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1 . Enter the journal entries to record all of the business activity for the month of May ( In proper accounting format ) 2

1. Enter the journal entries to record all of the business activity for the month of May (In proper accounting format)
2. Compile a trial balance from the journal entries and make sure to balance the trial balance (In proper accounting format)
3. Prepare the income statement (In proper accounting format)
4. Prepare statement of changes in equity (In proper accounting format)
5. Prepare balance sheet and make sure to balance the balance sheet (In proper accounting format)
Given:
1.
May 1
I invested $120,000 cash into my new business.
2.
May 3
I purchased printing machinery $5,000 on cash
3.
May 6
Inventories purchased $7,000 on cash
4.
May 10
Paid $10,000 cash for delivery car
5.
May 15
Cash $12,000 paid for employees salary
6.
May 20
Advertisement expenses paid in cash $5,000
7.
May 21
Loan received $10,000
8.
May 25
Cash $700 paid for purchase of billing software
9.
May 26
Rent paid in cash $5,000
10.
May 27
Advance cash $500 paid for insurance
11.
May 28
Cash $900 paid for utility bills
12.
May 31
Interest paid on loan in cash $200
13.
May 31
Cash $1,000 paid towards principal amount of loan

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