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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 the first month of operations. May Emily moved $ from her personal bank account to a business bank account at TD Bank. She also invested a laptop worth $ into the business.May Purchased a oneyear insurance policy for $ cash.May Purchased supplies, including a microphone, and brochures for $ cash.May Purchased a printer for $ on account.May Emily withdrew $ for a Mothers Day gift.May Interviewed and hired one employee to assist with leading tours.May Emily launched a social media campaign of Very Vancouver on Facebook. As a result, she received $ of cash for future tour bookings.May Led three tours of Stanley Park and received $ cash.May Led four tours of Granville Island, for $ The customers on this tour had prepaid on May The following information is known at May The laptop has an estimated life of three years.The printer has an estimated life of three years.There are $ of supplies that are not used.A portion of the insurance policy has expired.Wages of $ were unpaid and unrecorded.Requireda Prepare journal entries for the May transactions. If no entry is required for a transactionevent select No journal entry required" in the first account field.b Prepare the adjusting entries. Do not round intermediate calculations. Round the final answers to the nearest whole dollar.c Prepare the closing entries. Do not round intermediate calculations. Round the final answers to the nearest whole dollar. Post the above journal entries to the Taccounts Prepare a postclosing trial balance. Do not round intermediate calculations. Round the final answers to the nearest whole dollar. Prepare an income statement and statement of changes in equity for the month ended May Do not round intermediate calculations. Round the final answers to the nearest whole dollar. Prepare a classified balance sheet at May Do not round intermediate calculations. Round the final answers to the nearest whole dollar.
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