During May 2019 the following activities occurred: 5/1/2019 Jackson's Biking issued stock to Beff Jezos for his contribution of $200,000. 5/1/2019 Jackson's Biking purchased $75,000 of bikes (inventory) with cash. 5/1/2019 $36,000 was paid in advance for 1 year of rent. 5/1/2019 Jackson's Biking borrowed $30,000 on a 6 year, 6% annual interest loan from Wells Fargo. 5/2/2019 Purchased office supplies costing $4,000 on account. 5/3/2019 Received and paid a bill for running an ad for $225. 5/4/2019 Sold a one of a kind bike worth $800 to Matthew White for $12,500 cash. 5/5/2019 Purchased computers for business use with $10,000 cash. 5/6/2019 Purchased bike helmets (inventory) for $2,000 on account. 5/8/2019 Paid cash for half of supplies purchased on 5/2/19. 5/9/2019 Sold $3,000 of bikes to Emily Kim for $8,000 on account with terms 2/10, n/30. 5/10/2019 Jackson's Biking established a petty cash fund in the amount of $600. 5/11/2019 Sold $5,000 of bikes to Jessie Donovan for $12,000 on account with terms 2/10, n/30. 5/12/2019 Emily Kim paid Jackson's Biking for the bikes purchased on 5/9/19. 5/13/2019 An analysis of inventory indicated that some bikes were obsolete (i.e., old and outdated) and recorded above market value. An inventory write-down of $900 is required. 5/14/2019 Jackson's Biking sold 3 gift cards for $300 each. No merchandise was sold at this time. 5/16/2019 Sold a bike and helmet worth $500 total to Hunter Long for $1,800. 5/20/2019 Received $3,000 from a customer for 3 bikes to be delivered in June. 5/24/2019 Jessie Donovan paid Jackson's Biking for purchases on 5/11/19. 5/25/2019 Returned $900 of helmets back to their supplier, has not received the refund yet. 5/26/2019 Hunter Long returned a $600 bike purchased on 5/16/19. The inventory value of the bike was $400. 5/27/2019 Sold $500 of bike tires to Sarah Row for $700 on account. 5/29/2019 Petty Cash was replenished for $400 to cover a promotion made at a Mariners game (advertising expense). 5/31/2019 Paid wages to employees for May totaling $15,000. 5/31/2019 Paid dividends totaling $4,500.

The following data are available for adjusting entries:

5/31/2019 Record rent expense for May. 5/31/2019 Record monthly interest expense on the Wells Fargo loan. 5/31/2019 Records show customers used $500 of gift cards to purchase inventory with a value of $300. 5/31/2019 Jackson's Biking had a water bill of $1,200 unpaid at end of the month. 5/31/2019 Record depreciation of computer equipment for $1,000. 5/31/2019 At the end of the month, $1,900 of supplies remain in the supply closet.

instruction:

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