Chapter 7 Saved 1 Assume it is Monday, May 1, the first business day of the month, and you have just been hired as the accountant for Colo Company, which operates with monthly accounting periods. All of the company's accounting work is completed through the end of April, and its ledgers show April 30 balances. During your first month on the job, the company experiences the following transactions and events (terms for all its credit sales are 2/10, n/30 unless stated differently): 10 points eBook Print References May 1 Issued Check Number 3410 to S&P Management Company in payment of the May rent for $3,910. Charge $3,008 to Rent Expense-selling Space, and charge $902 to Rent Expense-Office Space. (Use two lines to record the transaction. ) May 2 (a) Sold merchandise on credit to Hensel Company, Invoice Number 8785, for $8,100 (cost is $6,100). May 2 (b) Issued an allowance (price reduction) of $275 to Knox Company for merchandise sold on April 28. The total selling price (gross) was $4,825. May 3 Issued a refund of $838 to Peyton Products for the return of merchandise purchased on April 29. Colo's accounts payable was reduced by that amount. May 4 Purchased the following on credit from Gear Supply Company: merchandise, $37,112; store supplies, $614; and office supplies, $103. Invoice dated May 4, terms n/30. May 5 Received payment from Knox Company for the balance from the April 28 ($4,550) sale less the May 2 return and the $91 discount. May 8 Issued check Number 3411 to Peyton Products to pay for the $7,198 of merchandise purchased on April 29 less the May 3 return and the $166 discount. May 9 Sold store supplies (noninventory) to the business next door at their cost of $410 cash. Hint: Enter Store Supplies" only in the Account Credited column. May 10 Purchased $4,194 of office equipment on credit from Gear Supply Company, terms n/30. May 11 (a) Received payment from Hensel Company for the May 2 sale less the discount of $162. May 11 (b) Purchased $10,800 of merchandise from Garcia, Incorporated, terms 2/10, n/30. May 12 Received a(n) $974 price reduction from Gear Supply Company for the return of office equipment received on May 10. Colo debited accounts payable by that amount. May 15 (a) Issued Check Number 3412, payable to Payroli, in payment of sales salaries, $5,520, and office salaries, $3,350. May 15 (b) Cash sales for the first half of the month are $59,620 (cost is $38, 600). These cash sales are recorded in the cash receipts journal on May 15. May 15 (c) Post to the customer and creditor accounts. Also post individual items that are not included in column totals at the end of the month to the general ledger accounts. May 16 Sold merchandise on credit to Hensel Company, Invoice Number 8786, for $4,190 (cost is $2,090). May 17 Purchased $13,850 of merchandise from Fink Corporation, terms 2/10, n/60. Issued Check Number 3413 to Garcia, Incorporated, in payment of its May 11 purchase less the discount of $276. May 22 Sold merchandise to Lee Services, Invoice Number 8787, for $7,050 (cost is $5,190), terms 2/10, n/60. May 23 Issued Check Number 3414 to Fink Corporation in payment of its May 17 purchase less the discount of $313. May 24 Purchased the following on credit from Gear Supply Company: merchandise, $8,520; store supplies, $830; and office supplies, $680. Terms n/30. May 25 Purchased $3,480 of merchandise from Peyton Products, terms 2/10, n/30. May 26 (a) Sold merchandise on credit to Crane Corporation, Invoice Number 8788, for $14,410 (cost is $8,630). May 26 (b) Issued Check Number 3415 to Perennial Power in payment of the May electric bill, $1,323. May 29 The owner of Colo Company, Jenny Colo, used Check Number 3416 to withdraw $7,000 cash from the business for personal use. May 30 (a) Received payment from Lee Services for the May 22 sale less the discount of $157. May 30 (b) Issued check Number 3417, payable to Payroll, in payment of sales salaries, $5,520, and office salaries, $3,350. May 31 (a) Cash sales for the last half of the month are $66,212 (cost is $42, 600). These cash sales are recorded in the cash receipts journal on May 31. May 31 (b) Post to the customer and creditor accounts. Also post individual items that are not included in column totals at the end of the month to the general ledger accounts. Foot and crossfoot the journals and make the month- May 19 -------- Reg 2A Reg 28 Reg 2C Reg 3A Reg 3B Reg 3 Reg 4A Reg 431 Reg 4B2 Prepare and post adjusting and closing entries. No Date General Journal Debit Credit 1 May 31 573 Insurance expense Prepaid insurance Ol 573 2 May 31 Store supplies expense Store supplies O 3 May 31 Office supplies expense Office supplies olol 4 May 31 587 Depreciation expense-Store equipment Accumulated depreciation Store equipment ol 587 5 May 31 349 Depreciation expense-Office equipment Accumulated depreciation office equipment lo 349 6 May 31 Sales 3,176 Income summary 3,176 7 May 31 55,760 lolo 185% 2,571 Income summary Sales returns and allowances Sales discounts Cost of goods sold Depreciation expense-Office equipment Depreciation expense-Store equipment Office salaries expense Sales salaries expense Insurance expense Rent expense, Office space Rent expense, Selling space Utilities expense Office supplies expense Store supplies expense OOOololololololo 4,825 x 349 587 6.700 11,040 573 902 3,00B 1,323 680 X 1,444 X 8 May 31 Income summary 125,303 00 J. Colo, Capital 125,303 9 May 31 7.000 J. Colo, Capital J. Colo, Withdrawals 7,000 Reg 2A Reg 28 Req2c Reg 3 Reg 35 Reg 3 Reg 4 Req 481 Rey 492 Post all entries from regs. la), 1b), 1c), id) and le) along with adjusting and closing entries from reg. 2a). Cash Debit Credit Credit Balance Date April 30 May 31 (c) Cash Payments Journal May 31 (c) Cash Recipes Joumal GENERAL LEDOER Accounts Receivable Balance Date Debi 50,687 April 20 18,137) May 31 (c) Sales Journal 32,580 136,153 May 31 () Cash Recipts Journal May 02 (1 58,824 144,290 18,710 230 37,405 18.095 18,465 Office Supplies Debit Credit Credit Merchandise inventory Date Debit April 30 |May 03 May 31 (C) Sales Journal May 31 (c) Purchases Journal 72,394 May 31 (c) Cash Payments Journal Balance 220,280 219,460 192,710 271,104 270,430 Date April 30 May 31 (e) Purchases Joumal May 31 Balance 530 1,124 560 820 20,750 594 OOOO Jolol 564 674 Store Supplies Debit Prepaid insurance Debit Date Credit Date Credit Balance Balance 2,507 3,103 3.558 April 30 May 31 564 2,994 April 30 May 04 May 24 May 09 May 31 lolololo 505 740 383 790 2,670 Otice Equipment Debit Accumulated Depreciation Office Equipment Date Debi Credit Date Credit Balance 22,670 April 30 April 30 May 31 Balance 9,95 10,298 3400 Store Equipment Debit Accumulated Depreciation Store Equipment Date Debit Credit Date Credit Balance 39,320 April 30 April 20 May 31 Balance 17.79 18,374 578 Accounts Payable Debit Jenny Colo, Capital Debi Credit Date Credit April 20 Balance 7,198 85,862 55,869 Balance 309,425 339,900 Date April 30 May 31 (c) Purchases Journal May 31 (c) Cash Payments Journal May 03 May 12 78,464 30,481 29,903 May 31 7,000 332,906 lolololo 820 920 54,849 53,929 Jenny Colo, Wydawals Debit Sales Debi Dace Credit Balance Date Credit Balance May 29 May 31 ols May 31 (c) Sales Journal May 31 (c) Cash Receipts Journal Store Equipment Debit Accumulated Depreciation-Store Equipment Date Debit Credit Date Credit Balance 39,320 April 30 April 30 May 31 Balance 17.796 18,374 578 X Accounts Payable Debit Jenny Colo, Capital Debit Date Credit Date Credit Balance Balance 7.198 78,464 April 30 May 31 (c) Purchases Joumal May 31 (c) Cash Payments Journal May 03 May 12 April 30 May 31 May 31 30,481 x OO 309,425 339.908 332,906 7.000 OOOO 29,993 X 820 X 920 X 85 662 55.669 54,849 53,929 Sales Jenny Colo, Withdrawals Debit Date Credit Balance Date Debit Credit Balance May 29 May 31 O May 31 (c) Sales Journal May 31 (c) Cash Receipts Joumal Oo Sales Returns and Allowances Debit Sales Discounts Debit Date Credit Balance Credit Balance May 02 (D) May 31 . Date May 31 (c) Cash Receipts Joumal May 31 Cost of Goods Sold Debit