1. Prepare a worksheet for the month of May.

Prepare the 3 financial statements - Income Statement, Statement of Owner's Equity, and Balance Sheet - for the month of May.

Journalize the adjusting entries.

Adjustment Data:

1. Insurance expired, $510.75
2. b) Disposal supplies on hand, $723
3. c) Depreciation for the year on disposal equipment is based on the straight-line method, 12-year life, and a residual value of $1,225
4. d) Depreciation for the year on building is also straight-line, 20-year life, and a residual value of $25,000
5. e) Wages earned by employees but not due to be paid until June amounted to 36 hours at $18/hour plus 30 hours at $24/hour