Using excel format

The following is the unadjusted trial balance for Rainbow Lodge Ltd. at its year end, May 31, 2021. The company adjusts its accounts monthly. Debit Credit Cash $6,400 Accounts receivable 11,800 Supplies 4,880 Prepaid insurance 4,550 Land 106,370 Buildings 168,000 Accumulated depreciation-buildings $24.500 Furniture 33,600 Accumulated depreciation--furniture 19,600 Accounts payable 8,140 Deferred revenue 17,500 Mortgage payable, due 2024 126,000 Common shares 60,000 Retained earnings 41,580 Dividends declared 2,000 Rent income 200,320 98,700 23,870 Depreciation expense 13,860 Salaries expense Utilities expense Salaries expense Utilities expense Depreciation expense Interest expense Insurance expense Advertising expense Income tax expense 98,700 23,870 13,860 9,240 6,370 1,000 7,000 $497,640 $497,640 Additional information: 1 An annual insurance policy was purchased for the first time on October 1, 2020, for $10,920 cash. 2 A count of supplies shows $1,340 of supplies on hand on May 31. 3 The buildings have an estimated useful life of 20 years and straight-line depreciation is applied. 4 The furniture has an estimated useful life of five years and straight-line depreciation is applied. 5 Customers must pay a $100 deposit if they want to book a room in advance during the peak period. An analysis of these bookings indicates that 175 deposits were received and credited to Deferred Revenue. By May 31, 25 of the deposits were earned. 6 On May 25, a local business contracted with Rainbow Lodge to rent one of its housekeeping units for four months, starting June 1, at a rate of $2,800 per month. An advance payment equal to one month's rent was paid on May 25 and credited to Rent Income. 7On May 31, Rainbow Lodge has earned $1,780 of rent from customers who are currently staying at the lodge. The customers will pay the amount owing only when they check out in early June. 8 Salaries of $1,590 are unpaid at May 31. 4 The furniture has an estimated useful life of five years and straight-line depreciation is applied. 5 Customers must pay a $100 deposit if they want to book a room in advance during the peak period. An analysis of these bookings indicates that 175 deposits were received and credited to Deferred Revenue. By May 31, 25 of the deposits were earned. 6 on May 25, a local business contracted with Rainbow Lodge to rent one of its housekeeping units for four months, starting June 1, at a rate of $2,800 per month. An advance payment equal to one month's rent was paid on May 25 and credited to Rent Income. 70n May 31, Rainbow Lodge has earned $1,780 of rent from customers who are currently staying at the lodge. The customers will pay the amount owing only when they check out in early June. 8 Salaries of $1,590 are unpaid at May 31. 9 Interest on the mortgage payable is $735 for the month of May and due June 1. 10 The May utility bill of $2,240 has not yet been recorded or paid. 11 Additional income tax is estimated to be $1,000. Instructions a. Prepare adjusting journal entries for the month. Prepare an adjusted trial balance at May 31. C Prepare a statement of financial position at May 31. Note that $4,000 of common shares were issued during t The following is the unadjusted trial balance for Rainbow Lodge Ltd. at its year end, May 31, 2021. The company adjusts its accounts monthly. Debit Credit Cash $6,400 Accounts receivable 11,800 Supplies 4,880 Prepaid insurance 4,550 Land 106,370 Buildings 168,000 Accumulated depreciation-buildings $24.500 Furniture 33,600 Accumulated depreciation--furniture 19,600 Accounts payable 8,140 Deferred revenue 17,500 Mortgage payable, due 2024 126,000 Common shares 60,000 Retained earnings 41,580 Dividends declared 2,000 Rent income 200,320 98,700 23,870 Depreciation expense 13,860 Salaries expense Utilities expense Salaries expense Utilities expense Depreciation expense Interest expense Insurance expense Advertising expense Income tax expense 98,700 23,870 13,860 9,240 6,370 1,000 7,000 $497,640 $497,640 Additional information: 1 An annual insurance policy was purchased for the first time on October 1, 2020, for $10,920 cash. 2 A count of supplies shows $1,340 of supplies on hand on May 31. 3 The buildings have an estimated useful life of 20 years and straight-line depreciation is applied. 4 The furniture has an estimated useful life of five years and straight-line depreciation is applied. 5 Customers must pay a $100 deposit if they want to book a room in advance during the peak period. An analysis of these bookings indicates that 175 deposits were received and credited to Deferred Revenue. By May 31, 25 of the deposits were earned. 6 On May 25, a local business contracted with Rainbow Lodge to rent one of its housekeeping units for four months, starting June 1, at a rate of $2,800 per month. An advance payment equal to one month's rent was paid on May 25 and credited to Rent Income. 7On May 31, Rainbow Lodge has earned $1,780 of rent from customers who are currently staying at the lodge. The customers will pay the amount owing only when they check out in early June. 8 Salaries of $1,590 are unpaid at May 31. 4 The furniture has an estimated useful life of five years and straight-line depreciation is applied. 5 Customers must pay a $100 deposit if they want to book a room in advance during the peak period. An analysis of these bookings indicates that 175 deposits were received and credited to Deferred Revenue. By May 31, 25 of the deposits were earned. 6 on May 25, a local business contracted with Rainbow Lodge to rent one of its housekeeping units for four months, starting June 1, at a rate of $2,800 per month. An advance payment equal to one month's rent was paid on May 25 and credited to Rent Income. 70n May 31, Rainbow Lodge has earned $1,780 of rent from customers who are currently staying at the lodge. The customers will pay the amount owing only when they check out in early June. 8 Salaries of $1,590 are unpaid at May 31. 9 Interest on the mortgage payable is $735 for the month of May and due June 1. 10 The May utility bill of $2,240 has not yet been recorded or paid. 11 Additional income tax is estimated to be $1,000. Instructions a. Prepare adjusting journal entries for the month. Prepare an adjusted trial balance at May 31. C Prepare a statement of financial position at May 31. Note that $4,000 of common shares were issued during t