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Comprehensive review of the P5-2C. From the following transactions as well as additional data, please complete the Chapters 1-5 (3) (175 min) entire accounting cycle for Mike's Plumbing of Prince Albert. (Use a chart of accounts similar to the one in Problem P5-1A on page 228.) Cuact Fiowr 2022 Net lncome $5,588+4 May 1 To open the business, Mike Quinlan invested $10,000 cash and $7,400 worth of plumbing equipment. 1 Paid rent for four months in advance, 51,980. 3 Purchased office equipment on account from Mackenzie Co, $3,800. 7 Bought plumbing supplies, \$1,645. 8 Collected $3,600 for plumbing services provided. 9 Mike paid his home unility bill with a company cheque, $122. 10 Balled Western Construction Ca for plumbing fees earned bet not to be received until later, $9,600. 14 Advertising bill was received from ABCD Radio Ca but is not to be paid until next month, $420. 21. Received cheque from Western Construction Co in partial payment of trusaction dated May 10, \$4,800. 28. Paid Mackenzie Co one-half of amount owed for office equipment, 51,900 31 Paid telephone bill of company, $184. 31 Received bill from George's Cleaning to be paid in June, $215. 31 Paid salaries to employees, $4,100. Adjusting Data a. Plumbing supplies remaining at month-end were $328. b. One month's rent expired in May. c. Depreciation on office equipment uses the straight-line method, a life of five years, and a residual value of $500, d. Depreciation of plumbing equipment also uses the straight-line method, a life of three years, and zero residual value. e. Salaries accrued amounted to 20% of the salaries paid on May 31 . Comprehensive review of the P5-2C. From the following transactions as well as additional data, please complete the Chapters 1-5 (3) (175 min) entire accounting cycle for Mike's Plumbing of Prince Albert. (Use a chart of accounts similar to the one in Problem P5-1A on page 228.) Cuact Fiowr 2022 Net lncome $5,588+4 May 1 To open the business, Mike Quinlan invested $10,000 cash and $7,400 worth of plumbing equipment. 1 Paid rent for four months in advance, 51,980. 3 Purchased office equipment on account from Mackenzie Co, $3,800. 7 Bought plumbing supplies, \$1,645. 8 Collected $3,600 for plumbing services provided. 9 Mike paid his home unility bill with a company cheque, $122. 10 Balled Western Construction Ca for plumbing fees earned bet not to be received until later, $9,600. 14 Advertising bill was received from ABCD Radio Ca but is not to be paid until next month, $420. 21. Received cheque from Western Construction Co in partial payment of trusaction dated May 10, \$4,800. 28. Paid Mackenzie Co one-half of amount owed for office equipment, 51,900 31 Paid telephone bill of company, $184. 31 Received bill from George's Cleaning to be paid in June, $215. 31 Paid salaries to employees, $4,100. Adjusting Data a. Plumbing supplies remaining at month-end were $328. b. One month's rent expired in May. c. Depreciation on office equipment uses the straight-line method, a life of five years, and a residual value of $500, d. Depreciation of plumbing equipment also uses the straight-line method, a life of three years, and zero residual value. e. Salaries accrued amounted to 20% of the salaries paid on May 31 . (Excel templates for all questions are available in MyLab Accounting. Working papers for select questions are available in the print Workbook) Journalizing and posting closing entries and preparing P5-1A. The adjusted trial balance at April 30, 2022, for Tyler's Plumbing Co. follows. a post-closing trial balance Prepare the four closing entries and the post-closing trial balance. (3) (2) (20min) Cbeck Figure Post-Closing Trial Balance total $103,200
