1. Record (journalize) the transactions for April and May using the general journal

2. Prepare adjusting journal entries using the following information. Adjusting entries should be recorded in your general journal and then posted to your general ledger.

1. One month of prepaid rent has expired.
2. Record appropriate insurance expense for the period ending May 31.
3. Depreciation expense for the two months ending May 31 totaled $2,420 - Building $1,620, Computer Equipment $100, Kayaks $600, Paddle Boards $100.
4. Katie worked 16 hours on May 30 and 31 for which she has not been pai
5. A physical count show $165 of office supplies on hand at May 31.

Chesapeake Bay Kayak Rentals is located near the mouth of the Lynnhaven River on the Chesapeake Bay in Virginia Beach, VA, and rents kayaks to be used on the bay and the Lynnhaven River in addition to providing tours. Matt Redfern decided to start the business because of his love for the water and outdoors. Matt has decided to incorporate the business to limit his legal liability. The business began operations April 1, 2019, and will have a May 31 year end. April 1 Received $32,000 cash to begin the company in exchange for 16,000 shares of $2 par value common stock. 2 Signed a lease for space on the beach and paid $1,200 for the first month's rent. 2 Purchased computer equipment for $2,800. 2 Hired Katie Weekly to help out with rentals and tours at $15/hr. 3 Purchased kayaks for $6,000 on account. 4 Purchased office supplies on account for $340. 7 Rented kayaks to a group of students for $1,300 cash. 15 Paid wages of $1,200 to Katie. 15 Provided tour and kayaks to AP biology class at local high school on account, $2,400. 16 Received $120 bill from Virginia Power for connection fee. 20 Paid local newspaper $300 for ad for April. 22 Received $500 cash for kayak rental to vacationers. 25 Paid $160 bill for cell phone. 28 Paid $1,000 on account related to April 3 purchase on account. 28 Provided sunset kayak tour and received $350 cash. 30 Received $2,400 from school system for April 15 tour on account. 30 Rented kayaks on account to Brock Environmental Center, $2,100. 30 Paid wages to Katie in the amount of $1,050. May 1 Matt contributed land on the river worth $250,000 and a small building to use as a rental office worth $80,000 in exchange for 20,000 shares of $2 par value common stock. (Credit Common stock $40,000, and Paid In Capital in Excess of Par $290,000.) 1 Prepaid $4,800 for four months' rent on beach space. 2 Purchased additional kayaks by signing a note payable for $7,700. 2 Received $250 electric bill from Virginia Power. 4 Bought office supplies on account for $260. 4 Rented kayaks to school group for $1,800, but will be paid next month. 5 Received $1,900 cash for kayak rental to customers 7 Purchased paddle boards for $3,600 on account. 8 Received payment from Brock Environmental Center for April 30 rental. 8 Received $3,750 cash for kayak and paddle board rentals to customers. 8 Paid $4,800 for a two year insurance policy that began April 1. 9 Received $850 cash for paddle board rentals. 11 Received a $1,500 deposit from the Botanical Gardens for a sunset paddle board tour scheduled for June 7. 11 Paid Virginia Power for bill dated April 16. 15 Paid Katie for hours worked, $1,200. 16 Paid $5,000 balance on April 3 purchase. 18 Paid $600 on account for purchase of office supplies. 20 Paid local newspaper $300 for ad for May. 21 Rented kayaks and paddleboards to customers on account, $2,700. 22 Provided paddle board tour and received $980 cash. 26 Paid $180 cell phone bill. 28 Paid balance due on May 7 purchase of paddle boards. 28 Received $6,800 cash from kayak and paddle board rentals for Memorial Day. 29 Paid $1,100 cash on May 2 note payable. 