The Moto Hotel opened for business on May 1, 2017. Here is its trial balance before adjustment on May 31. Other data: Insurance expires at the rate of $450 per month A count of supplies shows $1, 050 of unused supplies on May 31 Annual depreciation is $3, 600 on the building and $3,000 on equipment. The mortgage interest rate is 6%. (The mortgage was taken out on May 1.) Unearned rent of $2, 500 has been earned. Salaries of $900 are accrued and unpaid at May 31 Instructions Journalize the adjusting entries on May 31. Prepare a ledger using T-accounts. Enter the trial balance amounts and post the adjusting entries. Prepare an adjusted trial balance on May 31. Prepare an income statement and a retained earnings statement for the month of May and a classified balance sheet May 31 Identify which accounts should be closed on May 31. A Salt Creek Golf Inc. was organized on July 1, 2017. Quarterly financial statements are prepared. The trial balance and adjusted trial balance on September 30 are shown on page 203