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
		Debit			Credit
Cash		$ 2,613
Supplies		2,600
Prepaid Insurance		1,800
Land		15,113
Buildings		70,000
Equipment		16,800
Accounts Payable					$ 4,813
Unearned Rent Revenue					3,300
Mortgage Payable					36,000
Common Stock					60,113
Rent Revenue					9,000
Salaries and Wages Expense		3,000
Utilities Expense		800
Advertising Expense		500
		$113,226			$113,226

Other data:

1.		Insurance expires at the rate of $360 per month.
2.		A count of supplies shows $1,180 of unused supplies on May 31.
3.		(a) Annual depreciation is $2,760 on the building.
		(b) Annual depreciation is $2,160 on equipment.
4.		The mortgage interest rate is 5%. (The mortgage was taken out on May 1.)
5.		Unearned rent of $2,670 has been earned.
6.		Salaries of $710 are accrued and unpaid at May 31.

A. 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.)

B. Prepare an income statement for the month of May.

C. Prepare a retained earnings statement for the month of May.

D. Prepare a classified balance sheet at May 31. (List current assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment .)

E. Identify which accounts should be closed on May 31.

Cash		select an option ClosedNot Closed
Supplies		select an option ClosedNot Closed
Prepaid Insurance		select an option ClosedNot Closed
Land		select an option ClosedNot Closed
Buildings		select an option ClosedNot Closed
Equipment		select an option ClosedNot Closed
Accounts Payable		select an option ClosedNot Closed
Unearned Rent Revenue		select an option ClosedNot Closed
Mortgage Payable		select an option ClosedNot Closed
Common Stock		select an option ClosedNot Closed
Rent Revenue		select an option ClosedNot Closed
Salaries and Wages Expense		select an option ClosedNot Closed
Utilities Expense		select an option ClosedNot Closed
Advertising Expense		select an option ClosedNot Closed
Interest Expense		select an option ClosedNot Closed
Insurance Expense		select an option ClosedNot Closed
Supplies Expense		select an option ClosedNot Closed
Depreciation Expense		select an option ClosedNot Closed