The Tamarisk Hotel opened for business on May 1, 2017. The May transactions resulted in a tabular summary, with May 31 unadjusted balances shown below in the first row. The $9,000 in the revenue column resulted from Rent Revenue. The $4,300 in the expense column includes salaries and Wages $3,000, Utilities $800, and Advertising $500. Assets Liabilities Stockholders' Equity Retained Earnings Prepd. Acc. Depri- Acc. Depr Accts. Sal./Wages Unearn. Mortg. Com. Cash + Supplies + Insur. + Land + Bldgs. Bldgs. + Equip. Equip. Pay. + Int. Pay + Pay. + Rent. Rev. + Pay + Stock + Rev. - Exp. Exp. - Div Bal. 2,613 + 2,600 + 1,800 + 15,113 +70,000 - 0 + 16,800 - O = 4,813 + 0 + O + 3,300 + 36,000 + 60,113 + 9,000 - 4,300 - 0 Record adjustments on May 31 that reflect the following data. Include explanations for each adjustment to revenue or expense. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) 1. Insurance expires at the rate of $360 per month. 2. A count of supplies shows $1,180 of unused supplies on May 31. 3. (a) Annual depreciation is $2,760 on the building. (b) Annual depreciation is $2,160 on equipment. 4. The mortgage interest rate is 5%. (The mortgage was taken out on May 1.) 5. Rental services related to unearned rent of $2,670 have been provided. 6. Salaries of $710 are accrued and unpaid at May 31. Assets Liabilities Sal./Wages + Prepd. Insur. 1,800 Acc. Depr.- Bldgs. o Cash 2,613 Int. Pay Stockholders' Equity Retained Earnings Rev. Exp. 9,000 4,300 Supplies 2,600 + Acc. Depri- Equip 0 Pay, Accts. Pay. 4,813 Land 15,113 Bldgs. 70,000 Equip 16,800 Div Unearn. Rent. Rev. + 3,300 Mortg. Pay 36,000 Com. Stock 60,113 Bal. 0 0 0 Adj. 1. Adj. 2. Adj. 3a. Adj. 3b. 3333333 Adj. 4. Adj. 5. Adj. 6. Adj. Bal. Find the adjusted balance for each column in the tabular summary. Prove that the expanded accounting equation balances. Assets Liabilities Stockholders' Equity SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR EXERCISE VIDEO: STMILAR EXERCISE Prepare an income statement for the month of May. Tamarisk Hotel Income Statement V . Prepare a retained earnings statement for the month of May. Tamarisk Hotel Retained Earnings Statement 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.) Tamarisk Hotel Balance Sheet Assets 3 Llabilities and Stockholders' Equity