Deon Sassafras Sis, Inc is a pool design firm based in Ozona, 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 (GJ) May 1 Invested $25,000 cash in exhange for Common Stock 1 Paid cash $1,200 for 12 month insurance policy 3 Paid cash for various expenses $3,000 5 Purchased supplies $2,000 on account. 10 Paid cash for office equipment $3,600. 17 Paid $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 "likes" exceed 5000. Marketing anticipates a sales bump of $1 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 Unadjusted Trial Balance 4 Record Adjusting Entries May 31 Supplies on hand at month end $250 31 Office Equipment Depreciates staright line over 3 years 31 Record insurance expense for menth end 31 Earned $300 of Unearned Revenue 31 Five hours design work on long term contract, $100 per hour 31 Record tax expense. Tax rate 40% 5 Post Adjusting Entries to the General Ledger (GL) 6 Produce the Adjusted Trial Balance Entry Type Periodic Inventory expense Estimated Expense Deferred Expense (You Prepaid an expense) Deferred Revenue (Customer Prepaid you) Accrued Revenue Accrued Expense 7 Produce an Income Statement, Retained Earnings Statement and Balance Sheet. 8 Record on Journal Page 4 the closing of all temporary accounts directly into Retained Earnings 10 Post to General Ledger (GL) 11 Produce the Post Closing Trial Balance