1. On May 1, received cash from the owner as investment $55,000. 2. On May 1, purchased supplies of $10,000 on account.

3. On May 1, purchased an insurance worth $40,000 in cash, covering 8 months on account.

4. On May 1, received 3-month rent from the tenant of $30,000. The lease will cover May, June and July.

5. On May 1, bought a machine of $25,000 in cash. It's estimated to run for 5 months and will be depreciated on a monthly basis.

6. On May 10, paid creditors on account $3,000.

7. On May 15, billed customers for services on account, $11,450.

8. On May 21, received cash from customers on accounts $8,450.

9. On May 25, withdraw cash for personal use, $2,500.

10. On May 30, received the utility bill $160, to be paid next month. 1. Journalize all the transactions (15 points)

1. Journalise all the transactions.

2. Prepare an unadjusted trail balance using the spreadsheet given. (10 points). Just fill in the numbers

On May 31, the following adjustments should be made:

1. Supplies of only $3,000 are left.

2. One-month insurance expires.

3. One-month rent expires.

4. The machine should be depreciated for one month.

5. Employees salaries are $3,000 each month. The first month's will be paid next month.

3. Journalize all the adjustments and post their balance to the spread sheet. (10 points)

4. Prepare the adjusted trail balance using the spreadsheet. (5 points) Just fill in the numbers

Daniels Company End of Period' Spreadsheet For the Month Ended May 31st, 2016 Unadjusted Trial Balance Adjustments Dr. Cr. Dr Cr. Adjusted Trial Balance Dr. Cr. Account Title Cash [A/R Supplies Prepaid Insurance Machine Accumulated Depreciation |A/P Unearned Revenue Salaries Payable Daniel, Capital Daniel, Drawing Fees earned Rent revenue Insurance Expense Supplies Expense Depreciation Expense Salaries Expense Utilities Expense Total Net Income