I really need help figuring out how to completethe Income Statement, Statement of Owners Capital and Balance Sheet for Ace Lawn Care for May, 2014 with the new added information. Can someone please help, it is due tonight at 9pm.

Thank you.

WORKSHEET Account Name Totals Net Income Totals Trial Balance Debit - Adjustments Debit Credit - - Adjusted Trial Balance Debit Credit Credit - - Income Statement Debit Credit - Balance Sheet Debit Credit - - - - - - - - INCOME STATEMENT Revenues Service Revenue Expenses Salaries and wages expenses Maintenance and Repairs expense Utilities expense Depreciation Expense Insurance Expense Total Expenses Net Income/ (Loss) OWNER'S EQUITY STATEMENT Balance Beginning Add: Net Income 15000 2,227 17,227 Less: Drawings Balance Ending 1,000 16,227 BALANCE SHEET Current Assets Cash GENERAL LEDGER ACCOUNT Cash DATE ACCOUNT NO. DESCRIPTION 2014 MAY 1 Personal cash Investment 2 Equipment Purchase 3 Supplies Purchase 6 Prepaid Insurance 8 Advertising Expense 16 Payment for Service 23 Payment for Service 26 Maintenance Expense 30 Payment for Service 31 Payment to Accounts Receivable 31 Payment to Jone's Fuel 31 Personal Cash Withdraw ACCOUNT DESCRIPTION 2014 MAY 16 Payment for Service 23 Payment for Service 30 Payment for Service 31 Payment for Service DATE ACCOUNT DATE CREDIT 15,000 2,000 800 600 50 500 700 50 800 500 150 1,000 BALANCE Debit 15,000 13,000 12,200 11,600 11,550 12,050 12,750 12,700 13,500 14,000 13,850 12,850 ACCOUNT NO. POST REF. J1 J1 J2 J2 DEBIT CREDIT 100 400 200 500 Supplies BALANCE Debit 100 500 700 200 ACCOUNT NO. DESCRIPTION POST REF. DEBIT CREDIT Prepaid Insurance DESCRIPTION 2014 MAY 6 Prepaid Insurance 03/26/2017 J1 J1 J1 J1 J1 J1 J1 J2 J2 J2 J2 J2 DEBIT Accounts Receivable DATE ACCOUNT POST REF. BALANCE Debit ACCOUNT NO. POST REF. J1 DEBIT 600 CREDIT BALANCE Debit 600 ACCOUNT Equipment DATE ACCOUNT NO. DESCRIPTION 2014 MAY 2 Equipment 3 Equipment ACCOUNT DATE ACCOUNT DATE ACCOUNT DATE J1 J1 DEBIT CREDIT 5,000 800 DESCRIPTION ACCOUNT NO. POST REF. DEBIT CREDIT Accounts Payable DESCRIPTION BALANCE Debit ACCOUNT NO. POST REF. DEBIT CREDIT Notes Payable DESCRIPTION BALANCE Debit 5,000 5,800 Accumulated Depreciation - Equipment 2014 MAY 2 Equipment/Truck 03/26/2017 POST REF. BALANCE Debit ACCOUNT NO. POST REF. J1 DEBIT CREDIT 3,000 BALANCE Debit ACCOUNT DATE ACCOUNT DATE Interest Payable DESCRIPTION DATE DESCRIPTION DATE ACCOUNT DATE DESCRIPTION CREDIT DESCRIPTION DEBIT J1 CREDIT BALANCE Debit 15,000 ACCOUNT NO. POST REF. J2 DEBIT CREDIT 1,000 BALANCE Debit 1,000 ACCOUNT NO. POST REF. DEBIT CREDIT Lawn Service Revenue DESCRIPTION BALANCE Debit ACCOUNT NO. POST REF. Income Summary 2014 MAY 16 Service Payments 03/26/2017 DEBIT Owner's Drawing 2014 MAY 31 Personal Cash Withdraw ACCOUNT POST REF. Owner's Capital 2014 MAY 1 Personal Investment ACCOUNT ACCOUNT NO. BALANCE Debit ACCOUNT NO. POST REF. J1 DEBIT CREDIT 600 BALANCE Debit 23 Service Payments 30 Service Payments ACCOUNT DATE ACCOUNT DATE DATE DESCRIPTION DATE DESCRIPTION DEBIT CREDIT DESCRIPTION J2 DEBIT CREDIT 150 BALANCE Debit 150 ACCOUNT NO. POST REF. DEBIT J2 CREDIT 50 BALANCE Debit 50 Advertising Expense DESCRIPTION BALANCE Debit ACCOUNT NO. POST REF. Repair and Maintenance Expense 2014 MAY 8 Advertising Expense 03/26/2017 ACCOUNT NO. POST REF. Fuel Expense 2014 MAY 26 Repair and Maintenance Expense ACCOUNT 1,100 1,000 Supplies Expense 2014 MAY 31 Fuel Expense ACCOUNT J1 J2 ACCOUNT NO. POST REF. J1 DEBIT CREDIT 50 BALANCE Debit 50 ACCOUNT DATE ACCOUNT DATE ACCOUNT DATE 03/26/2017 Insurance Expense DESCRIPTION ACCOUNT NO. POST REF. DEBIT CREDIT Depreciation Expense DESCRIPTION ACCOUNT NO. POST REF. DEBIT CREDIT Interest Expense DESCRIPTION BALANCE Debit BALANCE Debit ACCOUNT NO. POST REF. DEBIT CREDIT BALANCE Debit 101 Credit 110 Credit 120 Credit 130 Credit 03/26/2017 150 Credit 155 Credit 201 Credit 220 Credit 3,000 03/26/2017 225 Credit 301 Credit 15,000 305 Credit 310 Credit 401 Credit 600 03/26/2017 1,700 2,700 620 Credit 630 Credit 640 Credit 650 Credit 03/26/2017 660 Credit 670 Credit 680 Credit 03/26/2017 POST CLOSING TRIAL BALANCE Debit Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depriciation/Equipment Notes payable Owners Capital Owners Drawing's Lawn Service Reveune Fuel Expenses Repair/Matintenance Advertising Expense Credit 15,000 1,000 $1,000 03/26/2017 $15,000 Ace Lawn Care Module 2 Mini Practice Problem Jim 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, Jim signed a 1 year, 6% note for $3,000 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, Jim purchased a used truck for $5,000 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, Jim 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, Jim 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 Owner's Capital and Balance Sheet for Ace 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 Ace Lawn Care. Classification ASSETS LIABILITIES OWNER'S EQUITY REVENUES EXPENSES Account Number 101 110 120 130 150 155 Ace Lawn Care Chart of Accounts Account Name 201 220 225 301 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation - Equipment Accounts Payable Notes Payable Interest Payable Owner's Capital 305 310 401 620 630 640 650 660 670 680 Owner's Drawing Income Summary Lawn Service Revenue Supplies Expense Fuel Expense Repair and Maintenance Expense Advertising Expense Insurance Expense Depreciation Expense Interest Expense