The following is the unadjusted trial balance for Blossom Lodge Ltd. at its year end, May 31, 2021. The company adjusts its accounts monthly Credit Debit $5,948 10.770 5.220 4,300 116,820 178,800 $25.700 30,600 Cash Accounts receivable Supplies Prepaid insurance Land Buildings Accumulated depreciation--building Furniture Accumulated depreciation-furniture Accounts payable Deferred revenue Mortgage payable, due 2024 Common shares Retained earnings Dividends declared Rent income Salarles expense Utilities expense Depreciation expense Intecostens 17,600 8,390 17,500 138,000 70,000 41.050 1.910 207,878 107,560 25.980 14.410 120 wy 8,390 17.500 138,000 70,000 41,050 1,910 Accounts payable Deferred revenue Mortgage payable, due 2024 Common shares Retained earnings Dividends declared Rent income Salaries expense Utilities expense Depreciation expense Interest expense Insurance expense Advertising expense Income tax expense 207,878 107,560 25,980 14,410 9,120 6,020 1,010 7,650 $526,118 $526,118 Additional information: 1. 2. An annual insurance policy was purchased for the first time on October 1, 2020, for $10,320 cash. A count of supplies shows $1,253 of supplies on hand on May 31. The buildings have an estimated useful life of 20 years and straight-line depreciation is applied. The furniture has an estimated useful life of five years and straight-line depreciation is applied. 3. 4. Set up Taccounts, enter any opening balances, and post the adjusting journal entries prepared in the above part. (Post entries in the order of journal entries presented in the previous part.) Cash May 31 Bal Accounts Receivable May 31 Bal. May 31 Bal May 31 Bal. Supplies May 31 Bal. May 31 Bal. Prepaid Insurance May 31 Bal May 31 Bal. Land May 31 Bal Buildings May 31 Bal Accumulated Depreciation - Buildings May 31 Bal May 31 Bal May 31 Bal Furniture May 31 Bal Accumulated Depreciation - Furniture May 31 Bal May 31 Bal May 31 Bal Question 1 of 2 9.39/6 Accounts Payable May 31 Bal May 31 Bal May 31 Bal. v Salaries Payable May 31 Bal. May 31 Bal. Interest Payable May 31 Bal. May 31 Bal. Income Tax Payable May 31 Bal. May 31 Bal. Deferred Revenue wererred Revenue May 31 Bal. v May 31 Bal. May 31 Bal Mortgage Payable Common Shares Retained Earnings Dividends Declared Rent Income Salaries Expense Utilities Expense v Interest Expense Insurance Expense Advertising Expense Supplies Expense Depreciation Expense Income Tax Expense Additional information: 1 2. 3. 4. 5. 6. An annual insurance policy was purchased for the first time on October 1, 2020, for $10.320 cash. A count of supplies shows $1.253 of supplies on hand on May 31. The buildings have an estimated useful life of 20 years and straight-line depreciation is applied. The furniture has an estimated useful life of five years and straight-line depreciation is applied Customers must pay a $100 deposit if they want to book a room in advance during the peak perlod. An analysis of these bookings indicates that 175 deposits were received and credited to Deferred Revenue. By May 31, 25 of the deposits were earned On May 25, a local business contracted with Blossom Lodge to rent one of its housekeeping units for four months, starting June 1, at a rate of $2.967 per month. An advance payment equal to one month's rent was paid on May 25 and credited to Rent Income. On May 31, Blossom Lodge has earned $1,845 of rent income from customers who are currently staying at the lodge. The customers will pay the amount owing only when they check out in early June Salaries of $1.441 are unpaid at May 31. Interest on the mortgage payable is $805 for the month of May and due June 1. The May utility bill of $2.454 has not yet been recorded or paid. Additional income tax is estimated to be $980, 7. 8. 9. 10. 11