The following is the unadjusted trial balance for Oriole Lodge Ltd. at its year end, May 31, 2021. The company adjusts its accounts monthly.

		Debit	Credit
Cash		$6,293
Accounts receivable		12,560
Supplies		4,790
Prepaid insurance		4,950
Land		96,010
Buildings		184,800
Accumulated depreciationbuilding			$ 23,100
Furniture		32,400
Accumulated depreciationfurniture			21,200
Accounts payable			8,480
Deferred revenue			17,500
Mortgage payable, due 2024			132,000
Common shares			60,000
Retained earnings			42,410
Dividends declared		1,950
Rent income			200,383
Salaries expense		98,510
Utilities expense		26,120
Depreciation expense		13,200
Interest expense		8,800
Insurance expense		6,930
Advertising expense		980
Income tax expense		6,780
		$505,073	$505,073

Additional information:

1.		An annual insurance policy was purchased for the first time on October 1, 2020, for $11,880 cash.
2.		A count of supplies shows $1,277 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.		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.
6.		On May 25, a local business contracted with Oriole Lodge to rent one of its housekeeping units for four months, starting June 1, at a rate of $3,074 per month. An advance payment equal to one months rent was paid on May 25 and credited to Rent Income.
7.		On May 31, Oriole Lodge has earned $1,649 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 $1,490 are unpaid at May 31.
9.		Interest on the mortgage payable is $770 for the month of May and due June 1.
10.		The May utility bill of $2,292 has not yet been recorded or paid.
11.		Additional income tax is estimated to be $1,080.

(b) Set up T accounts, 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.)

No Debit Credit Date Account Titles and Explanation May Insurance Expense 31 1. 990 Prepaid Insurance 2. 31 Supplies Expense 3513 Supplies 3 3. 31 Depreciation Expense 9240 Accumulated Depreciation - Buildings 9: 4. 31 Depreciation Expense 540 Accumulated Depreciation - Furniture 5. 31 Deferred Revenue 2500 Rent Income 2