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 $ 2,623 2,600 1,800 15,123 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 $ 4,823 3,300 38,400 60.123 9.000 3,000 800 500 $115,646 $115,646 Other data: 1. Insurance expires at the rate of 5350 per month 2. A count of supplies shows 51.130 of unused supplies on May 31. CALCULATOR PRINTER VERSION BACK 2. A count of supplies shows $1,130 of unused supplies on May 31. 3. (a) Annual depreciation is $3,480 on the building. (b) Annual depreciation is $2.880 on equipment. 4. The mortgage interest rate is 5%. (The mortgage was taken out on May 1.) 5. Unearned rent of $2,670 has been earned. 6. Salaries of $710 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 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit No. 1. 2. 3 (a). 3 (6) 4. 11:5 9/21 CALCULATOA PRINTER VERSION ROX CES 4. 5. 6. SHOW LIST OF ACCOUNTS rudy 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 11:59 A 9/27/20 Prepaid Insurance V V Land Building Accumulated Depreciation-Building Equipment V Accumulated Depreciation-Equipment v Accounts Payable linearned Rent Revenue Uneamed Rent Revenue Salaries and Wages Payable Interest Payable Mortgage Payable Common Stock Y Rent Revenue Rent Revenue V Salaries and Wages Expense CES Prepare an income statement for the month of May. PHAROAH HOTEL Income Statement ey Study o N 1 ho > RCES SHOW LIST OF ACCOUNTS CALCULATOR MAGK NE Prepare a retained earnings statement for the month of May. PHAROAH HOTEL Retained Earnings Statement Study SHOW LIST OF ACCOUNTS 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.) PHAROAH HOTEL Balance sheet Assets 12-02 PM 9/27/2020 o i E N hp CALCULATOR PRIN $ $ $ Liabilities and Stockholders' Equity o CALCULATOR Liabilities and Stockholders' Equity V Equipment Accounts Payable Unearned Rent Revenue > > > > > > Mortgage Payable Common Stock Rant Revenue Nettgage Payable Sant Revenue Salaries and Wages Expense Adivertising Expense Interest Expenses Insurance Expense Suscles Expense Depreciation Expense
