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 journal entries back on the first tab with all the other journal entries. -- As of May 31, the company owes its employees $1,950 of wages to be paid on the next payday. -- A count of office supplies shows that $5,325 of supplies are on hand. -- A review shows that $1,725 of boat customization work has been completed, but has never been paid and was never recorded. -- Record depreciation of $1,900 on the equipment. -- The notes accrued $88 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. 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 Summary account. Place these entries back on the first tab with all the other journal entries. I. Post the closing entries to the t-accounts. J. Determine the balance in each account and create a post-closing trial balance on the sheet provided. Debit Credit $35,000 $35,000 $9,800 $800 $9,000 $24,750 $24,750 $24,000 $24,000 $5,615 $5,615 $15,250 Date Account 5/1/21 Cash Common Stock 5/4/21 Equipment Cash Accounts Payable 5/6/21 Cash Notes Payable Accounts 5/7/21 Receivable-Smith Sales Revenue 5/9/21 Wages Cash 5/11/21 Supplies Cash 5/14/21 Repairs Cash 5/16/21 Accounts Payable Cash 5/22/21 Dividends Cash 5/25/21 Cash Accounts Receivable-Smith 5/29/21 Electricity Electricity Bill payable 5/31/21 Repairs Accounts Payable $15,250 $15,400 $15,400 $4,500 $4,500 $10,500 $10,500 $12,000 $12,000 $520 $520 $7,500 $7,500 Answer: T - Accounts balances as on 31st May Cash pening Bal Common Stock Notes Payable Service rever Accounts recievable 1500 Payable on Equipment 800 Sad Wages 5615 24750 Payable on Equipment 4500 15.000 Dividends 10500 12000 Closing Bal 57235 650 8650 Cash 12000 Accounts Recievable Opening Ball 7000 Service Reve 04000 Service Reve 7500 Closing Ball 36500 38500 1500 Note Payable Opening Bal 500 Cash 4750 Closing Bal 25250 25230 05250 Opening Bal Accounts payable Supplies 400 15250 Closing Bal 05690 15650 15656 Payable on Equipment ash 800 Equipment 9800 ah 4500 Klosing Bal 4500 19800 900 Accounts Payable Opening Ball 300 Supplies 15250 Closing Ral 13550 19550 Service Revenus Opening Bal 2000 Accounts Recievable 24000 Cash 05400 Accounts Recievable 7500 H8900 Clasing Bal 48900 48900 Equipment Opening Bal Payable on Equipment 1000 9800 By Closing Bal 10800 1000 oso Common Stock Opening Bm 2000 Cash 35000 37000 By Closing Bal. 37000 37000 Accumulated Depeciation Opening Bal 1000 Closing Ball 1000 1000 1000 Electric Service Expense Electric Service Payable 520 Closing Bal.520 520 520 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 journal entries back on the first tab with all the other journal entries. -- As of May 31, the company owes its employees $1,950 of wages to be paid on the next payday. -- A count of office supplies shows that $5,325 of supplies are on hand. -- A review shows that $1,725 of boat customization work has been completed, but has never been paid and was never recorded. -- Record depreciation of $1,900 on the equipment. -- The notes accrued $88 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. 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 Summary account. Place these entries back on the first tab with all the other journal entries. I. Post the closing entries to the t-accounts. J. Determine the balance in each account and create a post-closing trial balance on the sheet provided. Debit Credit $35,000 $35,000 $9,800 $800 $9,000 $24,750 $24,750 $24,000 $24,000 $5,615 $5,615 $15,250 Date Account 5/1/21 Cash Common Stock 5/4/21 Equipment Cash Accounts Payable 5/6/21 Cash Notes Payable Accounts 5/7/21 Receivable-Smith Sales Revenue 5/9/21 Wages Cash 5/11/21 Supplies Cash 5/14/21 Repairs Cash 5/16/21 Accounts Payable Cash 5/22/21 Dividends Cash 5/25/21 Cash Accounts Receivable-Smith 5/29/21 Electricity Electricity Bill payable 5/31/21 Repairs Accounts Payable $15,250 $15,400 $15,400 $4,500 $4,500 $10,500 $10,500 $12,000 $12,000 $520 $520 $7,500 $7,500 Answer: T - Accounts balances as on 31st May Cash pening Bal Common Stock Notes Payable Service rever Accounts recievable 1500 Payable on Equipment 800 Sad Wages 5615 24750 Payable on Equipment 4500 15.000 Dividends 10500 12000 Closing Bal 57235 650 8650 Cash 12000 Accounts Recievable Opening Ball 7000 Service Reve 04000 Service Reve 7500 Closing Ball 36500 38500 1500 Note Payable Opening Bal 500 Cash 4750 Closing Bal 25250 25230 05250 Opening Bal Accounts payable Supplies 400 15250 Closing Bal 05690 15650 15656 Payable on Equipment ash 800 Equipment 9800 ah 4500 Klosing Bal 4500 19800 900 Accounts Payable Opening Ball 300 Supplies 15250 Closing Ral 13550 19550 Service Revenus Opening Bal 2000 Accounts Recievable 24000 Cash 05400 Accounts Recievable 7500 H8900 Clasing Bal 48900 48900 Equipment Opening Bal Payable on Equipment 1000 9800 By Closing Bal 10800 1000 oso Common Stock Opening Bm 2000 Cash 35000 37000 By Closing Bal. 37000 37000 Accumulated Depeciation Opening Bal 1000 Closing Ball 1000 1000 1000 Electric Service Expense Electric Service Payable 520 Closing Bal.520 520 520