The Sandhill Hotel Opened for business on May 1, 2025. Here is its trial balance before adjustment on May 31

1. Journalize the adjusting entries on May 31

2. Prepare Ledger using T accounts

3. Prepare adjusted trial balance on may 31

4. Prepare Income Statement for the month of may

5. Prepare retained earnings statement for the month of may

6. Prepare balance sheet

Question 7 of 7 The Sandhill Hotel opened for business on May 1, 2025. Here is its trial balance before adjustment on May 31. 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. Annual depreciation is $3,000 on the building and $2,400 on equipment. 4. The notes payable interest rate is 6%. (The note was taken out on May 1 and has a 1 -year life. Interest and principal are to be repaid at the maturity of the note.) 5. Unearned rent of $2,510 has been earned. 6. Salaries of $860 are accrued and unpaid at May 31. Journalize the adjusting entries on May 31. (List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Question 7 of 7 0.67/1 1. Insurance Expense Prepaid Insurance 2. Supplies Expense Supplies 3. (To record depreciation on buildings) Depreciation Expense \begin{tabular}{|r|} \hline 2400 \\ \hline \end{tabular} Accumulated Depreciation-Equipment (To record depreciation on equipment) 4. Interest Expense Interest Payable 186 5. Unearned Rent Revenue Question 7 of 7 0.67/1 5/31 Adj. 2 Accumulated Depreciation-Buildings Question 7 of 7 0.67/1 Question 7 of 7 0.67/1 SANDHILL HOTEL Adjusted Trial Balance May 31, 2025 1 Supplies Prepaid Insurance Buildings Equipment Accumulated Depreciation-Equipment Accumulated Depreciation-Buildings Notes Payable Accounts Payable Question 7 of 7 0.67/1 SANDFILL HEL Income Statement For the Month Ended May 31, 2025 * Revenues Rent Revenue Expenses Salaries and Wages Expense $ Supplies Expense Utilities Expense Depreciation Expense \begin{tabular}{|} 5400 \\ \hline \end{tabular} Insurance Expense Advertising Expense Interest Expense Total Expenses Question 7 of 7 0.67/1 SANDHILL HOTEL Balance Sheet May 31, 2025 Assets urrent Assets \( \$ \lcm{2463} \) Accounts Receivable \begin{tabular}{|l|} \hline 1140 \\ \hline \end{tabular} Supplies 1070 otal Current Assets roperty, Plant, and Equipment Land 14,963 Building5 ass *: Accumulated Depreciation-Buildings Equipment Question 7 of 7 0.67/1 255 Accumulated Depreciation-Equipment \begin{tabular}{|r|} \hline2400 \\ \hline \end{tabular} Ttal Assets Liabilities and Stockholders' Equity urrent Liabilities Salaries and Wages Payable $ Accounts Payable Notes Payable Unearned Rent Revenue Interest Payable 466337,200 otal Current Liabilities tockholders' Equity Common Stock Retained Earnings \begin{tabular}{|r|} \hline1126 \\ \hline \end{tabular}