The Ivanhoe Hotel opened for business on May 1, 2022. Here is its trial balance before adjustment on May 31. IVANHOE HOTEL Trial Balance May 31, 2022 Credit Debit $ 2,433 2,600 1,800 14,933 67,600 16,800 Cash Supplies Prepaid Insurance Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Rent Revenue Salaries and Wages Expense Otilities Expense Advertising Expense $ 4,633 3,300 33,600 59.933 9,000 3,000 800 500 $110,466 $110,466 Other data: 1 2 3 Insurance expires at the rate of $450 per month. A count of supplies shows $1,080 of unused supplies on May 31. (a) Annual depreciation is $3,960 on the building, (b) Annual depreciation is $3,360 on equipment The mortgage interest rate is 5%. (The mortgage was taken out on May 1.) Unearned rent of $2,570 has been earned Salaries of $790 are accrued and unpaid at May 31, 4. 5. 6. Prepare a ledger using T-accounts. Enter the trial balance amounts and post the adjusting entries. (Post entries in the order of journal entries presented in the previous question.) Cash $2.433 5/31 Bal. > Mortgage Payable 33,600 Common Stock 59.933 Rent Revenue 9.000 5/31 300 Utilities Expense 800 Advertising Expense 500 Interest Expense 5/31 140 > Insurance Expense 5/31 Land Buildings Rent Revenue > Salaries and Wages Expense Advertising Expense Interest Expense Insurance Expense Supplies Expense Depreciation Expense