The following is the unadjusted trial balance for Cullumber Lodge Ltd. at its year end, May 31, 2021. The company adjusts its accounts monthly. Debit Credit Cash $5,993 Accounts receivable 11,800 Supplies 4,720 Prepaid insurance 4,200 Land 102,490 Buildings 157,200 Accumulated depreciation-building $ 24,600 Furniture 31,200 Accumulated depreciation-furniture Accounts payable 17,700 8,620 Deferred revenue 17,500 Mortgage payable, due 2024 120,000 Common shares 50,000 Retained earnings 38,500 Dividends declared 2,120 Rent income 212,853 Salaries expense 108,030 Utilities expense 24,510 Depreciation expense 13,710 Interest expense 9,310 Insurance expense 5,880 Advertising expense 990 Income tax expense 7,620 $489,773 $489,773 Additional information: 1. An annual insurance policy was purchased for the first time on October 1, 2020, for $10,080 cash. 2. A count of supplies shows $1,353 of supplies on hand on May 31. 3. The buildings have an estimated useful life of 20 years and straight-line depreciation is applied. 4. The furniture has an estimated useful life of five years and straight-line depreciation is applied. 5. 6. 7. Customers must pay a $100 deposit if they want to book a room in advance during the peak period. 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 Cullumber Lodge to rent one of its housekeeping units for four months, starting June 1, at a rate of $2,871 per month. An advance payment equal to one month's rent was paid on May 25 and credited to Rent Income. On May 31, Cullumber Lodge has earned $1,683 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. 8. Salaries of $1,735 are unpaid at May 31. 9. Interest on the mortgage payable is $700 for the month of May and due June 1. 10. The May utility bill of $2,031 has not yet been recorded or paid. 11. Additional income tax is estimated to be $1,060. No Date Account Titles and Explanation Debit 1. May 31 Insurance Expense Prepaid Insurance 2. 31 Supplies Expense Supplies 3. 31 Depreciation Expense Accumulated Depreciation - Buildings 4. 31 Depreciation Expense Accumulated Depreciation - Furniture 5. 31 Deferred Revenue Rent Income 840 3367 2500 Credit 840 3367 2500