The Carla Vista Hotel opened for business on May 1, 2022. The May transactions resulted in a tabular summary, with May 31 unadjusted balances shown below in the first row. The $25,200 in the revenue column resulted from Rent Revenue. The $12,040 in the expense column includes salaries and Wages $8,400, Utilities $2,240, and Advertising $1,400. Assets Acc. Depr: Bldgs. + 0 Acc. Depr Equip. 0 Prepd. Insur. 5,040 + + + Cash Bal. 7.000 + Supplies + 7,280 - Land 42,000 Bldgs. 196,000 Accts. Pay 13,160 Equip. 47,040 Int. Pay 0 + + + (a) Record adjustments on May 31 that reflect the following data. Include explanations for each adjustment to revenue or expense. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity Item that was reduced.) 1. Insurance expires at the rate of $1.260 per month 2 A count of supplies shows $2.940 of unused supplies on May 31. 3. (a) Annual depreciation is $10,080 on the building. (b) Annual depreciation is $8,400 on equipment 4 The mortgage interest rate is 6%. (The mortgage was taken out on May 1.) 5. Rental services related to unearned rent of $7,000 have been provided. 6. Salaries of $2,520 are accrued and unpaid at May 31. Prepd. Insur. Cash Supplies Land Bal. 7,000 7,280 5,040 4 Adj. 1. Adj. 2. Adj. 3a. Adj. 3b. Adj.4. Adj. 5. Adj, 6. Adj. Bal Assets Acc. Depr. Bldgs. Land Bldgs. Equip. 42,000 196.000 0 47,040 Liabilities Acc. Depr. Equip. Accts. Pay. Sal/Wages Pay Int. Pay 0 13,160 0 0 Stockhol Unearn. Rent. Rev. Mortg Pay 100,800 Com Stock Rev. 9,240 168,000 25,200 Stockholders' Equity Retained Earnings Exp. 25,200 -12.040 Rev. Div 0 C