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The Cullumber Hotel opened for business on May 1, 2022. Here is its trial balance before adjustment on May 31. CULLUMBER HOTEL Trial Balance May 31, 2022 Debit Credit Cash $ 2,263 Supplies 2,600 Prepaid Insurance 1.800 Land 14,763 Buildings 70,000 Equipment 16,800 Accounts Payable $ 4,463 Unearned Rent Revenue 3,300 Mortgage Payable 36,000 Common Stock 59.763 Rent Revenue 9,000 Salaries and Wages Expense 3,000 Utilities Expense 800 MacBook Pro Salaries and Wages Expense 3,000 Utilities Expense 800 Advertising Expense 500 $112,526 $112,526 Other data: 1. Insurance expires at the rate of $450 per month. 2. A count of supplies shows $1,120 of unused supplies on May 31. 3. (a) Annual depreciation is $2,880 on the building. (b) Annual depreciation is $2,280 on equipment. 4. The mortgage interest rate is 5%. (The mortgage was taken out on May 1.) 5. Unearned rent of $2,680 has been earned. 6. Salaries of $650 are accrued and unpaid at May 31. No. Account Titles and Explanation Debit Credit 1. Insurance Expense 450 Prepaid Insurance 450 2 Supplies Expense 1480 Supplies 1480 3(a). Depreciation Expense 240 Accumulated Depreciation-Buildings 240 3 (b) Depreciation Expense 190 Accumulated Depreciation Equipment 190 4. Interest Expense 150 Interest Payable 150 5 Unearned Rent Revenue 2680 Rent Revenue 2680 6. Salaries and Wages Expense 650 Salaries and Wages Payable 650 eTextbook and Media Attempts: unlimited (b) 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) Cash Supplies Prepaid Insurance V Land Building Accumulated Depreciation-Building Equipment Accumulated Depreciation-Equipment Accounts Payable V Unearned Rent Revenue Salaries and Wages Payable Interest Payable Mortgage Payable Common Stock Rent Revenue V Salaries and Wages Expense Utilities Expense Advertising Expense Interest Expense Insurance Expense Supplies Expense v Depreciation Expense

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