Question

This problem has several parts journalizing adjusting entries, preparing a ledger using T accounts, adjusted trial balance, income statement, retained earnings statement, classifed balance sheet and determine which accounts to close at end of the month. HELP!!!!

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

PHAROAH HOTEL Trial Balance May 31, 2022
		Debit			Credit
Cash		$ 2,473
Supplies		2,600
Prepaid Insurance		1,800
Land		14,973
Buildings		72,400
Equipment		16,800
Accounts Payable					$ 4,673
Unearned Rent Revenue					3,300
Mortgage Payable					38,400
Common Stock					59,973
Rent Revenue					9,000
Salaries and Wages Expense		3,000
Utilities Expense		800
Advertising Expense		500
		$115,346			$115,346

Other data:

1.		Insurance expires at the rate of $360 per month.
2.		A count of supplies shows $1,170 of unused supplies on May 31.
3.		(a) Annual depreciation is $3,720 on the building.
		(b) Annual depreciation is $3,120 on equipment.
4.		The mortgage interest rate is 5%. (The mortgage was taken out on May 1.)
5.		Unearned rent of $2,540 has been earned.
6.		Salaries of $780 are accrued and unpaid at May 31.

Answer 1