How to make an 1. income statement 2. statement of retained earnings

Jackson's Biking, a retailer of biking equipment, has hired you as an accountant to record journal entries and prepare the financial statements for the first month of business ended May 31, 2021. Jackson's Biking was funded by Beff Jezos, one of Jackson's closest personal friends. Although Beff Jezos has equity ownership of the company, the daily control and management is in the hands of Jackson and his business partner Dani. Jackson's Biking pays out dividends every month to its owners. Jackson's Biking has its headquarters in Edmonds, WA, a town near Seattle. The company buys and sells Biking equipment out of its one retail store. Jackson's Biking is looking forward to your knowledge of accounting to help the company move forward and expand in the future. Using the instructions provided in class (Canvas), complete the following Excel worksheets. Remember to use good accounting form and consider the overall professional presentation of your work.

2021/5/1	Jackson's Biking issued stock to Beff Jezos for his contribution of $200,000.
2021/5/1	Jackson's Biking purchased $75,000 of bikes (inventory) with cash.
2021/5/1	$24,000 was paid in advance for 1 year of rent.
2021/5/1	Jackson's Biking borrowed $30,000 on a 6 year, 6% annual interest loan from Wells Fargo.
2021/5/2	Purchased office supplies costing $4,000 on account.
2021/5/3	Received and paid a bill for running a newspaper advertisement for $225.
2021/5/4	Sold a one of a kind bike worth $800 to Matthew White for $12,500 cash.
2021/5/5	Purchased computers for business use with $10,000 cash.
2021/5/6	Purchased bike helmets (inventory) for $2,000 on account.
2021/5/8	Paid cash for half of supplies purchased on 5/2/21.
2021/5/9	Sold $3,000 of bikes to Emily Kim for $8,000 on account with terms 2/10, n/30.
2021/5/10	Jackson's Biking established a petty cash fund in the amount of $600.
2021/5/11	Sold $5,000 of bikes to Jessie Donovan for $12,000 on account with terms 2/10, n/30.
2021/5/12	Emily Kim paid Jackson's Biking for the bikes purchased on 5/9/21.
2021/5/13	An analysis of inventory indicated that some bikes were obsolete (i.e., old and outdated) and recorded above market value.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.
2021/5/14	Jackson's Biking sold 3 gift cards for $300 each. No merchandise was sold at this time.
2021/5/16	Sold a bike and helmet worth $500 total to Hunter Long for $1,800 cash.
2021/5/20	Received $3,000 from a customer for 3 bikes to be delivered in June.
2021/5/24	Jessie Donovan paid Jackson's Biking for purchases on 5/11/21.
2021/5/25	Returned $900 of helmets back to their supplier, has not received the refund yet.
2021/5/26	Hunter Long returned the bike and helmet purchased on 5/16/21. Jackson's Biking issued a full cash refund
2021/5/27	Sold $500 of bike tires to Sarah Row for $700 on account.
2021/5/29	Petty Cash was replenished for $400 to cover a promotion made at a Mariners game (advertising expense).
2021/5/31	Paid wages to employees for May totaling $15,000.
2021/5/31	Paid dividends totaling $450.
The following data are available for adjusting entries:
2021/5/31	Record rent expense for May.
2021/5/31	Record monthly interest expense on the Wells Fargo loan.
2021/5/31	Records show customers used $500 of gift cards to purchase inventory with a value of $300.
2021/5/31	Jackson's Biking had a water bill of $1,700 unpaid at end of the month.
2021/5/31	Record depreciation of computer equipment for $1,000.
2021/5/31	At the end of the month, $1,800 of supplies remain in the supply closet.