The Moto Hotel opened for business on May 1, 2017. Here is its trial balance before adjustment on May 31.

MOTO HOTEL Trial Balance May 31, 2017
		Debit			Credit
Cash		$ 2,463
Supplies		2,600
Prepaid Insurance		1,800
Land		14,963
Buildings		71,200
Equipment		16,800
Accounts Payable					$ 4,663
Unearned Rent Revenue					3,300
Mortgage Payable					37,200
Common Stock					59,963
Rent Revenue					9,000
Salaries and Wages Expense		3,000
Utilities Expense		800
Advertising Expense		500
		$114,126			$114,126

Other data:

1.		Insurance expires at the rate of $360 per month.
2.		A count of supplies shows $1,070 of unused supplies on May 31.
3.		(a) Annual depreciation is $3,000 on the building.
		(b) Annual depreciation is $2,400 on equipment.
4.		The mortgage interest rate is 6%. (The mortgage was taken out on May 1.)
5.		Unearned rent of $2,510 has been earned.
		6. Salaries of $860 are accrued and unpaid at May 31. Questions 1. Prepare a ledger using T-accounts. Enter the trial balance amounts and post the adjusting entries. 2. Prepare an adjusted trial balance on May 31 3. Prepare an income statement for the month of May 4. Prepare a retained earnings statement for the month of May 5. Prepare a classified Balance Sheet at May 31 6. Identify which accounts should be closed on May 31