Depreciation Expense-Office Equipment Debit Credit Credit Balance Date Balance May 31 Date May 31 (c) Sales Journal May 31 (c) Cash Receipts Journal May 31 OOO May 31 Depreciation Expense-Store Equipment Debit Credit Office Salaries Expense Debit Date Balance Date Credit Balance May 31 May 31 00 May 15 May 30 May 31 OOO Sales Salaries Expense Debit Insurance Expense Debit Date Credit Balance Date Credit Balance Sales Salaries Expense Debit Insurance Expense Debit Date Credit Balance Date Credit Balance May 15 May 30 May 31 ololo May 31 May 31 Rent Expense, Office Space Debit Rent Expense, Selling Space Debit Date Credit Balance Date Credit Balance > May 01 May 31 ol May 01 May 31 Office Supplies Expense Debit Store Supplies Expense Debit Date Credit Balance Date Credit Balance May 31 May 31 May 31 May 31 Utilities Expense Debit Income Summary Debit Date Credit Balance Date Credit Balance May 26 May 31 May 31 May 31 May 31 OOO ACCOUNTS RECEIVABLE LEDGER Crane Corporation Debit Hensel Company Debit Date Credit Balance Date Credit Balance Knox, Incorporated Debit Lee Services Debit Date Credit Date Credit Balance Balance 4,825 April 28 ACCOUNTS PAYABLE LEDGER Fink Corporation Garcia, Incorporated ACCOUNTS PAYABLE LEDGER Fink Corporation Debit Garcia, Incorporated Debit Date Credit Balance Date Credit Balance May 17 May 23 00 May 11 May 19 00 Gear Supply Company Debit Peyton Products Debit Date Credit Balance Date Credit Balance 7.198 May 04 May 10 May 24 May 12 OOO April 29 May 25 May 08 May 03 DO Chapter 7 A Saved Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. 1 Reg 2A Reg 28 Reg 2 Reg 3A Reg 38 Reg 30 Reg 4A Reg 481 Reg 482 Prepare a work sheet for the month ended May 31. 10 points COLO COMPANY Work Sheet for Month Ended May 31 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet & Statement of Equity Account Title Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash Debit S 145,532 19.700 X 73.762 X 783 X 5,638 X Accounts receivable Merchandise inventory Office supplies Store supplies Prepaid insurance Office equipment Accumulated depreciation - Office equipment Store equipment Accumulated depreciation - Store equipment Accounts payable Jenny Colo, Capital Jenny Colo, Withdrawals Sales Sales discounts Sales returns and allowances Cost of goods sold Depreciation Expense-Office equipment Depreciation Expense-Store equipment Office salaries expense Sales salaries expense Insurance expense Rent expense, office space Rent expense, selling space Office supplies expense Store supplies expense Utilities expense Totals IS AC A4 S 0 0 $ 0 0 Is 0 Is $ 0 $ 0 $ 0 S 0 S 0 Is 0 0 Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 2A Reg 2B Req 2c Reg 3A Reg 3B Req 3C Reg 4A Req 481 Reg 4B2 Prepare a May multiple-step income statement. COLO COMPANY Income Statement For Month Ended May 31 Revenues 0 Net sales 0 0 Operating expenses Selling expenses 0 Total seling expenses General and administrative expenses 0 Total general and administrative expenses Total operating expenses 0 Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 2A Reg 2B Req 2c Reg 3A Reg 38 Reg 3C Reg 4 Reg 4B: Reg 4B2 Prepare a May 31 classified balance sheet. COLO COMPANY Balance Sheet May 31 Assets Current assets: Total current assets 0 Plant assets 0 D Total plant assets 0 0 Total assets Liabilities Current liabilities: Total liabilities D Equity Total liabilities and equity $ D Answer is not complete. Complete this question by entering your answers in the tabs below. Req 2A Reg 28 Reg 2C ReQ 3A Reg 38 Req 3 Reg 4A Req 481 Reg 4B2 Prove the accuracy of subsidiary ledgers by preparing schedules of accounts receivable. Req 4B2 COLO COMPANY Schedule of Accounts Receivable May 31 Crane Corporation s Hensel Company Knox, Incorporated Lee Services Total accounts receivable IS 0 0 Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 2A Reg 2B Req 2c Reg 3A Req 3B Req 3C Reg 4A Reg 41 Reg 4B2 Prepare a post-closing trial balance. COLO COMPANY Post-Closing Trial Balance May 31 Debit Credit Totals 0 s D