The following is the unadjusted trial balance for Pharoah Lodge Ltd, at its year end, May 31,2021. The comparw adjusts its accounts monthly Debit Credit Cash $6,564 Accounts receivable 11.160 5.330 Supplies Prepaid insurance 4,600 Land 100,120 183,600 Buildings Accumulated depreciation-building $ 22,700 16,600 Furniture 20.100 8,880 17.500 Accumulated depreciation--furniture Accounts payable Deferred revenue Mortgage payable, due 2024 Common shares Retained earnings 132.000 60,000 45.720 Common shares 60,000 Retained earnings 45,720 Dividends declared 1,830 Rent income 208,994 Salaries expense 102,550 Utilities expense 25,800 Depreciation expense 14,550 Interest expense 9,120 Insurance expense 6,440 Advertising expense 930 Income tax expense 1,700 $515,894 $515,894 Additional information: 1. 2 3. 5. 6. An annual insurance policy was purchased for the first time on October 1, 2020. for $11.040 cash, A count of supplies shows $1.310 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 Pharoah Lodge to rent one of its housekeeping units for four months, starting June 1, at a rate of $2,682 per month. An advance payment equal to one month's rent was paid on May 25 and credited to Rent Income. On May 31. Pharoah Lodge has earned $1,645 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 $1,650 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 $2.157 has not yet been recorded or paid. 7. 8. 9. 10. 11. Additional income tax is estimated to be $1,020. 5 of 6 - /20 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 oll amounts to the nearest dollar, If no entry is required, select "No Entry for the account titles and enter for the amounts.) No Date Account Titles and Explanation Debit Credit 1. May 31 2. 31 I 3. 31 4. 31 5. 31 uestion 5 of 6 - 120 5. 31 6. 31 7. 31 B 31 9. 31 10. 31 11 31 MacBook Air