Debit Sassafras Sis, Inc Chart of Accounts Balance Sheet Accounts Income Statement Accounts 1 Ants 4 Revenue Credit 11 Cash Debit 41 Revenues 12 Accounts Receivable 13 Supplies Debit 5 Expenses 51 Expenses Debit 14 Prepaid Insurance Debit 15 Office Equipment Debit Credit 16 Accum. Depreciation Office Eq. 2 Liabilities Credit 21 Accounts Payable 22 Accruals (ie taves payable Credit 23 Uneamed Revenue Credit 3 Stockholders' Equity 31 Common Stock Credit 32 Retained Earnings Credit 33 Dividends Debit Sassafras S, Inc is a pool design firm based in Orona, Florida, Based on the following fact pattern complete the entire accounting cycle case study for May 20xx 1 Record the following entries for the month of May in the General Journal (G) pages 1 and 12 Mary 1 Invested $25,000 cash in exharge for Common Stock 1 Paid cash $1,200 for 12 month insurance policy 3 Pald cash for various expenses $3,000 5 Purchased supplies $2,000 on account. 10 Paid cash for office equipment $3,600 17 Pald $1,000 cash to creditor 20 Revenue from designing several pools $12,000. Received $7,000 cash, remainder on account. 22 Received $900 cash from customer for future work 24 Received $1,000 cash from customer paying down account 25 Social media "kes exceed 5000, Marketing anticipates a sales bump of $i per like. 30 Board of Directors declared and paid cash Dividend $1,000 EXCLUDE THE DESCRIPTION ALWAYS LEAVE A SPACE BETWEEN SEPARATE TRANSACTIONS 2 Post to General Ledger (GL) 3 Produce the Uradjusted Trial Balance 4 Record Adjusting Entries on Jumal Page 3 Entry Type May 31 Supplies on hand at month and $250 Periodic Inventory expense 11 Office Equipment Depreciates staright line over 3 years Estimated Expense 31 Record Insurance expense for month end 11 Earned $300 of Unearned Revenge Deferred Expense (You Prepaid an expense) 31 Five hours design work on long term contract, $100 per hour Deferred Revenue (Customer Prepaid you) 31 Record tax expense Tax rate 40% Accrued Revenue 5 Post Adjusting Entries to the General Ledger (GL) Accrued Expense 6 Produce the Adjusted Trial Balance 7 Produce an Income Statement, Retained Earnings Statement and Balance Sheet 8 Record on Jumal Page 4 the closing of all temporary accounts directly into Retained Earnings 10 Post to General Ledger (1) 11 Produce the Post Closing Trial Balance