Chapter 7 Saved 1 Assume it is Monday, May 1, the first business day of the month, and you have just been hired as the accountant for Colo Company, which operates with monthly accounting periods. All of the company's accounting work is completed through the end of April, and its ledgers show April 30 balances. During your first month on the job, the company experiences the following transactions and events (terms for all its credit sales are 2/10, n/30 unless stated differently): 10 points eBook Print References May 1 Issued Check Number 3410 to S&P Management Company in payment of the May rent for $3,910. Charge $3,008 to Rent Expense-selling Space, and charge $902 to Rent Expense-Office Space. (Use two lines to record the transaction. ) May 2 (a) Sold merchandise on credit to Hensel Company, Invoice Number 8785, for $8,100 (cost is $6,100). May 2 (b) Issued an allowance (price reduction) of $275 to Knox Company for merchandise sold on April 28. The total selling price (gross) was $4,825. May 3 Issued a refund of $838 to Peyton Products for the return of merchandise purchased on April 29. Colo's accounts payable was reduced by that amount. May 4 Purchased the following on credit from Gear Supply Company: merchandise, $37,112; store supplies, $614; and office supplies, $103. Invoice dated May 4, terms n/30. May 5 Received payment from Knox Company for the balance from the April 28 ($4,550) sale less the May 2 return and the $91 discount. May 8 Issued check Number 3411 to Peyton Products to pay for the $7,198 of merchandise purchased on April 29 less the May 3 return and the $166 discount. May 9 Sold store supplies (noninventory) to the business next door at their cost of $410 cash. Hint: Enter Store Supplies" only in the Account Credited column. May 10 Purchased $4,194 of office equipment on credit from Gear Supply Company, terms n/30. May 11 (a) Received payment from Hensel Company for the May 2 sale less the discount of $162. May 11 (b) Purchased $10,800 of merchandise from Garcia, Incorporated, terms 2/10, n/30. May 12 Received a(n) $974 price reduction from Gear Supply Company for the return of office equipment received on May 10. Colo debited accounts payable by that amount. May 15 (a) Issued Check Number 3412, payable to Payroli, in payment of sales salaries, $5,520, and office salaries, $3,350. May 15 (b) Cash sales for the first half of the month are $59,620 (cost is $38, 600). These cash sales are recorded in the cash receipts journal on May 15. May 15 (c) Post to the customer and creditor accounts. Also post individual items that are not included in column totals at the end of the month to the general ledger accounts. May 16 Sold merchandise on credit to Hensel Company, Invoice Number 8786, for $4,190 (cost is $2,090). May 17 Purchased $13,850 of merchandise from Fink Corporation, terms 2/10, n/60. Issued Check Number 3413 to Garcia, Incorporated, in payment of its May 11 purchase less the discount of $276. May 22 Sold merchandise to Lee Services, Invoice Number 8787, for $7,050 (cost is $5,190), terms 2/10, n/60. May 23 Issued Check Number 3414 to Fink Corporation in payment of its May 17 purchase less the discount of $313. May 24 Purchased the following on credit from Gear Supply Company: merchandise, $8,520; store supplies, $830; and office supplies, $680. Terms n/30. May 25 Purchased $3,480 of merchandise from Peyton Products, terms 2/10, n/30. May 26 (a) Sold merchandise on credit to Crane Corporation, Invoice Number 8788, for $14,410 (cost is $8,630). May 26 (b) Issued Check Number 3415 to Perennial Power in payment of the May electric bill, $1,323. May 29 The owner of Colo Company, Jenny Colo, used Check Number 3416 to withdraw $7,000 cash from the business for personal use. May 30 (a) Received payment from Lee Services for the May 22 sale less the discount of $157. May 30 (b) Issued check Number 3417, payable to Payroll, in payment of sales salaries, $5,520, and office salaries, $3,350. May 31 (a) Cash sales for the last half of the month are $66,212 (cost is $42, 600). These cash sales are recorded in the cash receipts journal on May 31. May 31 (b) Post to the customer and creditor accounts. Also post individual items that are not included in column totals at the end of the month to the general ledger accounts. Foot and crossfoot the journals and make the month- May 19 -------- Reg 2A Reg 28 Reg 2C Reg 3A Reg 3B Reg 3 Reg 4A Reg 431 Reg 4B2 Prepare and post adjusting and closing entries. No Date General Journal Debit Credit 1 May 31 573 Insurance expense Prepaid insurance Ol 573 2 May 31 Store supplies expense Store supplies O 3 May 31 Office supplies expense Office supplies olol 4 May 31 587 Depreciation expense-Store equipment Accumulated depreciation Store equipment ol 587 5 May 31 349 Depreciation expense-Office equipment Accumulated depreciation office equipment lo 349 6 May 31 Sales 3,176 Income summary 3,176 7 May 31 55,760 lolo 185% 2,571 Income summary Sales returns and allowances Sales discounts Cost of goods sold Depreciation expense-Office equipment Depreciation expense-Store equipment Office salaries expense Sales salaries expense Insurance expense Rent expense, Office space Rent expense, Selling space Utilities expense Office supplies expense Store supplies expense OOOololololololo 4,825 x 349 587 6.700 11,040 573 902 3,00B 1,323 680 X 1,444 X 8 May 31 Income summary 125,303 00 J. Colo, Capital 125,303 9 May 31 7.000 J. Colo, Capital J. Colo, Withdrawals 7,000 Reg 2A Reg 28 Req2c Reg 3 Reg 35 Reg 3 Reg 4 Req 481 Rey 492 Post all entries from regs. la), 1b), 1c), id) and le) along with adjusting and closing entries from reg. 2a). Cash Debit Credit Credit Balance Date April 30 May 31 (c) Cash Payments Journal May 31 (c) Cash Recipes Joumal GENERAL LEDOER Accounts Receivable Balance Date Debi 50,687 April 20 18,137) May 31 (c) Sales Journal 32,580 136,153 May 31 () Cash Recipts Journal May 02 (1 58,824 144,290 18,710 230 37,405 18.095 18,465 Office Supplies Debit Credit Credit Merchandise inventory Date Debit April 30 |May 03 May 31 (C) Sales Journal May 31 (c) Purchases Journal 72,394 May 31 (c) Cash Payments Journal Balance 220,280 219,460 192,710 271,104 270,430 Date April 30 May 31 (e) Purchases Joumal May 31 Balance 530 1,124 560 820 20,750 594 OOOO Jolol 564 674 Store Supplies Debit Prepaid insurance Debit Date Credit Date Credit Balance Balance 2,507 3,103 3.558 April 30 May 31 564 2,994 April 30 May 04 May 24 May 09 May 31 lolololo 505 740 383 790 2,670 Otice Equipment Debit Accumulated Depreciation Office Equipment Date Debi Credit Date Credit Balance 22,670 April 30 April 30 May 31 Balance 9,95 10,298 3400 Store Equipment Debit Accumulated Depreciation Store Equipment Date Debit Credit Date Credit Balance 39,320 April 30 April 20 May 31 Balance 17.79 18,374 578 Accounts Payable Debit Jenny Colo, Capital Debi Credit Date Credit April 20 Balance 7,198 85,862 55,869 Balance 309,425 339,900 Date April 30 May 31 (c) Purchases Journal May 31 (c) Cash Payments Journal May 03 May 12 78,464 30,481 29,903 May 31 7,000 332,906 lolololo 820 920 54,849 53,929 Jenny Colo, Wydawals Debit Sales Debi Dace Credit Balance Date Credit Balance May 29 May 31 ols May 31 (c) Sales Journal May 31 (c) Cash Receipts Journal Store Equipment Debit Accumulated Depreciation-Store Equipment Date Debit Credit Date Credit Balance 39,320 April 30 April 30 May 31 Balance 17.796 18,374 578 X Accounts Payable Debit Jenny Colo, Capital Debit Date Credit Date Credit Balance Balance 7.198 78,464 April 30 May 31 (c) Purchases Joumal May 31 (c) Cash Payments Journal May 03 May 12 April 30 May 31 May 31 30,481 x OO 309,425 339.908 332,906 7.000 OOOO 29,993 X 820 X 920 X 85 662 55.669 54,849 53,929 Sales Jenny Colo, Withdrawals Debit Date Credit Balance Date Debit Credit Balance May 29 May 31 O May 31 (c) Sales Journal May 31 (c) Cash Receipts Joumal Oo Sales Returns and Allowances Debit Sales Discounts Debit Date Credit Balance Credit Balance May 02 (D) May 31 . Date May 31 (c) Cash Receipts Joumal May 31 Cost of Goods Sold Debit