John and Lou Topp are brothers. In May 2016, they decided to form a Company, Top Dog, Inc. selling hot dogs. Required: Record the appropriate transactions and adjusting journal entries for Top Dog, Inc. The Company is on a perpetual inventory system. Write N/A" if no entry is appropriate. (In a perpetual inventory system cost of goods sold and inventory amounts are adjusted for each sale vs a periodic system where inventory and cost of goods sold amounts are adjusted at the end of the year.) Hint 2- The general ledger accounts used by Top Dog, Inc. are as follows:

1-May 1, 2016 John and Lou Topp invested $20,000 in the hot dog vending cart business by purchasing 2,000 shares of the common stock ($10 par value) of Top Dog, Inc.

2- May 1, 2016 Top Dog, Inc. purchased a one year insurance policy in the amount of $2,400 beginning May 1, 2016 and expiring on April 30, 2017.

3-May 7, 2016 - Top Dog, Inc. purchased a hot dog stand for $10,000 for cash.

4-May 8, 2016 - Top Dog, Inc. purchased 1,000 hot dogs for $.20 each and 1,000 buns for $.05 each on account from Nathans Inc.

5-May 8, 2016 Top Dog, Inc. purchased supplies from Nathans Inc. for $300 cash.

6-May 9, 2016 Top Dog, Inc. hired two college students to work at the stand for $500 per week beginning on Monday, May 15.

7-May 15, 2016 Top Dog, Inc. sells 900 hot dogs (and buns) for $3 each at a special event.

8-May 27, 2016 Top Dog, Inc. pays their 2 employees in the amount of $2,000 for the prior two weeks of work. (ignore any payroll taxes).

9-May 31, 2016 Top Dog, Inc. pays Nathans Inc. in full for the inventory purchased on May 8, 2016.

10-May 31, 2016 Bank charges amounted to $15 for the month of May.

11-May 31, 2016 A corporate customer paid Top Dog, Inc. $1,500 in advance for 500 hot dogs and buns to be delivered next week to a corporate sales event.

Month- End Adjustments May

12- May 31, 2016 Top Dog, Inc. depreciates the hot dog cart on a straight-line basis over 5 years.

13-May 31, 2016 Top Dog Inc. adjusts the insurance account at month end for the premium paid on May 1, 2016.

14-May 31, 2016 Rent for the cart space for May has not yet been paid in the amount of $200.

15-May 31, 2016 May 31^st is a Tuesday, and Top Dogs two employees are paid $1,000 each every other Friday for a 10 day work week Monday thru Friday). (Note: The last payroll was paid on Friday, May 27^th)

16-Supplies on hand at the end of May amounted to $100.

	Equipment		Rent Expense		Prepaid Insurance
	Supplies Expense		Accounts Payable		Equipment
	Sales		Unearned (Deferred) Revenue		Accumulated Depreciation - Equipment
	Cash - Checking		Cost of Goods Sold		Salaries and Wages Payable
	Insurance Expense Accrued Expenses Payable		Salaries and Wages Expense Depreciation Expense		Bank Charges
	Inventory		Supplies (on Hand)		Common Stock Retained Earnings