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The Cullumber Hotel opened for business on May 1 , 2 0 2 5 . Here is its trial balance before adjustment on May 3

The Cullumber Hotel opened for business on May 1,2025. Here is its trial balance before
adjustment on May 31.
Cullumber Hotel
Trial Balance
May 31,2025
Debit Credit
Cash $2,343
Supplies 2,600
Prepaid Insurance 1,800
Land 14,843
Buildings 67,600
Equipment 16,800
Accounts Payable $4,543
Unearned Rent Revenue 3,300
Notes Payable 33,600
Common Stock 59,843
Rent Revenue 9,000
Salaries and Wages Expense 3,000
Utilities Expense 800
Advertising Expense 500
Insurance expires at the rate of $360 per month.
2. A count of supplies shows $1,050 of unused supplies on May 31.
3. Annual depreciation is $3,120 on the building and $2,520 on equipment.
4. The notes payable interest rate is 6%.(The note was taken out on May 1 and has a 1-year
life. Interest and principal are to be repaid at the maturity of the note.)
5. Unearned rent of $2,530 has been earned.
6. Salaries of $810 are accrued and unpaid at May 31.
prepare the adjusting entries for may 31

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