Mike Shawbegan his contracting business, Mike Shaw Contractors, on April 1, 2017. The post-closing trial balance for Mike Shaw Contractors for April is down below. During May, Mike Shaw Contractors entered into the following transactions:

Instructions:

1. The chart of accounts and post-closing trial balance (April 2017) for Mike Shaw Contractors is shown below. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Date the balances May 1, 2017, and place a checkmark in the Posting Reference column. Journalize each of the May transactions in a two-column journal starting on Page 5 of the journal and using Mike Shaw's chart of accounts. (Do not insert the account numbers in the journal at this time.)

2. Post the journal to a ledger of four-column accounts.

3. Prepare an unadjusted trial balance.

4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6).

a. Insurance expired during May is $275.

b. Supplies on hand on May 31 are $715.

c. Depreciation of office equipment for May is $330.

d. Accrued receptionist salary on May 31 is $325.

e. Rent expired during May is $1,600.

f. Unearned fees on May 31 are $3,210.

5. Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet.

6. Journalize and post the adjusting entries. Record the adjusting entries on Page 7 of the journal.

7. Prepare an adjusted trial balance.

8. Prepare an income statement, a statement of owner's equity, and a balance sheet.

9. Prepare and post the closing entries. Record the closing entries on Page 8 of the journal. (Income Summary is account #33 in the chart of accounts.) Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry.

10. Prepare a post-closing trial balance.

Mike Shaw began his contracting business, Mike Shaw Contractors, on April 1, 2017. The post closing trial balance for Mike Shaw Contractors for April is down below. During May, Mike Shaw Contractors entered into the following transactions: May 3. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $4,500. 5. Received cash from clients on account, $2,450. 9. Paid cash for a newspaper advertisement, $225. 13. Paid Office Station Co. for part of the debt incurred on April 5, $640. 15. Recorded services provided on account for the period May 1-15, $9,180. 16. Paid parttime receptionist for two weeks' salary including the amount owed on April 30, $750. 17. Recorded cash from cash clients for fees earned during the period May 1-16, $8,360. Record the following transactions on Page 6 of the journal: 20. Purchased supplies on account, $735. 21. Recorded services provided on account for the period May 16-20, $4,820. 25. Recorded cash from cash clients for fees earned for the period May 17-23, $7,900. 27. Received cash from clients on account, $9,520. 28. Paid parttime receptionist for two weeks' salary, $750. 30. Paid telephone bill for May, $260. 31. Paid electricity bill for May, $810. 31. Recorded cash from cash clients for fees earned for the period May 26-31, $3,300. 31. Recorded services provided on account for the remainder of May, $2,650. 31. Mike Shaw withdrew $10,500 for personal use. Chart of Accounts for Mike Shaw Contractors 11 Cash 31 Mike Shaw, Capital 12 Accounts Receivable 32 Mike, Shaw, Drawing 14 Supplies 33 Income Summary 15 Prepaid Rent 41 Fees Earned 16 Prepaid Insurance 51 Salary Expense 18 Office Equipment 52 Rent Expense 19 Accumulated Depreciation 53 Supplies Expense 21 Accounts Payable 54 Depreciation 22 Salaries payable 55 Insurance Expense 23 Unearned Fees 59 Miscellaneous Expense Post-Closing Trial Balance, Mike Shaw Contractors Mike Shaw Contractors Post-Closing Trial Balance April 30, 2017 Debits Cash 22,100 Accounts Receivable 3,400 Supplies 1,350 Prepaid Rent 3,200 Prepaid Insurance 1,500 Office Equipment 14,500 Credits Accumulated Depreciation 330 Accounts Payable 800 Salaries Payable 120 Unearned Fees 2,500 Mike Shaw, Capital 42,300 Totals 46,050 46,050 Instructions: 1. The chart of accounts and postclosing trial balance (April 2017) for Mike Shaw Contractors is shown below. For each account in the postclosing trial balance, enter the balance in the appropriate Balance column of a fourcolumn account. Date the balances May 1, 2017, and place a checkmark in the Posting Reference column. Journalize each of the May transactions in a twocolumn journal starting on Page 5 of the journal and using Mike Shaw's chart of accounts. (Do not insert the account numbers in the journal at this time.) 2. Post the journal to a ledger of fourcolumn accounts. 3. Prepare an unadjusted trial balance. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6). a. Insurance expired during May is $275. b. Supplies on hand on May 31 are $715. c. Depreciation of office equipment for May is $330. d. Accrued receptionist salary on May 31 is $325. e. Rent expired during May is $1,600. f. Unearned fees on May 31 are $3,210. 5. Enter the unadjusted trial balance on an endofperiod spreadsheet and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 7 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a statement of owner's equity, and a balance sheet. 9. Prepare and post the closing entries. Record the closing entries on Page 8 of the journal. (Income Summary is account #33 in the chart of accounts.) Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. 10. Prepare a postclosing trial balance