31 Paid wages of $1,380 to Katie Weekly. EQUITY Common stock Paid In Capital In Excess of Par Retained Earnings REVENUE Rental Revenue ASSETS Cash Accounts Receivable Prepaid Insurance Prepaid Rent Office Supplies Land Building Accumulated Depreciation - Building Computer Equipment Accumulated Depreciation - Computer Equipment Kayaks (equipment) Accumulated Depreciation - Kayaks Paddle Boards (equipment) Accumulated Depreciation - Paddle Boards EXPENSES Advertising Expense Depreciation Expense Insurance Expense Rent Expense Supplies Expense Utilities Expense Telephone Expense Wages Expense LIABILITIES Accounts Payable Wages Payable Note Payable Unearned Revenue Chesapeake Bay Kayak Rentals is located near the mouth of the Lynnhaven River on the Chesapeake Bay in Virginia Beach, VA, and rents kayaks to be used on the bay and the Lynnhaven River in addition to providing tours. Matt Redfern decided to start the business because of his love for the water and outdoors. Matt has decided to incorporate the business to limit his legal liability. The business began operations April 1, 2019, and will have a May 31 year end. April 1 Received $32,000 cash to begin the company in exchange for 16,000 shares of $2 par value common stock. 2 Signed a lease for space on the beach and paid $1,200 for the first month's rent. 2 Purchased computer equipment for $2,800. 2 Hired Katie Weekly to help out with rentals and tours at $15/hr. 3 Purchased kayaks for $6,000 on account. 4 Purchased office supplies on account for $340. 7 Rented kayaks to a group of students for $1,300 cash. 15 Paid wages of $1,200 to Katie. 15 Provided tour and kayaks to AP biology class at local high school on account, $2,400. 16 Received $120 bill from Virginia Power for connection fee. 20 Paid local newspaper $300 for ad for April. 22 Received $500 cash for kayak rental to vacationers. 25 Paid $160 bill for cell phone. 28 Paid $1,000 on account related to April 3 purchase on account. 28 Provided sunset kayak tour and received $350 cash. 30 Received $2,400 from school system for April 15 tour on account. 30 Rented kayaks on account to Brock Environmental Center, $2,100. 30 Paid wages to Katie in the amount of $1,050. May 1 Matt contributed land on the river worth $250,000 and a small building to use as a rental office worth $80,000 in exchange for 20,000 shares of $2 par value common stock. (Credit Common stock $40,000, and Paid In Capital in Excess of Par $290,000.) 1 Prepaid $4,800 for four months' rent on beach space. 2 Purchased additional kayaks by signing a note payable for $7,700. 2 Received $250 electric bill from Virginia Power. 4 Bought office supplies on account for $260. 4 Rented kayaks to school group for $1,800, but will be paid next month. 5 Received $1,900 cash for kayak rental to customers 7 Purchased paddle boards for $3,600 on account. 8 Received payment from Brock Environmental Center for April 30 rental. 8 Received $3,750 cash for kayak and paddle board rentals to customers. 8 Paid $4,800 for a two year insurance policy that began April 1. 9 Received $850 cash for paddle board rentals. 11 Received a $1,500 deposit from the Botanical Gardens for a sunset paddle board tour scheduled for June 7. 11 Paid Virginia Power for bill dated April 16. 15 Paid Katie for hours worked, $1,200. 16 Paid $5,000 balance on April 3 purchase. 18 Paid $600 on account for purchase of office supplies. 20 Paid local newspaper $300 for ad for May. 21 Rented kayaks and paddleboards to customers on account, $2,700. 22 Provided paddle board tour and received $980 cash. 26 Paid $180 cell phone bill. 28 Paid balance due on May 7 purchase of paddle boards. 28 Received $6,800 cash from kayak and paddle board rentals for Memorial Day. 29 Paid $1,100 cash on May 2 note payable. 31 Paid wages of $1,380 to Katie Weekly. EQUITY Common stock Paid In Capital In Excess of Par Retained Earnings REVENUE Rental Revenue ASSETS Cash Accounts Receivable Prepaid Insurance Prepaid Rent Office Supplies Land Building Accumulated Depreciation - Building Computer Equipment Accumulated Depreciation - Computer Equipment Kayaks (equipment) Accumulated Depreciation - Kayaks Paddle Boards (equipment) Accumulated Depreciation - Paddle Boards EXPENSES Advertising Expense Depreciation Expense Insurance Expense Rent Expense Supplies Expense Utilities Expense Telephone Expense Wages Expense LIABILITIES Accounts Payable Wages Payable Note Payable Unearned Revenue