The Vang Hotel opened for business on May 1, 2012. Here is its trial balance before adjustment on May 31 . VANG HOTEL Trial Balance May 31, 2012 Other data: - Insurance expires at the rate of $350 per month. - A count of supplies shows $850 of unused supplies on May 31. - Annual depreciation is $3,000 on the building and $2,400 on equipment. - The mortgage interest rate is 5%. (The mortgage was taken out on May 1.) - Unearned rent of $2,000 has been earned. - Salaries of $850 are accrued and unpaid at May 31 . Instructions A. Journalize the adjusting entries on May 31. B. Prepare a ledger using T accounts. Enter the trial balance amounts and post the adjusting entries. C. Prepare an adjusted trial balance on May 31. D. Prepare an income statement and a retained earnings statement for the month of May and a classified balance sheet at May 31 . E. Identify which accounts should be closed on May 31