A. Start with the jourmal papers tab, record the May transactions that occurred; they are listed below in B. Each transaction does require an entry. Refer to the pages of t-accounts for a list of the comparry's accounts. Some accounts will already have balances in them. Do not delete or et wewn those are permanent accounts left over from the previous accounting period. B. The following transactions describe business activity for Tommy's Bont \& Tackle during May of 2021: May 1: The company generated $55,000 from the sule of its common stock. May 4:$12,800 of equipment was purchased with a $1,900 cash down payment. The balance should be paid within the next 90 days. May 6: Tommy, on behalf of the company, signed a 5-year note, borrowing $44,750 from the local bank. May 7: Tommy's crew completed a fishing boat customization job for the Smiths; a bill for $38,000 was sent fo the customer. May 9: The company paid its workers May wages of $9,615. May 11: Tommy's Boat \& Tackle purchased $9,350 of supplies on account. May 14: One of Tommy's employees completed $22,400 of repairs on fishing gear and received payment immediately. - Record depreciation of $3,900 on the equipment. -. The notes accrued $887 of interest during May. E. Post the adjusting entries to the t-accounts, establishing new accounts as needed. F.1) termine the balance in each necotiat and create an adjusted trial balance on the sheet provided. Be sure the trial balance is in balance before proceeding to the next step. G. Using the adjusted trial balance as your guide, create an income statement, statement of retained earnings and balance sheet on the blanks provided. H. Prepare the necessary closing entries, using an Income Sumanary account. Place these entries back on the first tab with all the other journal entries. 1. Post the closing entries to the t-accounts. 3. Determine the balance in each account and ereate a post-closing trial balance oa the sheet provided. K. Once all of this is complete, make sure to save the Excel and uplond it to Blackboard. May 16: The company paid half of the amount owed on the equipment purchased on May 4. May 22: Tommy's Boat \& Tackle paid cash dividends of 59,500 to its shareholders. May 25: The Smiths paid Tommy's one-half of the amount described in the May 7 transaction. W thy 29 A bill in the amount of $820 for the company's May electric service arrived but was not tumucdiately paid, It was not paid until the following month. Mary 31 One of Tommy's employees completed $7,500 of repairs on account. C. Post the May transactions to the appropriate t-accounts. Balances after the company closed its accounts on April 30 are indicated in each t-account. DO NOT IGNORE THESE BALANCES. The T-Accounts are in the second tab on the excel spreadsheet. D. Determine the balance in each account and prepare an unadjusted trial balance. Be sure the trial balance is in balance before proceeding to the next step. All the trial balances and financial statements are on the final third tab. E. Use the information provided below to prepare all necessary adjusting entries in the general journal. You might need to establish several new accounts. Place the joumal entries back on the first tab with all the other journal entries. The possible adjuatments are as follow: -- As of May 31, the company owes its employees $1,950 of whges to be paid on the sext payday. - A count of office supplies shows that $1,325 of supplies are on hand. -. A review shows that $4,725 of boat customization work las been completed, but has never been paid and was never recorded. -. Record depreciation of $3,900 on the equipment. -. The notes acerued 5887 of interest during May. E. Post the adjusting entries to the t-accounts, establishing new accounts as needed. F. Determine the balance in each account and create an adjusted trial balance on the sheet provided. Be sure the trial balance is in balance before proceeding to the next step. A. Start with the jourmal papers tab, record the May transactions that occurred; they are listed below in B. Each transaction does require an entry. Refer to the pages of t-accounts for a list of the comparry's accounts. Some accounts will already have balances in them. Do not delete or et wewn those are permanent accounts left over from the previous accounting period. B. The following transactions describe business activity for Tommy's Bont \& Tackle during May of 2021: May 1: The company generated $55,000 from the sule of its common stock. May 4:$12,800 of equipment was purchased with a $1,900 cash down payment. The balance should be paid within the next 90 days. May 6: Tommy, on behalf of the company, signed a 5-year note, borrowing $44,750 from the local bank. May 7: Tommy's crew completed a fishing boat customization job for the Smiths; a bill for $38,000 was sent fo the customer. May 9: The company paid its workers May wages of $9,615. May 11: Tommy's Boat \& Tackle purchased $9,350 of supplies on account. May 14: One of Tommy's employees completed $22,400 of repairs on fishing gear and received payment immediately. - Record depreciation of $3,900 on the equipment. -. The notes accrued $887 of interest during May. E. Post the adjusting entries to the t-accounts, establishing new accounts as needed. F.1) termine the balance in each necotiat and create an adjusted trial balance on the sheet provided. Be sure the trial balance is in balance before proceeding to the next step. G. Using the adjusted trial balance as your guide, create an income statement, statement of retained earnings and balance sheet on the blanks provided. H. Prepare the necessary closing entries, using an Income Sumanary account. Place these entries back on the first tab with all the other journal entries. 1. Post the closing entries to the t-accounts. 3. Determine the balance in each account and ereate a post-closing trial balance oa the sheet provided. K. Once all of this is complete, make sure to save the Excel and uplond it to Blackboard. May 16: The company paid half of the amount owed on the equipment purchased on May 4. May 22: Tommy's Boat \& Tackle paid cash dividends of 59,500 to its shareholders. May 25: The Smiths paid Tommy's one-half of the amount described in the May 7 transaction. W thy 29 A bill in the amount of $820 for the company's May electric service arrived but was not tumucdiately paid, It was not paid until the following month. Mary 31 One of Tommy's employees completed $7,500 of repairs on account. C. Post the May transactions to the appropriate t-accounts. Balances after the company closed its accounts on April 30 are indicated in each t-account. DO NOT IGNORE THESE BALANCES. The T-Accounts are in the second tab on the excel spreadsheet. D. Determine the balance in each account and prepare an unadjusted trial balance. Be sure the trial balance is in balance before proceeding to the next step. All the trial balances and financial statements are on the final third tab. E. Use the information provided below to prepare all necessary adjusting entries in the general journal. You might need to establish several new accounts. Place the joumal entries back on the first tab with all the other journal entries. The possible adjuatments are as follow: -- As of May 31, the company owes its employees $1,950 of whges to be paid on the sext payday. - A count of office supplies shows that $1,325 of supplies are on hand. -. A review shows that $4,725 of boat customization work las been completed, but has never been paid and was never recorded. -. Record depreciation of $3,900 on the equipment. -. The notes acerued 5887 of interest during May. E. Post the adjusting entries to the t-accounts, establishing new accounts as needed. F. Determine the balance in each account and create an adjusted trial balance on the sheet provided. Be sure the trial balance is in balance before proceeding to the next step