAH HOTEL Trial Balance May 31, 2022 Credit Debit $ 2,473 2,600 1,800 14,973 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 $ 4,673 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. 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 1. Insurance Expense 360 Prepaid Insurance Supplies Expense Supplies 3(a). Depreciation Expense Accumulated Depreciation-Buildings 3(b). Depreciation Expense Accumulated Depreciation Equipment 4. Interest Expense Interest Payable 5. Unearned Rent Revenue Rent Revenue 2540 Salaries and Wages Expense Salaries and Wages Payable 780 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 Building Accumulated Depreciation-Building Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Rent Revenue Salaries and Wages Payable Interest Payable Mortgage Payable Common Stock Rent Revenue Salaries and Wages Expense Utilities Expense Advertising Expense Interest Expense Insurance Expense Supplies Expense Depreciation Expense Prepare an adjusted trial balance on May 31. PHAROAH HOTEL Adjusted Trial Balance Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare an income statement for the month of May. PHAROAH HOTEL Income Statement SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare a retained earnings statement for the month of May. PHAROAH HOTEL Retained Earnings Statement SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TOV Prepare a classified balance sheet at May 31. (List current assets in order of liquidity. List Property, plant and PHAROAH HOTEL Balance Sheet Assets $ Liabilities and Stockholders' Equity SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO 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
