The following is the unadjusted trial balance for Oriole Lodge Ltd. at its year end, May 31, 2021. The company adjusts its accounts monthly. Credit Debit $6.293 12,560 4,790 4.950 96,010 187,800 $ 23,100 32.400 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 Salaries expense Utilities expense Depreciation expense Interest expense Insurance expense Advertising expense Income tax expense 21,200 8,480 17.500 132,000 60,000 42.410 1.950 200,383 98,510 26,120 13,200 8,800 6,930 980 6,780 $505,073 $505,073 Additional information: 1. 2. 3. 4. 5. 6. An annual insurance policy was purchased for the first time on October 1, 2020, for $11,880 cash. A count of supplies shows $1.277 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 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 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 month's rent was paid on May 25 and credited to Rent Income. On May 31, Oriole Lodge has earned sho649 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 $1,490 are unpaid at May 31. Interest on the mortgage payable is $770 for the month of May and due June 1. The May utility bill of $2,292 has not yet been recorded or paid. Additional income tax is estimated to be $1,080. 7. 8. 9. 10. 11. (a) Your answer is partially correct. Prepare adjusting journal entries for the month. (LIst all debit entries before credit entries. Credit account titles are automatically Indented when the amount is entered. Do not indent manually. Round all amounts to the nearest dollar. If no entry is required, select "No Entry for the account titles and enter Ofor the amounts) Set up Taccounts, enter any opening balances, and post the adjusting journal entries prepared in the above part. (Post entries the order of journal entries presented in the previous part.) Cash Accounts Receivable > > V Supplies > 1 Prepaid Insurance Land Buildings Accumulated Depreciation - Buildings > > > Furniture Accounts Payable > > Utilities Expense > Insurance Expense