The following is the unadjusted trial balance for Sunland Lodge Ltd. at its year end, May 31, 2021. The company adjusts its accounts monthly Debit Credit Cash $6.286 Accounts receivable 11.970 Supplies 5,110 Prepaid insurance 5,000 Land 102,470 Buildings 175,200 Accumulated depreciation-building $22,200 Furniture 33,300 Accumulated depreciation-furniture Accounts payable 18,100 7,890 Deferred revenue 17,500 Mortgage payable, due 2024 138,000 Common shares 50,000 Retained earnings 39.300 Dividends declared 2.160 Rent income 211456 Salaries expense 98,890 Utilities expense 25.030 Depreciation expense 14,640 Interest expense 9,670 Insurance expense 7,000 Advertising expense 900 Income tax expense 6,820 $504,446 $504,446 Additional Information: 1 An annual insurance policy was purchased for the first time on October 1, 2020, for $12,000 cash. 2 A count of supplies shows $1,409 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. 7. On May 25, a local business contracted with Sunland Lodge to rent one of its housekeeping units for four months, starting June 1, at a rate of $2,770 per month. An advance payment equal to one month's rent was paid on May 25 and credited to Rent Income On May 31, Sunland Lodge has earned $1,908 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 $1,479 are unpaid at May 31. 9. Interest on the mortgage payable is $805 for the month of May and due June 1. 10. The May utility bill of $2,166 has not yet been recorded or paid. 11. Additional income tax is estimated to be $910. 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 9. 31 10. 31 11. 31