The Moto Hotel opened for business on May 1, 2022. Here is the trial balance (unadjusted) on May 31st. MOTO HOTEL TRIAL BALANCE 31-May-22 PRE-ADJUSTMENT DEBIT CREDIT Cash $ 2,500 Supplies 2,600 Prepaid insurance 1,800 Land 15,000 Buildings 70,000 Equipment 16,800 Accumulated depreciation Accounts payable Unearned rent revenue $ 4,700 3,300 36,000 60,000 Cash Supplies Prepaid insurance Land Buildings Equipment Accumulated depreciation Accounts payable Unearned rent revenue Interest payable Salaries and wages payable Mortgage payable Common stock Rent revenue Salaries and wages expense Utilities expense Advertising expense Insurance expense Interest payable Salaries and wages payable Mortgage payable Common stock Rent revenue 9,000 Salaries and wages expense 3,000 Utilities expense 800 Advertising expense 500 Insurance expense Supplies expense Interest expense Depreciation expense TOTALS $ 113,000 $ 113,000 NEEDED ADJUSTMENTS 1. Insurance expires at the rate of $450 per month. 2. A count of supplies shows $1,050 of unused supplies on May 31. 3. Annual depreciation is $3,600 on the building and $3,000 on equipment. HINT: These numbers represent 12 months. You are only doing 1 month. 4. The mortgage interest rate is 6%. (The mortgage was taken out on May 1.) HINT: Loan is 36,000. 6% is per 12 months. You are only doing 1 month. 5. Unearned rent of $2,500 has been earned. 6. Salaries of $900 are accrued and unpaid at May 31. Supplies expense Interest expense Depreciation expense $ CHECK FIGURES POST-ADJUSTMENT DEBIT CREDIT 114,630 $ 114,630