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

ORIOLEHOTEL

Trial Balance

May 31, 2022

Debit Credit

Cash $2,263

Supplies 2,600

Prepaid Insurance 1,800

Land 14,763

Buildings 67,600

Equipment 16,800

Accounts Payable $4,463

Unearned Rent Revenue 3,300

Mortgage Payable 33,600

Common Stock 59,763

Rent Revenue 9,000

Salaries and Wages Expense 3,000

Utilities Expense 800

Advertising Expense 500

$110,126 $110,126

Other data:

1. Insurance expires at the rate of $300per month.

2. A count of supplies shows $1,070of unused supplies on May 31.

3. (a) Annual depreciation is $2,880on the building.

(b) Annual depreciation is $2,280on equipment.

4.The mortgage interest rate is5%. (The mortgage was taken out on May 1.)

5.Unearned rent of $2,690has been earned.

6.Salaries of $690are accrued and unpaid at May 31.

(a)Journalize the adjusting entries on May 31.(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.)

(b)Make 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.)

(c)Make an adjusted trial balance on May 31.

(d1)Make an income statement for the month of May.

(d2)Make a retained earnings statement for the month of May.

(d3) Make 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 .)

(e)Identify which accounts should be closed on May 31.

Cash

Supplies

Prepaid Insurance

Land

Buildings

Equipment

Accounts Payable

Unearned Rent Revenue

Mortgage Payable

Common Stock

Rent Revenue

Salaries and Wages Expense

Utilities Expense

Advertising Expense

Interest Expense

Insurance Expense

Supplies Expense

Depreciation Expense