The solo hotel opened for business on may 1, 2014. here is its trial balancebefore adjustment on may 31solo hoteltrial balancemay 31, 2014 debit creditcash $ 2,500supplies 2,600prepaid insurance 1,800land 15,000buildings 70,000equipment 16,800accounts payable $ 4,700unearned rent revenue 3,300mortgage payable 36,000common stock 60,000rent revenue 9,000salaries and wages expense 3,000utilities expense 800advertising expense 500total: $113,000 $113,000other data: 1. insurance expires at the rate of $450 per month.2. a count of supplies shows $1,050 of unused supplies on may 31.3. annual depreciation is $3,600 on the building and $3,000 on equipment.4. the mortgage interest rate is 6%. (the mortgage was taken out on may 1.)5. unearned rent of $2,500 has been earned.6. salaries of $900 are accrued and unpaid at may 31.instructions(a) journalize the adjusting entries on may 31.(b) prepare a ledger using t-accounts. enter the trial balance amounts and post theadjusting entries.(c) prepare an adjusted trial balance on may 31.(d) prepare an income statement and a retained earnings statement for the month of mayand a classified balance sheet at may 31.(e) identify which accounts should be closed on may 31.