May 22: Tommy's Boat & Tackle paid cash dividends of $10,500 to its shareholders. May 25: The Smiths paid Tommy's one-half of the amount described in the May 7 transaction. May 29: A bill in the amount of $520 for the company's May electric service arrived but was not immediately paid. It was not paid until the following month. May 31: One of Tommy's employees completed $7,500 of repairs on account. C. Post the May transactions to the appropriate t-accounts. Balances after the company closed its accounts on April 30 are indicated in each t-account. DO NOT IGNORE THESE BALANCES. The T-Accounts are in the second tab on the excel spreadsheet. D. Determine the balance in each account and prepare an unadjusted trial balance. Be sure the trial balance is in balance before proceeding to the next step. All the trial balances and financial statements are on the final third tab. E. Use the information provided below to prepare all necessary adjusting entries in the general journal. You might need to establish several new accounts. Place the journal entries back on the first tab with all the other journal entries. -- As of May 31, the company owes its employees $1,950 of wages to be paid on the next payday. -- A count of office supplies shows that $5,325 of supplies are on hand. -- A review shows that $1,725 of boat customization work has been completed, but has never been paid and was never recorded. -- Record depreciation of $1,900 on the eauinment 2 of 3 712 Words The notes accrued $88 of interest during May. May 22: Tommy's Boat & Tackle paid cash dividends of $10,500 to its shareholders. May 25: The Smiths paid Tommy's one-half of the amount described in the May 7 transaction. May 29: A bill in the amount of $520 for the company's May electric service arrived but was not immediately paid. It was not paid until the following month. May 31: One of Tommy's employees completed $7,500 of repairs on account. C. Post the May transactions to the appropriate t-accounts. Balances after the company closed its accounts on April 30 are indicated in each t-account. DO NOT IGNORE THESE BALANCES. The T-Accounts are in the second tab on the excel spreadsheet. D. Determine the balance in each account and prepare an unadjusted trial balance. Be sure the trial balance is in balance before proceeding to the next step. All the trial balances and financial statements are on the final third tab. E. Use the information provided below to prepare all necessary adjusting entries in the general journal. You might need to establish several new accounts. Place the journal entries back on the first tab with all the other journal entries. -- As of May 31, the company owes its employees $1,950 of wages to be paid on the next payday. -- A count of office supplies shows that $5,325 of supplies are on hand. -- A review shows that $1,725 of boat customization work has been completed, but has never been paid and was never recorded. -- Record depreciation of $1,900 on the eauinment 2 of 3 712 Words The notes accrued $88 of interest during May