The Monty Hotel opened for business on May 1, 2017. The May transactions resulted in a tabular summary, with May 31 unadjusted balances shown below in the first row. The $9,000 in the revenue column resulted from Rent Revenue. The $4,300 in the expense column includes salaries and Wages $3,000, Utilities $800, and Advertising $500. Assets Liabilities Stockholders' Equity Prepd. Retained Earnings Acc. Depr.- Acc. Depr.- Accts. Sal./Wages Uneam. Mortg. Com. Cash + Supplies + Insur. Land + Bldgs. - Bldgs. . + Equip.. Equip. = Pay. + Int. Pay + Pay. + Rent. Rev. = Pay - Stock - Rev. + Stock + Rev. . Exp. - Div Bal. 2,443 + 2,600 + 1,800 + 14,943 + 72,400 - 0 + 16,800 0 = 4,643 + = 0 0+ 3,300 + 38,400 + 59,943 - 9,000 -4,300 - 0 Record adjustments on May 31 that reflect the following data. Include explanations for each adjustment to revenue or expense. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity Item that was reduced.) 1. Insurance expires at the rate of $450 per month. 2. A count of supplies shows $1,160 of unused supplies on May 31. 3. (a) Annual depreciation is $3,600 on the building. (b) Annual depreciation is $3,000 on equipment. 4. The mortgage interest rate is 6%. (The mortgage was taken out on May 1.) 5. Rental Services related to unearned rent of $2,530 have been provided. 6. Salaries of $830 are accrued and unpaid at May 31. Assets Liabilities Prepd. Insur. Land + Sal./Wages Pay. Acc. Depr.- Bldgs. 0 0 Int. Pay Stockholders' Equity Retained Earnings Rev. Exp. 9,000 4,300 Acc. Depr.- Equip. 0 Cash 2,443 Supplies + 2,600 Accts. Pay. + 4,643 + Bldgs. 72,400 Equip. 16,800 Unearn. Rent. Rev. 3,300 Div Mortg Pay 38,400 Com. Stock 59.943 Bal. 1,800 0 14,943 Adj. 1. Adj. 2. Adj. 3a. Ad). 3. Adj. 4. Adj. 5. Adj. 6. Adj. Bal. Find the adjusted balance for each column in the tabular summary. Prove that the expanded accounting equation balances. Assets Liabilities Stockholders' Equity Prepare an income statement for the month of May. Prepare an income statement for the month of May. Monty Hotel Income Statement S Prepare a retained earnings statement for the month of May. Monty Hotel Retained Earnings Statement 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.) Monty Hotel Balance Sheet Assets Liabilities and Stockholders' Equity Liabilities and Stockholders' Equity V