DDIO OU OULULLS Mr. Madoff decides to form an animal shelter for dogs and cats. On May 1, (the Happiest day in my mom's life), he made the following transactions: 1. On 5/1, he invested $350,000.00 of his own funds to form Redemption Services, LLC. He also borrows $100,000.00 from Chase Bank and he deposits the cash into the business. He deposits all of the funds into the First Redemption Bank. 2. On 5/1, he paid $9,600.00 for insurance for 12 months. 3. On 5/1, he paid $21,000 for a security system on Account. The equipment has a 3 year useful life and a salvage value of $3,000.00. In addition, it costs $500.00 per month for the monitoring service. 4. On 5/2, he paid $3,000.00 for rent for the month. 5. On 5/3, he paid $1,500.00 for dog and cat food. 6. On 5/5, he bought $2,450.00 of pet supplies on Account. 7. On 5/10, he transfers $75,000.00 to Pope Francis Bank. 8. On 5/12, he transfers $1,000.00 to form a petty cash account. 9. On 5/14, he paid out $2,500.00 in wages to his employees. Employees are paid every two weeks. 10. On 5/15, his grand opening produced cash fees and contributions totaling $7,500.00 for professional services. In addition, he has sales of $2,500.00 placed with customer's Visa accounts. He will not collect payment from Visa for 15 days. 11. On May 19, he bought $3,800.00 of pet supplies on Account and he bought $1,000.00 of supplies that he decides to expense. 12. On 5/20, he held a pet sale. The cash register daily receipt totaled $2,600.00, but the cash received was $2,800.00. 13. On 5/22, he purchases the building for $300,000.00. He borrows $240,000.00 from First Redemption Bank and uses $60,000.00 of company cash. The building has a useful life of 20 years with salvage value of $60,000.00. 14. On 5/23, he borrowers $5,000.00 in cash from his MasterCard Account for additional capital. 15. On 5/28, he paid out $2,500.00 in wages to his employees. 16. On 5/29, he holds a pet training class and receives professional fees of $2,000.00, $1,500.00 in cash, with the remaining being billed. 17. On 5/30, he took an inventory of his pet food and supplies. The total of supplies remaining was $2,250.00 18. On 5/30, he buys pizza for his employees for $750.00 taken from petty cash. 19. On 5/30, he pays himself a salary of $2,000.00. 20. On 5/30, he receives $500.00 from Visa. 21. On 5/31, he makes a cash donation of $2,obo.to the First Redemption Church. 22. On 5/31, he receives $250.00 for fees previously billed. Perform the following tasks for the month of May: 1) Journalize each transaction. 2) Prepare T-Accounts for each Account. 3) Make all adjusting entries. 4) Prepare an Income Statement. 5) Prepare a Statement of Owners Equity. 6) Prepare a Balance Sheet. DDIO OU OULULLS Mr. Madoff decides to form an animal shelter for dogs and cats. On May 1, (the Happiest day in my mom's life), he made the following transactions: 1. On 5/1, he invested $350,000.00 of his own funds to form Redemption Services, LLC. He also borrows $100,000.00 from Chase Bank and he deposits the cash into the business. He deposits all of the funds into the First Redemption Bank. 2. On 5/1, he paid $9,600.00 for insurance for 12 months. 3. On 5/1, he paid $21,000 for a security system on Account. The equipment has a 3 year useful life and a salvage value of $3,000.00. In addition, it costs $500.00 per month for the monitoring service. 4. On 5/2, he paid $3,000.00 for rent for the month. 5. On 5/3, he paid $1,500.00 for dog and cat food. 6. On 5/5, he bought $2,450.00 of pet supplies on Account. 7. On 5/10, he transfers $75,000.00 to Pope Francis Bank. 8. On 5/12, he transfers $1,000.00 to form a petty cash account. 9. On 5/14, he paid out $2,500.00 in wages to his employees. Employees are paid every two weeks. 10. On 5/15, his grand opening produced cash fees and contributions totaling $7,500.00 for professional services. In addition, he has sales of $2,500.00 placed with customer's Visa accounts. He will not collect payment from Visa for 15 days. 11. On May 19, he bought $3,800.00 of pet supplies on Account and he bought $1,000.00 of supplies that he decides to expense. 12. On 5/20, he held a pet sale. The cash register daily receipt totaled $2,600.00, but the cash received was $2,800.00. 13. On 5/22, he purchases the building for $300,000.00. He borrows $240,000.00 from First Redemption Bank and uses $60,000.00 of company cash. The building has a useful life of 20 years with salvage value of $60,000.00. 14. On 5/23, he borrowers $5,000.00 in cash from his MasterCard Account for additional capital. 15. On 5/28, he paid out $2,500.00 in wages to his employees. 16. On 5/29, he holds a pet training class and receives professional fees of $2,000.00, $1,500.00 in cash, with the remaining being billed. 17. On 5/30, he took an inventory of his pet food and supplies. The total of supplies remaining was $2,250.00 18. On 5/30, he buys pizza for his employees for $750.00 taken from petty cash. 19. On 5/30, he pays himself a salary of $2,000.00. 20. On 5/30, he receives $500.00 from Visa. 21. On 5/31, he makes a cash donation of $2,obo.to the First Redemption Church. 22. On 5/31, he receives $250.00 for fees previously billed. Perform the following tasks for the month of May: 1) Journalize each transaction. 2) Prepare T-Accounts for each Account. 3) Make all adjusting entries. 4) Prepare an Income Statement. 5) Prepare a Statement of Owners Equity. 6) Prepare a Balance Sheet