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 115, $9,180.
16.	Paid part-time 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 116, $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 1620, $4,820.
25.	Recorded cash from cash clients for fees earned for the period May 1723, $7,900.
27.	Received cash from clients on account, $9,520.
28.	Paid part-time 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 2631, $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	Credits
Cash	22,100
Accounts Receivable	3,400
Supplies	1,350
Prepaid Rent	3,200
Prepaid Insurance	1,500
Office Equipment	14,500
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 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 check mark 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.