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The Oriole Hotel opened for business on May 1, 2022. Here is its trial balance before adjustment on May 31. ORIOLE HOTEL Trial Balance May

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

ORIOLE HOTEL Trial Balance May 31, 2022

Debit

Credit

Cash

$ 2,333

Supplies

2,600

Prepaid Insurance

1,800

Land

14,833

Buildings

67,600

Equipment

16,800

Accounts Payable

$ 4,533

Unearned Rent Revenue

3,300

Mortgage Payable

33,600

Common Stock

59,833

Rent Revenue

9,000

Salaries and Wages Expense

3,000

Utilities Expense

800

Advertising Expense

500

$110,266

$110,266

Other data:

1. Insurance expires at the rate of $450 per month.
2. A count of supplies shows $1,070 of unused supplies on May 31.
3. (a) Annual depreciation is $3,840 on the building.
(b) Annual depreciation is $3,240 on equipment.
4. The mortgage interest rate is 5%. (The mortgage was taken out on May 1.)
5. Unearned rent of $2,630 has been earned.
6. Salaries of $730 are accrued and unpaid at May 31.

Prepare a retained earnings statement for the month of May.

Prepare a classified balance sheet at May 31

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