The following is the unadjusted trial balance for Wildhorse Lodge Ltd at its year end, May 31, 2021 The company adjusts its accounts monthly Debit Credit Cash $5,839 Accounts receivable 11,460 Supplies 4,560 Prepaid insurance 4,650 Land 97,070 Buildings 172,800 Accumulated depreciationbuilding $ 23,700 Furniture 36,600 Accumulated depreciationfurniture 21,400 Accounts payable 7,400 Deferred revenue 17,500 Mortgage payable, due 2024 120,000 Common shares 60,000 Retained earnings 44,760 Dividends declared 1,970 Rent income 203,619 Salaries expense 105,010 Utilities expense 22,380 Depreciation expense 13,430 Interest expense 8,580 Insurance expense 6,510 Advertising expense 1,040 Income tax expense 6,480 $498,379 $498,379 Additional information 1 An annual insurance policy was purchased for the first time on October 1, 2020, for $11,160 cash 2 A count of supplies shows $1,207 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 Wildhorse Lodge to rent one of its housekeeping units for four months, starting June 1, at a rate of $2,743 per month An advance payment equal to one months rent was paid on May 25 and credited to Rent Income 7 On May 31, Wildhorse Lodge has earned $1,949 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 $1,445 are unpaid at May 31 9 Interest on the mortgage payable is $700 for the month of May and due June 1 10 The May utility bill of $2,179 has not yet been recorded or paid 11 Additional income tax is estimated to be $940 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 )

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

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

	Debit	Credit
Cash	$5,839
Accounts receivable	11,460
Supplies	4,560
Prepaid insurance	4,650
Land	97,070
Buildings	172,800
Accumulated depreciationbuilding		$ 23,700
Furniture	36,600
Accumulated depreciationfurniture		21,400
Accounts payable		7,400
Deferred revenue		17,500
Mortgage payable, due 2024		120,000
Common shares		60,000
Retained earnings		44,760
Dividends declared	1,970
Rent income		203,619
Salaries expense	105,010
Utilities expense	22,380
Depreciation expense	13,430
Interest expense	8,580
Insurance expense	6,510
Advertising expense	1,040
Income tax expense	6,480
	$498,379	$498,379

Additional information:

1.		An annual insurance policy was purchased for the first time on October 1, 2020, for $11,160 cash.
2.		A count of supplies shows $1,207 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 Wildhorse Lodge to rent one of its housekeeping units for four months, starting June 1, at a rate of $2,743 per month. An advance payment equal to one months rent was paid on May 25 and credited to Rent Income.
7.		On May 31, Wildhorse Lodge has earned $1,949 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 $1,445 are unpaid at May 31.
9.		Interest on the mortgage payable is $700 for the month of May and due June 1.
10.		The May utility bill of $2,179 has not yet been recorded or paid.
11.		Additional income tax is estimated to be $940.

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.)