Please explain whats not clear. Couldnt upload excel sheet had to post screen grabs. I need help please. I don't know where to start. Is the information from June relevant even though Im only using the data from May?

Preston Hill Bed & Breakfast Case Study This case study must be completed in Excel or other spreadsheet program using the formats provided in this workbook Objectives: 1. Practice the steps involved in the Accounting Cycle 2. Practice electronic spreadsheet skills a. Formulas b. Linking worksheets 3. Practice using data visualization to share results Instructions 1. Using the Chart of Accounts provided, record the transactions in the General Journal. Do not add new accounts 2. Post the General Journal entries to the General Ledger. 3. Prepare the Unadjusted Trial Balance in the Trial Balance tab 4. Journalize any adjusting entries in the General Journal and post in the General Ledger Show your calcuations for the adjustments in the Adiustrients tab. 5. Prepare the Adjusted Trial Balance in the Trial Balances tab. Also include the Income Statement and Balance Sheet on the Trial Balance Worksheet 6. Prepare IN GOOD FORM the Income Statement, Statement of Shareholders' Equity, and Balance Sheet for for the period of June 1, 2018 - May 31, 2019 in the appropriate tabs. Ignore the effects of income tax. 7. Prepare an appropriate data visualization of financial results (either income statement or balance sheet) 8. Prepare and post the closing entries for the year ended May 31, 2019. 9. Note the following additional information: 1. The business began on June 1, 2018. 2. The period under consideration is the year of June 1, 2018 - May 31, 2019 3. For the purposes of this assignment, ignore the effects of income tax, property tax, sales tax, and payroll tax. 4. Straight-line depreciation method is used. 5. The supplies on hand May 31, 2019 were $325. 6. The telephone bill for May 2019 for $305 was receive June 2019 7. The utility bill for May 2019 for $210 was received June 2019. 6. The telephone bill for May 2019 for $305 was receive June 2019. 7. The utility bill for May 2019 for $210 was received June 2019. 8. For the purposes of this assignment, consider the note payable to be a current liability. 9. The following transactions occurred in the first month of operations and are reflected in the general ledger account balances: June 1, 2018 Jon Edwards and Dan Fogle each invested $20,000 in a corporation to run Preston Hill Bed & Breakfast. Each were issued 2,000 shares of $10 par value common stock. June 1, 2018 The partners leased a fully furnished, established, five-bedroom room Bed & Breakfast for 3 years at $3,000 per month. The landlord required a payment of $12,000 for 4 months of rent plus a $3,000 security deposit. June 1, 2018 Purchased a minivan valued at $35,000 with a $10,000 down payment and a 3-year $25,000 note payable with an annual interest rate of 5%. The minivan has a 5-year useful life and no salvage value. The monthly payment including principal and interest is $749.27 June 1, 2018 Neither partner can cook but arranged with the restaurant next door (Grace's Diner) to provide breakfast for the quests at $10 per person per day. Grace's Diner will bill the B & B at the end of each month for the meals provided. They must pay Grace's Diner before the 10th of the next month. June 1, 2018 Purchased used deck furniture for $3,000 cash. The furniture has a 6-year useful life and no salvage value. June 3, 2018 Ace Computers, a local company, arranged with the B & B to provide rooms for their out of town weekday visitors at a rate of $100 per night. The B & B will bull Ace at the end of the month for rooms used March 8, 2019 Paid invoice from Insurance company for 4 months of coverage beginning April 1, 2019 for a total of $1,200. April 15, 2019 Purchased suppplies on account from Restaurant Depot in the amount of $875. April 24, 2019 Received reservation deposits as follows: Smith Family - $250 for May 25 - 26, 2019 Harris Family - $500 for May 29 - 30, 2019 Mester Family - $375 for June 3 - 5, 2019 April 28, 2019 Sent invoice to Ace Computers for the month of April in the amount of $975. Accounting Transactions for the Month of May 2019 Date Description May 1, 2019 Paid May rent in the amount of $3,000. May 2, 2019 Paid $750 for six months auto insurance policy beginning May 1. May 8, 2019 Received $2,500 in cash and credit card receipts for room rentals for May 18, 2019 May 9, 2019 Purchased $540 for supplies on account from Jones Supplies Co. May 10, 2019 Paid amount due to Restaurant