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The Oriole Hotel opened for business on May 1, 2025. Here is its trial balance before adjustment on May 31. Cash Supplies Prepaid Insurance Land Buildings Equipment Accounts Payable Unearned Rent Revenue Notes Payable Common Stock Oriole Hotel Trial Balance May 31, 2025 Rent Revenue Debit $2,263 2,600 1,800 14,763 67,600 16,800 Credit $4,463 3,300 33,600 59,763 9,000

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Prepare 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.) The Oriole Hotel opened for business on May 1,2025. Here is its trial balance before adjustment on May 31. Question 7 of 7 Income Statement $ Rent Revenue Salaries and Wages Expense Utilities Expense Advertising Expense Interest Expense Insurance Expense Supplies Expense Depreciation Expense Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Salaries and Wages Payable Interest Payable Prepare a retained earnings statement for the month of May. Prepare an adjusted trial balance on May 31. Prepare an income statement for the month of May. Other data: 1. Insurance expires at the rate of $300 per month. 2. A count of supplies shows $1,070 of unused supplies on May 31. 3. Annual depreciation is $2,880 on the building and $2,280 on equipment. 4. The notes payable interest rate is 5%. (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 $2,690 has been earned. 6. Salaries of $690 are accrued and unpaid at May 31. Assets (3) Identify which accounts should be closed on May 31 eTectbook and Media List of Accounts Identify which accounts should be closed on May 31 Identify which accounts should be closed on May 31 Rent Revenue Salaries and Wages Expense Utilities Expense Advertising Expense Interest Expense 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.) Rent Revenue Salaries and Wages Expense Utilities Expense Advertising Expense Interest Expense Prepare 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.)

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