Knights Inc. is a landscaping agribusiness located in Morgantown, WV. Their May 1st 2018 Balance Sheet items is as follows: Office Expense Cash Capital Stock Accounts Receivables Utilities Expenses Payroll Expenses $600 $5,700 $6,000 $1,800 $1,500 $3,100 Fuel and Oil Supplies Notes Payable Retained Earnings Tools and Equipment Accounts Payable Landscaping Revenue $800 $300 $1,400 $500 S500 $5,800 Additionally, Knights Inc. had the following additional transactions during May, 2018 Paid $200 of notes payable due Recorded $6,200 of landscaping revenue due to be paid within 60 days Collected a $1,200 account receivable from Pizza Al for lawn services for his restaurant. Issued additional shares of capital stock for $4,000 cash Purchased fuel and oil supplies for $700 cash Paid May payroll expenses of $900 Recorded and paid May utility expenses of $400 Recorded $300 in office expenses for promotion items. Payment is due June 12. May 5 May 13 May 17 May 22 May 23 May 24 May 28 May 29 INSTRUCTIONS Record the company's May transactions in the General Journal. Remember to include a brief explanation of the transaction as part of each journal entry a. b. Post each transaction to the appropriate General Ledger T-Accounts c. Prepare a trial balance dated May 31, current year. (Hint: Retained Earnings will be reported at the same amount as it was on May 1. Accounting for changes in the Retained Earnings account resulting from revenue, expense, and dividend activities will be made in June, 2018) Prepare a Balance Sheet for May 31st 2018 (Hint: Do not calculate a new Retained Earnings amount; simply report revenue and expenses in the correct section of the Balance Sheet) Prepare an Income Statement for the period May 1st to May 31st, 2018 Prepare a Cash Flow statement for the period May 1st to May 31st, 2018 Based on the information above, was May a profitable month for Knights Inc.? How can you tell d. e. f. g