Depot for supplies purchased April 15, 2019. May 10, 2019 Received payment from Ace Computers for April 2019 billing May 15, 2019 Paid $900 in wage expense for the period May 1 - May 15, 2019. May 15, 2018 Received $2200 in cash and credit card receipts for room rentals for May 9 - 15, 2019. May 18, 2019 Paid for cleaning and maintenance in the amount of $425. May 20, 2019 Received reservation deposits as follows: Plourde Family - $250 for May 25 - 26, 2019 Friedman Family - $200 for May 29-30, 2019 Brooks Family - $255 for 3-5, 2019 May 21, 2018 Received $2,050 in cash and credit card receipts for room rentals for May 16 - 21, 2019 May 24, 2019 Paid utilities bill in the amount of $277. May 24, 2019 Paid telephone bill in the amount of $158. May 27, 2019 Refunded Harris Family deposit paid on May 8, 2019 less $50 Administrative Fee. May 30, 2019 Van Payment #12 - Total $749.27 (Principal $676 29 Interest - $72.98) May 30, 2019 Paid $1,100 in wage expense for the period May 16 - May 30, 2019. May 30, 2019 Paid credit card in full with the following charges incurred in May 2019. Licenses and Fees - $100 Printing - $275, Dues - $100, Linens and Uniforms - $325, Advertising $580, Postage $125 May 30, 2019 Sent $735 invoice to Ace Computers for rooms rented May 1, 2019 - May 30, 2019. May 30, 2019 Received invoice from Grace's Diner for $380. May 30, 2019 Paid dividends to shareholders in the amount of $800. May 31, 2019 Received $1,850 in cash and credit card receipts for room rentals for May 22-31, 2019. Preston Hill Bed & Breakfast Trial Balance For the Year Ended May 31, 2019 Account Number Account Unadjusted Trial Balance Debit Credit Adjusting Entries Debit Credit Adjusted Trial Balance / Debit Credit Income Statement Debit Credit Balance Sheet Debit Credit Closing Adjustments Debit Credit Post-Closing Trial Balance Debit Credit Eco 101 3 105 115 120 3 125 140 5 150 3 155 165 3 203 208 210 310 2390 3 501 505 5605 3 610 615 3620 625 640 1645 2655 3.650 660 Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Van Furniture Accumulated Depreciation Security Deposits Accounts Payable Deferred Room Rental Revenue Notes Payable Common Stock Retained Earnings Room Rental Revenue Administrative Fee Revenue Advertising Depreciation Expense Dues Expense Food Expense Cleaning and Maintenance Expense Interest Expense Insurance Expense Printing Expense Supplies I Postage Licenses and fees Telephone Rent Expense Utilities Wage Expense Linens and Uniforms Dividends Income Summary 5 665 S670 675 3 685 690 695 700 e 750 Net Income (Loss) AA E F G H I Preston HIII Bed and Breakfast General Journal - Month of May 2019 5 Date Description PR Debit Credit ... B C D E F G H I J K L M N O P Q R S T 1 Preston Hill Bed & Breakfast 3 Explanation of Adjustments 4 5 The Year Ended May 31, 2019 Instructions Accounts Transactions General Journal Adjustments General Ledger Trial Balance Income Statement Stockholders' Equity Balance Sheet + 4 AB F G H I J K L M N O P Q R S T U V W X Y Z AA AB AC AD AE AF AGL D E Preston Hill Bed & Breakfast WN General Ledger 6 Cash Telephone Account No. 101 Debit Credit Balance 8,150.00 PR Debit Deferred Room Rental Revenue 8 Date 9 May Explanation 1 Account No. 670 Debit Credit Balance 3,350.00 Cleaning and Maintenance Expense Account No. 625 Debit Date Explana PR Debit Credit Balance May 2,650.00 Explana PR Debit Account No. 208 Credit Credit Balance 1,125.00 Date May Debit Date May Explana PR 1 Rent Interest expense Account No. 675 Debit Credit Balance 21,000.00 Account No. 640 Debit Credit Balance 996.13 Explana PR Debit Date Explanc PR Debit Date May May Notes Payable Account No. 210 Credit Credit Balance 17,754.16 Date Explana PR Debit May 1 Utilities Insurance expense Account No. 685 Debit Debit Credit Balance 2,310.00 Account No. 645 Debit Debit Credit Balance Explana PR Date Explana PR Date May Common Stock Account No. 310 Credit Debit Credit Balance 40,000.00 Explana PR Date May 32 Accounts Receivable 1 PR Account No. 105 Debit Credit Balance 975.00 Debit Wage Expense 34 Date 35 May Supplies expense Explanation 1 Account No. 690 Debit Credit 28,000.00 Account No. 650 Debit Debit Credit Balance Debit Date Date May Explana PR 1 Retained Earnings Account No. 390 Credit Debit Credit Balance Date Explana PR 40 #2 Supplies 23 24 Date Explanation 45 May 1 Account No. 115 Debit Credit Balance 325.00 Printing Expense PR Debit Linens and Uniforms Account No. 655 Debit Credit Balance 1,275.00 Room Rental Revenue Explana PR Debit Date May Explana PR Account No. 695 Debit Credit Balance 325.00 Debit Account