instrielions (a) Recond the May transactions in a Sales Journal, a single-column Purchases Joumat, a Cash Receipts Jouraal. a Cash Payments Joumal, and a two-column General Journal. (b) Post the journals to the Genenal Ledger. (e) Prepare a Trial Balance at May 31, 2023, in the trial balance columns of the Worksheet. Complete the W orksheer using the following additional information. 1. Office supplies at May 31 total $1,200. 2. Insurance coverage expires on May 31, 2023. The insurance was originally purchased on January 1s and has been adjusted every month of this year. 3. Annual depreciation on the equipment is $4,100. Rownd to nearest dollar 4. Interest of 5250 has accrued on the note payable. 5. Inventory on hand as of May 31 was actually 510,420 (d) Frepare a multipile-step Income Stutement and an Owner's Equity Statement for May and a classified Balunce Sheet at the end of May. (e) Prepare and post adjusting and closing entries. (I) Prepare a Post-Closing Tral Balance, and determine whether the subsidiary ledgers agree whit the coniral aceounts is the Cieneral Ledger. (8) Caiculate the following ratios. Include the written formula is words in addition to your calchlations and your final answers: 1. Inventory Tumover 2. Days in inventary for the month of May 3. Gruss Profit Rate 4 Working Capinal 16. se the weotinge wapers provided by you 3 invactec at 216 5. Purchase maclarndige trom B. Newby $15,000 and M. Brenner $22,500, terms n/30. 7. Rer cnec checks from D. Henderson $16,400 and M. Wheeler $7,500 after the discount period has is poed 8. Pay tretght on merchindise purchased 5.575 9. Send chects ro M Meyficld for $19,000 less 2% cash discount, and to B. Hargrove for $22,000 less 1% cash disceumt: 9 issue credit of 55200 to I. Hopper for merchandise retumed. 10 Summary daily cabi sales total $29,250 11 Sell merchandiss on account to J. Byens $16,600, invoice no, 217 , and to D. Hendason $12,900, arvaice mo 218 12 Pay rent of Sie non for May and sune 13. Recerve pay ment in full fomen 1. Sinclar and I Hopper less cash discoumes. Post all entmes no the subsidiary ledgers: a 30 , and B Newby 521,500 , terms n30 if Pay 51200 cash fior ofrice sugplies 18 Summary daily cash sales tratal 330,100 20) Petam 81,450 of merchandise 10M Mayfield and receive eredit. 21. Recemopaymant in fall frohi D Hendenan less cash discouni. 22 Seli muerchapifise on account to L. Sinchar $22,700, invoice no. 219 , and to J Byers $34.200, invoice no. 220 Postall eatries to the subudiary ledgems 23. Send checks is B. Hargnve and M. Mayfild in full payment less cash discounts. 25. Sell merchardise on account to M. Whecler $55,250, invoice no 221 , and to 1 Hopper $36,100. invarice the 222 and is Nowly $15.460 verm n30 Past all entricses the subsidiary ledgens. 28 Parchased ollies sapples on account firm B. Elhs, 5500. 3. Sumban: canly eas bales rotal 528,500 (eomtinued) Page 1 ot 2 instrielions (a) Recond the May transactions in a Sales Journal, a single-column Purchases Joumat, a Cash Receipts Jouraal. a Cash Payments Joumal, and a two-column General Journal. (b) Post the journals to the Genenal Ledger. (e) Prepare a Trial Balance at May 31, 2023, in the trial balance columns of the Worksheet. Complete the W orksheer using the following additional information. 1. Office supplies at May 31 total $1,200. 2. Insurance coverage expires on May 31, 2023. The insurance was originally purchased on January 1s and has been adjusted every month of this year. 3. Annual depreciation on the equipment is $4,100. Rownd to nearest dollar 4. Interest of 5250 has accrued on the note payable. 5. Inventory on hand as of May 31 was actually 510,420 (d) Frepare a multipile-step Income Stutement and an Owner's Equity Statement for May and a classified Balunce Sheet at the end of May. (e) Prepare and post adjusting and closing entries. (I) Prepare a Post-Closing Tral Balance, and determine whether the subsidiary ledgers agree whit the coniral aceounts is the Cieneral Ledger. (8) Caiculate the following ratios. Include the written formula is words in addition to your calchlations and your final answers: 1. Inventory Tumover 2. Days in inventary for the month of May 3. Gruss Profit Rate 4 Working Capinal 16. se the weotinge wapers provided by you 3 invactec at 216 5. Purchase maclarndige trom B. Newby $15,000 and M. Brenner $22,500, terms n/30. 7. Rer cnec checks from D. Henderson $16,400 and M. Wheeler $7,500 after the discount period has is poed 8. Pay tretght on merchindise purchased 5.575 9. Send chects ro M Meyficld for $19,000 less 2% cash discount, and to B. Hargrove for $22,000 less 1% cash disceumt: 9 issue credit of 55200 to I. Hopper for merchandise retumed. 10 Summary daily cabi sales total $29,250 11 Sell merchandiss on account to J. Byens $16,600, invoice no, 217 , and to D. Hendason $12,900, arvaice mo 218 12 Pay rent of Sie non for May and sune 13. Recerve pay ment in full fomen 1. Sinclar and I Hopper less cash discoumes. Post all entmes no the subsidiary ledgers: a 30 , and B Newby 521,500 , terms n30 if Pay 51200 cash fior ofrice sugplies 18 Summary daily cash sales tratal 330,100 20) Petam 81,450 of merchandise 10M Mayfield and receive eredit. 21. Recemopaymant in fall frohi D Hendenan less cash discouni. 22 Seli muerchapifise on account to L. Sinchar $22,700, invoice no. 219 , and to J Byers $34.200, invoice no. 220 Postall eatries to the subudiary ledgems 23. Send checks is B. Hargnve and M. Mayfild in full payment less cash discounts. 25. Sell merchardise on account to M. Whecler $55,250, invoice no 221 , and to 1 Hopper $36,100. invarice the 222 and is Nowly $15.460 verm n30 Past all entricses the subsidiary ledgens. 28 Parchased ollies sapples on account firm B. Elhs, 5500. 3. Sumban: canly eas bales rotal 528,500 (eomtinued) Page 1 ot 2