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COMPREHENSIVE PROBLEM 1 REQUIREMENTS (1) Prepare journal entries to record the May 2016 transactions listed on the following page (refer to the chart of accounts for the appropriate account titles to use. Prepare a separate journal entry for each transaction and leave a space after each entry Check figure: Total Debits = $50,435. (2) Post the journal entries to the T-accounts, calculate the account balances, Prepare an unadjusted trial balance. Check figures: Cash balance = $6,265; Trial Balance Total Debits = $30,750. (3) Prepare adjusting journal entries in the general journal (on page 118) based on the following information (all AJEs are dated May 31); (a) Record insurance expired for one month. (b) There were $150 of supplies on hand at the end of the month. (c) Employees earn salaries & wages of $110 per day. Accrue wages and salaries for May 30 - 31. (d) The equipment has a useful life of 3 years. Record one month of depreciation. (e) The truck has a useful life of 5 years. Record one month of depreciation. (f) By the end of May, Pine Country had completed one-third of the services for Comfort Inn. (9) Services performed but unbilled and uncollected at May 31 were $1,250. (h) Annual interest on the note payable is 6%. Record accrued interest for May. () Income taxes to accrue for May are estimated to be $215. Check figure: Total Debits = $3870. (4) Post the adjusting entries to the T-accounts and calculate the account balances. Prepare an adjusted trial balance. Check figure: Total Debits = $32,720. (5) Using the adjusted trial balance prepared in step 4, prepare, in good formthe May financial statements: (a) Income Statement: Check figure: Net Income = $3,845. (b) Statement of Retained Earnings: Check figure: Retained Earnings, May 31, 2016 - $3,445. (c) Balance Sheet: Check figure: Total Assets = $25,215. (6) Prepare the month-end closing entries in the general journal (on page 119). All CJEs are dated May 31. Check figure: Total Debits = $21800. (7) Post the closing entries to Income Summary and Retained Earnings in the general ledger and compute the ending balances of these accounts. Note: You do not need to post the closing entries to the Revenue or Expense accounts