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.)