The Cullumber Hotel opened for business on May 1, 2022. Here is its trial balance before adjustment on May 31.

CULLUMBER HOTEL

Trial Balance

May 31, 2022Debit

Credit

Cash$ 2,343Supplies2,600Prepaid Insurance1,800Land14,843Buildings67,600Equipment16,800Accounts Payable$ 4,543Unearned Rent Revenue3,300Mortgage Payable33,600Common Stock59,843Rent Revenue9,000Salaries and Wages Expense3,000Utilities Expense800Advertising Expense500

$110,286

$110,286

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 $3,120 on the building.(b) Annual depreciation is $2,520 on equipment.4.The mortgage interest rate is 6%. (The mortgage was taken out on May 1.)5.Unearned rent of $2,530 has been earned.6.Salaries of $810 are accrued and unpaid at May 31.

1. Journalize the adjusting entries on May 31. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
2. 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.)
3. Prepare an adjusted trial balance on May 31.
4. Prepare an income statement for the month of May.
5. Prepare a retained earnings statement for the month of May
6. 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 .)