below is P5-1A

Comprehensive review of the entire accounting cycle, Chapters 1-5 0 (175 min) PS-2C. From the following transactions as well as additional data, please complete the entire accounting cycle for Mike's Plumbing of Prince Albert . (Use a chart of accounts similar to the one in Problem P5-1A on page 228.) Chrok Free Net Income $5,388.44 8 2022 May 1 To open the business, Mike Quinlan invested $10,000 cash and $7,400 worth of plumbing equipment. 1 Paid rent for four months in advance, $1,980. 3 Purchased office equipment on account from MacKenzie Co., $3,800 7 Bought plumbing supplies, $1,645. Collected $3,600 for plumbing services provided. 9 Mike paid his home utility bill with a company cheque, $122. 10 Billed Western Construction Co. for plumbing fees carned but not to be received until later, $9,600. 14 Advertising bill was received from ABCD Radio Co. but is not to be paid until next month, 5420. 21 Received cheque from Western Construction Co. in partial payment of transaction dated May 10, $4,800. 28 Paid Mackenzie Co, one-half of amount owed for office equip ment, $1,900, 31 Paid telephone bill of company, $184. 31 Received bill from George's Cleaning to be paid in June, $215. 31 Paid salaries to employees, $4,100. Adjusting Data a. Plumbing supplies remaining at month-end were $328. b. Onc month's rent expired in May. c. Depreciation on office equipment uses the straight-line method, a life of five years, and a residual value of $500. d. Depreciation of plumbing equipment also uses the straight-line method, a life of three years, and zero residual value. e. Salaries accrued amounted to 20% of the salaries paid on May 31. 25-1A. The adjusted trial balance at April 30, 2022, for Prepare the four closing entries and the post-clos I a Acct # Account Name 101 Cash 103 Accounts Receivable 110 Equipment 111 Accumulated Depreciation, Equipmen 130 Land 201 Accounts Payable 210 Wages Payable 235 Loan Payable 301 T. Murray, Capital (80 000 -6 302 T. Murray, Withdrawals 401 Plumbing Fees Earned 501 Depreciation Expense, Equipment --505 Wages Expense 510 Insurance Expense 515 Advertising Expense