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Emily Lee grew up in Vancouver and loves to be a tourist in her own city. In order to make money to pay for university,
Emily Lee grew up in Vancouver and loves to be a tourist in her own city. In order to make money to pay for university, she opened a walking tour company, Very Vancouver. The following are transactions for the month of May 2023, the first month of operations. May 2 Emily moved $9,650 from her personal bank account to a business bank account at TD Bank. She a lso invested a laptop worth $1,440 into the business. May 3 Purchased supplies, including a microphone, and brochures for $900 cash. May 4 Purchased a printer for $432 on account. May 5 Purchased a one-year insurance policy for $2,340 cash. May 6 Emily withdrew $303 for a Mother's Day gift. May 8 Interviewed and hired one employee to assist with leading tours. May 10 Emily launched a social media campaign of Very Vancouver on Facebook. As a result, she received $1, 990 of cash for future tour bookings. May 15 Led three tours of Stanley Park and received $820 cash. May 25 Led four tours of Granville Island, for $1,235. The customers on this tour had prepaid on May 10 . The following informatlon is known at May 31, 2023. - The laptop has an estimated llfe of three years. - The printer has an estimated life of three years. - There are $300 of supplies that are not used. - A portion of the insurance policy has explred. - Wages of $915 were unpaid and unrecorded. Required 1-a. Prepare journal entrles for the May transactlons. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 1-a. Prepare journal entries for the May transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet kecora tne owner s intial investment. Note: Enter debits before credits. 1-b. Prepare the adjusting entries. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) 1-c. Prepare the closing entries. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) 2. Post the above journal entries to the T-accounts. 3. Prepare a post-closing trial balance. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) 4. Prepare an income statement and statement of changes in equity for the month ended May 31, 2023. (Do nor round intermediate calculations. Round the final answers to the nearest whole dollar.) VERY VANCOUVER Statement of Changes in Equity For Month Ended May 31, 2023 Emily Lee, capital, May 1 Add: Profit Total Less: Withdrawals by owner Emily Lee, capital, May 31 5. Prepare a classified balance sheet at May 31, 2023. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.)
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