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

		Debit		Credit
Cash		$6,978
Accounts receivable		11,600
Supplies		5,140
Prepaid insurance		4,550
Land		110,640
Buildings		182,400
Accumulated depreciationbuilding				$ 22,700
Furniture		30,600
Accumulated depreciationfurniture				20,500
Accounts payable				7,350
Deferred revenue				17,500
Mortgage payable, due 2024				126,000
Common shares				60,000
Retained earnings				40,420
Dividends declared		1,970
Rent income				219,948
Salaries expense		100,860
Utilities expense		21,700
Depreciation expense		14,510
Interest expense		8,690
Insurance expense		6,370
Advertising expense		1,020
Income tax expense		7,390
		$514,418		$514,418

Additional information:

1.		An annual insurance policy was purchased for the first time on October 1, 2020, for $10,920 cash.
2.		A count of supplies shows $1,456 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 Pharoah Lodge to rent one of its housekeeping units for four months, starting June 1, at a rate of $2,948 per month. An advance payment equal to one months rent was paid on May 25 and credited to Rent Income.
7.		On May 31, Pharoah Lodge has earned $1,887 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 $1,612 are unpaid at May 31.
9.		Interest on the mortgage payable is $735 for the month of May and due June 1.
10.		The May utility bill of $2,325 has not yet been recorded or paid.
11.		Additional income tax is estimated to be $960. 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.)