2.	Calculate NGS?s preliminary net income and net profit margin for the month. (Round "Net Profit Margin" to 1 decimal place.)

NGS?s Preliminary Net Income
NGS?s Net Profit Margin		%

3.

Which of the following best describes the adjustment(s) that will have to be made before the income statement is finalized?

	Record supplies used up in May.
	Record income taxes on May?s net income.
	All of the above.
	None of the above.

prev Question #2 (of 3) save & exit submit assignment I Starting in May 2013, Nicole has decided that she has everything that she needs to open her doors to customers. To keep up with competition, Nicole has added gift certificates and has started to advertise her company more, to keep her business going in the long term. Here is a sample of some transactions that occurred in the month of May at Nicole's Getaway Spa (NGS). Paid $2,700 cash for an insurance policy that covers the period from June 1 until May 31 next year May 1 May 4 Ordered five new massage tables from Spa Supplies Unlimited for $220 each for future delivery May 7 Provided $770 of spa services to customers on account. May 10 Received spa supplies purchased for $760 on account to use at Nicole's Getaway Spa May 13 Received a bill for $38 for running an advertisement in the newspaper in May. The bill was paid in cash. May 16 Paid one-quarter of the amount owed from May 10 May 19 Issued $1,400 of gift certificates to customers for cash. May 20 Obtained financing from the bank by signing a $4,800 two-year note payable May 22 Received two of the massage tables ordered on May 4 and paid the full amount in cash. May 25 Paid $440 cash for utility bills for services received and billed in May Required 1. For each of the transactions prepare journal entries, using the date of the transaction as the reference. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) view transaction list view general journal Journal Entry Worksheet Record the payment of $2,700 cash for an insurance policy that covers the period from June 1 until May 31 next year Date General Journal Debit Credit May 01 *Enter debits before credits entry record entry