3)Post to ledger accounts

4)Prepare trial balance

5)Journalize adjusting entries

6)Prepare adjusted trial balance

1. Delightful Dar's Darins Dunes Transactions On May 1 Delightful Dar bought some new ATV's from Jack Cat's ATV's Last month she sold all of her ATV's because they were wom out. She purchased a total of 34 ATVs for $160,003 She paid $33,333 in cash and put the remaining balance on account. All balances on account 2. value of $19.555. They will be depreciated using the straight-line method. AT May 3. Delightful Dar drives in the big bucks!! Thirty-nine people decided to rent those new recorded Dar charges her clients $33.95 in hour to rent the ATOS A total of 80 rental hours was recorded on this day (60 hours were paid in cash and the rest wis put on client accounts). 4. 6. 3. On May 5, Delightful Dar decided to buy the land next to her business for $56,789 cash. On May 9, Delightful Dar realized that she needed some extra supplies. She purchased $3.210 worth of supplies on account from Dirt Cheap Office Products. 5. On May 13, Delightful Dar rents ATV's to her clients for 88 hours at $34.50 an hour. All of her clients paid cash for a change!! On May 16. Delightful Dar went to the bank and talked to Macy Money about a loan. Jack, from Jack Cat's ATV's needed $72,000 of the balance due from Dat. Therefore, Dar got a 4-year loan from the bank in the amount of $72,000 to pay off some of her bulance from Jack Cat's ATV's. The loan will be paid off in 8 equal installments due on November 16" und May 16" for cach of the next 4 years. Macy will charge 14.4% interest on the loan. Interest will be paid with then pay your liability) each installment. (Note: there are two transactions occurring here, first recognize the loan and 7. On May 18. Delightful Dar rents ATV's to her clients for 92 hours at 534.75 an hour (Dar loves to raise her prices on a regular basis!!). Her clients paid for 52 hours in cash and the other 40 hours were added to client accounts. On May 19, Delightful Dar paid Bailey's Bulletin $681 for informative flyers. The flyerts contain information about Dar's new ATV's and tire expected to increase Dar's rental reventies ty 5256 next month!! Dar is old school and prefers to dvertise using flyer Dar expenses this immediately 9. On May 21, Delightful Dar received cash from some of who we pat their ATV rental fees on account. She received a total of 1,111 from client counts 10. On May 23. Delightful Dardoeid tot Ngacy Money and Bailey from Bailey's Bulletin to work part-time over the next few weeks Shu thought they would be pood for fit for her business since they seems to know her well. Their duties will include assisting people to their ATV's, distributing flags, and cooler checks to soft drinks alloed, beer/wine only!!). It is expected that they will work a total of 48 hours during the rest of this month at a rate of $15.75 an hour. 8 11. On May 24, Delightful Dar found out that a couple of her clients had trouble with the ATV's they rented on May 13th, but didn't say anything at the time of rental. Therefore, Dar decided to refund them for a total of 6 hours. She wrote out and mailed the check today. 12. On May 25, Delightful Dar records rental revenue from the ATV's of $1,580. Eighty percent of that was paid in cash at the time of rental. The rest was added to customer accounts. 13. On May 28, Delightful Dar decides to pay dividends in the amount of $444. 14. On May 30, Delightful Dar pays Macy & Bailey a total of $777 cash for their excellent work. Adjustments On May 31, you notice the following: a) You have used up one months worth of insurance (On March 1, Dar purchased a 6-month insurance policy for $16,194) b) You need to recognize interest accumulated on the note payable c) You need to recognize depreciation on the building. You bought the building on February 15, last year. It has an expected life of 35 years and you use straight-line depreciation. You have accrued salaries of $945 d) e) You need to recognize depreciation on the ATV's f) You have only $1.239 worth of supplies on hand g) You need to recognize/accrue federal income taxes of $41. 6) Prepare an adjusted trial balance 7) Prepare the financial statements 8) Journalize and post closing entries 9) Prepare a post-closing trial balance The Accounting Cycle 1/2) Analyze & Journalize transactions 3) Post to ledger accounts 4) Prepare a trial balance 5) Journalize and post adjusting entries 184 C5 Have Fun & Good Luck!! S $ $ $ Create a T-Account for all accounts listed below. Don't forget to put them in colorill Delighful Dar's Daring Dunes Corporation Chart of Accounts Ledger # Account April 30th Balance ASSETS 101 Cash 89,899 102 Accounts Receivable 515 103 Supplies 545 104 Prepaid Insurance 10,796 105 Land 252.525 106 Building 125,160 107 Accum. Depr. - Building 4.321 108 Equipment 109 Accum. Depr.- Equipment S LIABILITIES 201 Accounts Payable 5,000 202 Notes Payable 203 Salaries Payable 204 Interest Payable $ 205 Income Tax Payable $ OWNER'S EQUITY 301 Common Stock S 338,423 302 Retained Earnings $ 131.696 303 Dividends $ M t v V V H V T . REVENUES ATV Rental Revenue 401 S S 501 502 503 504 505 506 507 508 EXPENSES Advertising Expense Dept. Expense - Building Depr. Expense - Equipment Income Tax pense Insurance Expense Interest Expense Salanes Expense Supplies Expense $ $ $