Conduct a Balance sheet & Income Statement with the following information:

	Top Dog Inc
	May - Journalizing Transactions
	31-May
Date	Account Description	Debit	Credit
2020	1
1-May	Cash	50000
	Common Stock (to record initial investment 5000 shares @ $10 per stock)		50000
	2
1-May	Prepaid Insurance (asset)	4800
	Cash ( to record purchase of one year insurance policy)		4800
	3
7-May	Equipment (Hot Dog Stand)	24000
	Cash (asset) (to record purschase of hot dog stand)		24000
	4
8-May	Inventory	3000
	Accounts Payable (liability) (Nathans) (To record purchase of inventory of 1000 hot dogs and buns at $3.00)		30000
	5
8-May	Supplies on Hand (asset)	1000
	Cash (To record purchase of aupplies from Nathans)		1000
	6
9-May	N/A (Due to new hires not starting until 5/16)
	7
15-May	Cash	4500
	Revenue (Sales)		4500
	COGS	2700
	Inventory (To record the sale of 900 hot dogs at $5 and a cost of $3)		2700
	8
8-May	Salaries and Wages Expense	2000
	Cash (To record salaries for May 2020)		2000
	9
31-May	Accounts Payable (Nathans)	3000
	Cash (Asset) (To record payment on account to Nathan's)		3000
	10
31-May	Bank Charges (Expense)	30
	Cash (To record monthly bank charges)		30
	11
31-May	Cash (asset)	3000
	Deferred Revenue (Liability) (To record a deposit)		3000