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Accounting 199 - Assignment #1 Yesenia and LeAnn decide to earn extra money by starting a painting business. They plan to open the business in May, and then start with painting jobs in June. The following activities occurred in May: 1. Yesenia puts $2,000 cash into the business in exchange for 20 shares of common stock. Par value is $0.40 per share. 2. LeAnn puts $1,000 cash into the business. Additionally, she contributes her van. The partners agree that the van is worth $3,000. In exchange, LeAnn receives 40 shares of common stock. 3. They buy two ladders for $220 each. The transaction is made in cash. 4. They purchase an insurance policy for $900 in cash, covering liability for any damage they incur while painting. The policy covers one year, and takes effect on June 1. 5. They buy brushes and other painting supplies for $150 in cash. Yesenia and LeAnn estimate that the supplies will last at least a year. 6. At the end of May, they book their first painting job, which will start in early June. The quoted price of for the job is $1,500. They receive a 10% down payment in cash ($150) when the contract is signed on May 26. 7. They buy $850 worth of paint on account. Required: a. Show journal entries for each transaction that needs to be recorded in May (you do not need to record journal entries which occur outside of May). b. Complete t-accounts for the transactions. c. Prepare a trial balance for the account balances at the end of May. d. Construct a balance sheet showing the partnership's financial position at the end of May