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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

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.

Prepare an adjusted trial balance on May 31.

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