John and Lou Topp are brothers. In May 2016, they decided to form a Company, Top Dog, Inc. selling hot dogs.

Hint 2- The general ledger accounts used by Top Dog, Inc. are as follows:

	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

May Transactions

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.

Please record the T Accounts , Accounting Trial Balance Worksheet and Financial Statements.

Adjusted trial balance

Income statement

Statement of Retained Earnings

Balance Sheet