The following is the unadjusted trial balance for Rainbow Lodge Ltd. at its year end, May 31, 2018. The company adjusts its accounts monthly. Debit Credit $6,305 Cash 11,830 Accounts receivable Supplies 4,430 Prepaid insurance 4,300 Land 112,540 Buildings 162,000 $ 26,800 Accumulated depreciation-building Furniture 32,400 Accumulated depreciation-furniture 19,900 Accounts payable 8,110 16,600 Unearned revenue 126,000 Mortgage payable, due 2021 Common shares 60,000 Retained earnings 45,490 Dividends declared 1,820 Rent revenue 191,645 Salaries expense 100,570 Utilities expense 22,870 Depreciation expense 13,210 Interest expense 8,710 6,020 Insurance expense Advertising expense 1,060 Income tax expense 6,480 $494,545 $494,545 Additional information: 1. An annual insurance policy was purchased on October 1, 2017, for $10,320 cash. A count of supplies shows $1,463 of supplies on hand on May 31. 3. 2. The building have an estimated useful life of 20 years and straight-line depreciation is applied. 4. 5. The furniture have 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 166 deposits were received and credited to Unearned Revenue. By May 31, 25 of the deposits were earned. 6. On May 25, a local business contracted with Rainbow Lodge to rent one of its housekeeping units for four months, starting June 1, at a rate of $3,040 per month. An advance payment equal to one month's rent was paid on May 25 and credited to Rent Revenue. 7. On May 31, Rainbow Lodge has earned $1,776 of rent revenue from customers who are currently staying at the inn. The customers will pay the amount owing only when they check out in early June. 3. Salaries of $1,503 are unpaid at May 31. P. Interest on the mortgage payable is $735 for the month of May and due June 1. 10. The May utility bill of $2,168 has not yet been recorded or paid. 11. Additional income tax is estimated to be $1,010. Prepare adjusting journal entries for the month. (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 Ent account titles and enter O for the amounts.) No Date Account Titles and Explanation Debit Credit 1. May 31 2. 31 3. 31 4. 31 5. 31 6. 31 7. 31 8. 31 31 9. 10. 31 11. 31