Journal Entries for May:

Transaction $1$:

$$ Debit: Cash $$120,000$

$$ Credit: Owner's Capital $$120,000$

Transaction $2$:

$-$ Debit: Inventory $-$ Materials & Fabric $$14,000$

$$ Credit: Casn $$14,000$

Transaction $3$:

$-$ Debit: Cas $$1,500$

$=$ Crect Saes Reverue $81,500$

Transaction $4$:

$$ Depit: Prepaid Insurance $55\mathrm{.}000$

$$ Credit: Cash $55,000$

Transaction $5$:

$$ Debit: Inventory $-$ Merchandise $$7,000$

$-$ Credit: Cash $$7,000$

Transaction $6$:

$$ Debit: Equipment $-$ Sewing Machines $$4,500$

$$ Credit: Cash $$4,500$

Transaction $7$:

$$ Debit: Rent Expense $510\mathrm{.}000$

$$ Credit: Prepaid Rent $$10\mathrm{.}000$

Transaction $8$:

$$ Debit: Casn $31-000$

$$ Credit: Notes Paya$0$e $$11,000$

Transaction $9$:

$$ Debit:Tecnno ogy Exoense S$2,200$

$$ Crecit Cash $$1\mathrm{.}200$

Transaction $10$:

$$ Debit: Consulting Expense $$1,800$

$$ Credit: Casn $$1,800$

Transaction $11$:

$$ Deoit: Retained Earnings $$13,000$

$-$ Credit: Casn $$13,000$

Transaction $12$:

$-$ Dedit: Intangible Assets $-$ Trademark $$7,100$

$-$ Credit: Casn $$7,100$

Transaction $13$:

$$ Desit Interest Expense $5150$

$=$ Credit Casn $$150$

Transaction $14$:

Debit cash $$1000$

Credit sale revenue $$1000$

Make income statement and balance sheet