Data for the unadjusted trial balance of Summer's Here Tanning Salon at May 31, 2011, follow.

Adjusting data for 2011 are:

a. Accrued service revenue, $3,100

c. Accrued salary expense, $900

b. Supplies used in operations, $1,000

d. Depreciation expense, \($3,900\) Leo Nabors, the principal stockholder, has received an offer to sell the company He needs to know the net income for the year covered by these data.

Requirements

1. Complete the work sheet for Summer’s Here Tanning Salon.
2. How much was the net incomeet loss for May?

Transcribed Image Text:

Cash 3,100 Service revenue Equipment 66,200 Salary expense Accumulated depreciation 21,400 Depreciation expense $ 93,400 42,900 Accounts payable 6,600 Supplies expense Supplies 1,500 Retained earnings (7,700)