The Moto Hotel opened for business on May 1, 2022. Here is its trial balance before adjustment on May 31.

The Moto Hotel opened for business on May 1, 2022. Here is its trial balance before adjustment on May 31. MOTO HOTEL Trial Balance May 31, 2022 Debit Credit Cash $2,500 Supplies 2,600 Prepaid Insurance 1,800 Land 15,000 Buildings 70,000 Equipment 16,800 Accounts Payable $ 4,700 Unearned Rent Revenue 3,300 Mortgage Payable 36,000 Common Stock 60,000 Rent Revenue 9,000 Salaries and Wages Expense 3,000 Utilities Expense 800 Advertising Expense 500 $113,000 $113,000 Other data: 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. (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. Unearned rent of $2,500 has been earned. 6. Salaries of $900 are accrued and unpaid at May 31. for the amounts. Credit account titles are automatically indented when the amount is Journalize the adjusting entries on May 31. (If no entry is required, select "No Entry" for the account titles and enter entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. Insurance Expense 450 Prepaid Insurance 450 2. Supplies Expense 1550 Supplies 1550 3(a). Depreciation Expense 300 Depreciation Expense 250 3(b). Accumulated Depreciation-Buildings 300 Accumulated Depreciation Equipment 250 Interest Expense 180 Interest Payable 180 Unearned Rent Revenue 2500 Rent Revenue 2500 Salaries and Wages Expense 900 Salaries and Wages Payable 900 Prepare a ledger using T-accounts. Enter the trial balance amounts and post the adjusting entries. (Post entries in the order of journal entries presented in the previous question.) Cash 5/31 2500 2500 Supplies 5/3 2600 5/31 1550 1050 Prepaid Insurance 5/31 1800 5/1 450 1350 Land 5/1 1500 Building Accumulated Depreciation-Building Equipment 5/1 70000 Accumulated Depreciation-Equipment 5131 Accounts Payable CC5/31 [ 4700 Unearned Rent Revenue 512 D 2500 5/1 3300 800 Salaries and Wages Payable 5/31 7 900 CN Interest Payable CC 5131 180 Mortgage Payable 5/31 $ 60000 Common Stock Rent Revenue 5/31 - 9000 5/31 2500 Salaries and Wages Expense 3000 900 Utilities Expense 5/31 Bal. - 800 Advertising Expense 5/31Bal. $ 500 500 Interest Expense 5/31 Bal. * 180 Insurance Expense 5/31 Bal. 450 450 A Supplies Expense 5/31 Bal. 1550 Depreciation Expense 5/31 6600 | MOTO HOTEL Adjusted Trial Balance For the Month Ended May 31, 2022 Debit Credit | Cash 2500 $ Prepaid Insurance 1350 Supplies 1050 Equipment 16800 Buildings 70000 Land 15000 Accumulated Depreciation-Buildings 550 Accumulated Depreciation-Equipment 550 Accounts Payable 4700 Interest Payable 180 Salaries and Wages Payable 900 Unearned Rent Revenue 800 Mortgage Payable 36000 Common Stock 60000 Rent Revenue 11500 Salaries and Wages Expense 3900 Interest Expense 180 Supplies Expense 1550 Utilities Expense 800 Insurance Expense 450 Depreciation Expense JD550 C 550 Advertising Expense 500 $ $ 114630 $ 114630 114630 | 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.) MOTO HOTEL Balance Sheet For the Year Ended May 31, 2022 Assets Current Assets Current Assets Cash 2500 Prepaid Insurance 1350 Supplies 1050 Total Current Assets $ 106150 Total Liabilities and Stockholders' Equity Liabilities and Stockholders' Equity Current Liabilities Accounts Payable 4700 Unearned Rent Revenue 800 Mortgage Payable 36000 Interest Payable 180 Total Liabilities and Stockholders' Equity 42580 Total Liabilities Common Stock 60000 Retained Earnings 3570 Total Stockholders' Equity 63570 Total Liabilities and Stockholders' Equity 106150