PART 2 INFORMATION: After researching the different forms of business organization, you (remember you Edith is now you and you are now Edith) decide to operate your business as a proprietorship. You then start the process of getting the business running. During the month of May 2021, a number of accounting type activities take place. PART 2 INSTRUCTIONS: During the month of May 2021, a number of accounting type activities take place. Now that you are familiar with accounting transactions and journal entries you: 1. Prepare the journal entries in the general journal to record the transactions 2. Post the entries to the general ledger accounts. 3. Prepare the trial balance as at May 31, 2021. May 1 You purchase a commercial juicing machine, that costs $940 using money from your own personal bank account. The machine will be used exclusively in your new smoothie business. You open up a business bank account and deposit $1000 from your personal bank account. 7 9 Realizing your initial cash investment won't be enough, you borrow $3000 from your mom, depositing it into the business bank account. As part of the deal, you sign a one-year note payable in the name of the business. 17 May 21 You buy supplies such as protein powder, cups, straws, and fresh fruit and vegetables, by paying $250 cash. You make and deliver your first batch of smoothies to Fred's Yoga Studio and you leave an invoice for $315 with the studio owner. The invoice is payable within 30 days. A $122 invoice is received for your business cell phone for cell service for the month of May. 28 29 Fred's Yoga Studio pre-ordered another batch of smoothies and paid you a $180 cash advance on that order. 30 To celebrate your first month of operations, you buy yourself a $150 new year's present using a business cheque, so that the money comes out of the business bank account