I need the "Worksheet" and "Owner's Equity" section filled out the most please!

Bills Lawn Care Module 2 Mini Practice Problem

Bill has asked you to prepare financial statements for his first month of operation. The following information relates to the month of May, 2014. (Round all calculations to the nearest whole dollar)

1. On May 2, Bill signed a 1 year, 6% note for $3,500 associated with the purchase of a used truck for the business. The interest will be due with the principle of the note.

2. On May 2, Bill purchased a used truck for $7,000 to use for the lawn care business. He estimates a trade-in value of $500 at the end of the estimated five-year life of the truck.

3. On May 5, Bill purchased a lawn mower for $300 and an aerator for $500. He estimates $0 salvage value for both pieces of equipment and an estimated two-year life for both.

4. On May 6, Bill writes a $600 check for a six month insurance policy that expires October 31, 2014.

Instructions:

1. Using the chart of accounts provided, and the Excel template provided with this assignment, record the adjustments in the Worksheet, calculate the adjusted trial balance and complete the worksheet.

2. Prepare the Income Statement, Statement of Owners Capital and Balance Sheet for Bills Lawn Care for May, 2014

3. Prepare journal entries, in good form, to record the May adjusting entries. Explanations are optional. Start with Page 3 of the General Journal for the adjusting entries.

4. Post the journal entries to general ledger accounts. There are already transactions in the ledger for the month, you are adding to those transactions.

5. Prepare and post the closing entries for May, 2014. Start with Page 4 of the General Journal for the closing entries 6. Prepare a post-closing trial balance as of May 31, 2014, for Bills Lawn Care.

* This is what I was given. I need to find out stuff from here.

2 ACCOUNT Cash 4 DATE DESCRIPTION 5 2014 MAY 1 2 3D 16 23 26 30 311 131 131 19 20 ACCOUNT Accounts Receivable 21 DESCRIPTION DATE 2014 MAY 16 24 230 30 131 29 31 ACCOUNT Supplies 33 DATE DESCRIPTION 34 35 38 GENERAL LEDGER ACCOUNT NO POST BALANCE REF DEBIT CREDIT 1 1500 15 000 2,000 13 000 800 12 200 600 11 600 50 11550 500 12050 700 122 750 50 12 700 800 13 500 500 14 000 150 13 850 1000 12 850 ACCOUNT NO POST BALANCE REF DEBIT CREDIT Debit 100 100 400 1500 200 700 500 2000 ACCOUNT NO POST BALANCE REF DEBIT CREDIT 101 Credit 110 Credit 120 Credit 2 ACCOUNT Cash 4 DATE DESCRIPTION 5 2014 MAY 1 2 3D 16 23 26 30 311 131 131 19 20 ACCOUNT Accounts Receivable 21 DESCRIPTION DATE 2014 MAY 16 24 230 30 131 29 31 ACCOUNT Supplies 33 DATE DESCRIPTION 34 35 38 GENERAL LEDGER ACCOUNT NO POST BALANCE REF DEBIT CREDIT 1 1500 15 000 2,000 13 000 800 12 200 600 11 600 50 11550 500 12050 700 122 750 50 12 700 800 13 500 500 14 000 150 13 850 1000 12 850 ACCOUNT NO POST BALANCE REF DEBIT CREDIT Debit 100 100 400 1500 200 700 500 2000 ACCOUNT NO POST BALANCE REF DEBIT CREDIT 101 Credit 110 Credit 120 Credit