49 May: IV. Applications ( 30 points) Best Rental is owned and operated by Thomas Daniels. The following selected transactions were completed by Daniels Company during 1. On May 1 , received cash from the owner as an 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 , recerved 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 nun 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 ( 10 points) 2. Prepare an unadjusted trial balance using the spreadsheet on the last page ( 5 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 will be paid next month. 3. Journalize all the adjustments and post their balance to the spreadsheet. (5 points) 3. Journalize all the adjustments and post their balance to the spreadsheet. (5 points) 4. Prepare the adjusted trial balance using the spreadsheet (10 points) Just fill