Depreciation Expense-Office Equipment Debit Credit Credit Balance Date Balance May 31 Date May 31 (c) Sales Journal May 31 (c) Cash Receipts Journal May 31 OOO May 31 Depreciation Expense-Store Equipment Debit Credit Office Salaries Expense Debit Date Balance Date Credit Balance May 31 May 31 00 May 15 May 30 May 31 OOO Sales Salaries Expense Debit Insurance Expense Debit Date Credit Balance Date Credit Balance Sales Salaries Expense Debit Insurance Expense Debit Date Credit Balance Date Credit Balance May 15 May 30 May 31 ololo May 31 May 31 Rent Expense, Office Space Debit Rent Expense, Selling Space Debit Date Credit Balance Date Credit Balance > May 01 May 31 ol May 01 May 31 Office Supplies Expense Debit Store Supplies Expense Debit Date Credit Balance Date Credit Balance May 31 May 31 May 31 May 31 Utilities Expense Debit Income Summary Debit Date Credit Balance Date Credit Balance May 26 May 31 May 31 May 31 May 31 OOO ACCOUNTS RECEIVABLE LEDGER Crane Corporation Debit Hensel Company Debit Date Credit Balance Date Credit Balance Knox, Incorporated Debit Lee Services Debit Date Credit Date Credit Balance Balance 4,825 April 28 ACCOUNTS PAYABLE LEDGER Fink Corporation Garcia, Incorporated ACCOUNTS PAYABLE LEDGER Fink Corporation Debit Garcia, Incorporated Debit Date Credit Balance Date Credit Balance May 17 May 23 00 May 11 May 19 00 Gear Supply Company Debit Peyton Products Debit Date Credit Balance Date Credit Balance 7.198 May 04 May 10 May 24 May 12 OOO April 29 May 25 May 08 May 03 DO Chapter 7 A Saved Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. 1 Reg 2A Reg 28 Reg 2 Reg 3A Reg 38 Reg 30 Reg 4A Reg 481 Reg 482 Prepare a work sheet for the month ended May 31. 10 points COLO COMPANY Work Sheet for Month Ended May 31 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet & Statement of Equity Account Title Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash Debit S 145,532 19.700 X 73.762 X 783 X 5,638 X Accounts receivable Merchandise inventory Office supplies Store supplies Prepaid insurance Office equipment Accumulated depreciation - Office equipment Store equipment Accumulated depreciation - Store equipment Accounts payable Jenny Colo, Capital Jenny Colo, Withdrawals Sales Sales discounts Sales returns and allowances Cost of goods sold Depreciation Expense-Office equipment Depreciation Expense-Store equipment Office salaries expense Sales salaries expense Insurance expense Rent expense, office space Rent expense, selling space Office supplies expense Store supplies expense Utilities expense Totals IS AC A4 S 0 0 $ 0 0 Is 0 Is $ 0 $ 0 $ 0 S 0 S 0 Is 0 0 Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 2A Reg 2B Req 2c Reg 3A Reg 3B Req 3C Reg 4A Req 481 Reg 4B2 Prepare a May multiple-step income statement. COLO COMPANY Income Statement For Month Ended May 31 Revenues 0 Net sales 0 0 Operating expenses Selling expenses 0 Total seling expenses General and administrative expenses 0 Total general and administrative expenses Total operating expenses 0 Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 2A Reg 2B Req 2c Reg 3A Reg 38 Reg 3C Reg 4 Reg 4B: Reg 4B2 Prepare a May 31 classified balance sheet. COLO COMPANY Balance Sheet May 31 Assets Current assets: Total current assets 0 Plant assets 0 D Total plant assets 0 0 Total assets Liabilities Current liabilities: Total liabilities D Equity Total liabilities and equity $ D Answer is not complete. Complete this question by entering your answers in the tabs below. Req 2A Reg 28 Reg 2C ReQ 3A Reg 38 Req 3 Reg 4A Req 481 Reg 4B2 Prove the accuracy of subsidiary ledgers by preparing schedules of accounts receivable. Req 4B2 COLO COMPANY Schedule of Accounts Receivable May 31 Crane Corporation s Hensel Company Knox, Incorporated Lee Services Total accounts receivable IS 0 0 Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 2A Reg 2B Req 2c Reg 3A Req 3B Req 3C Reg 4A Reg 41 Reg 4B2 Prepare a post-closing trial balance. COLO COMPANY Post-Closing Trial Balance May 31 Debit Credit Totals 0 s D