No. 501 Credit Debit Credit Balance 71,766.97 Date May 1 Explana PR I Date May - Prepaid Rent Dividends Postage expense Account No. 120 Debit Credit Balance 12,000.00 Explanation PR Debit - Date - May Account No. 700 Debit Debit Credit Balance 1 Account No. 660 Debit Credit Balance 225.00 Date Explana PR Explana PR Debit Date May Security Deposit Account No. 165 Debit Credit Balance 3,000.00 - Prepaid Insurance Income Summary Account No. 750 Date May Explana PR Debit Licenses and fees Account No. 125 Debit Credit Balance 1,200.00 Account No. 665 Debit Debit Credit Balance 1,000.00 Explanation PR Debit Date Explana PR Debit Credit Balance - Date - May Date Explana PR 1 May Accounts Payable Account No. 203 Credit Credit Balance 875.00 Date Explana PR Debit - Van Administrative Fee Revenue May Account No. 140 Debit Credit Balance 35,000.00 Account No. 505 Credit Credit Balance Explanation PR Debit IDate Explana PR Debit - Date - May 1 Furniture Account No. 150 Debit Credit Balance 3,000.00 Advertising Dues PR Debit - Date - May Explanation 1 Account No. 605 Debit Debit Credit Balance 1,560.00 Account No. 615 Debit Credit Balance 1,000.00 Explana PR Explana PR Debit Date May Date May Accumulated Depreciation Account No. 155 Credit Credit Balance Date Explanation PR Debit Depreciation Expense Food Expense Account No. 610 Debit Debit Credit Balance Account No. 620 Debit Credit Balance 4,180.00 Date Explana PR Explana PR Date May Debit 4 A B C G H I J K L M N O P Q R S T. D E F Preston Hill Bed & Breakfast Income Statement Instructions Accounts Transactions General Journal Adjustments General Ledger Trial Balance Income Statement Stockholders' Equity Balance Sheet A G H I J K L M N O P Q R S T. B C D E F Preston Hill Bed & Breakfast Statement of Stockholders' Equity Common Stock Retained Earnings Total Stockholers' Equity 42 Instructions Accounts Transactions General Journal Adjustments General Ledger Trial Balance Income Statement Stockholders' Equity Balance Sheet A B C H I J K L M N O P Q R S T D E F G Preston Hill Bed & Breakfast Balance Sheet Assets w No600 Vown = 0 Liabilities and Stockholders' Equity WN O O O O -0.00 O Instructions Accounts Transactions General Journal Adjustments General Ledger Trial Balance Income Statement Stockholders' Equity Balance Sheet Preston Hill Bed & Breakfast Case Study This case study must be completed in Excel or other spreadsheet program using the formats provided in this workbook Objectives: 1. Practice the steps involved in the Accounting Cycle 2. Practice electronic spreadsheet skills a. Formulas b. Linking worksheets 3. Practice using data visualization to share results Instructions 1. Using the Chart of Accounts provided, record the transactions in the General Journal. Do not add new accounts 2. Post the General Journal entries to the General Ledger. 3. Prepare the Unadjusted Trial Balance in the Trial Balance tab 4. Journalize any adjusting entries in the General Journal and post in the General Ledger Show your calcuations for the adjustments in the Adiustrients tab. 5. Prepare the Adjusted Trial Balance in the Trial Balances tab. Also include the Income Statement and Balance Sheet on the Trial Balance Worksheet 6. Prepare IN GOOD FORM the Income Statement, Statement of Shareholders' Equity, and Balance Sheet for for the period of June 1, 2018 - May 31, 2019 in the appropriate tabs. Ignore the effects of income tax. 7. Prepare an appropriate data visualization of financial results (either income statement or balance sheet) 8. Prepare and post the closing entries for the year ended May 31, 2019. 9. Note the following additional information: 1. The business began on June 1, 2018. 2. The period under consideration is the year of June 1, 2018 - May 31, 2019 3. For the purposes of this assignment, ignore the effects of income tax, property tax, sales tax, and payroll tax. 4. Straight-line depreciation method is used. 5. The supplies on hand May 31, 2019 were $325. 6. The telephone bill for May 2019 for $305 was receive June 2019 7. The utility bill for May 2019 for $210 was received June 2019. 6. The telephone bill for May 2019 for $305 was receive June 2019. 7. The utility bill for May 2019 for $210 was received June 2019. 8. For the purposes of this assignment, consider the note payable to be a current liability. 9. The following transactions occurred in the first month of operations and are reflected in the general ledger account balances: June 1, 2018 Jon Edwards and Dan Fogle each invested $20,000 in a corporation to run Preston Hill Bed & Breakfast. Each were issued 2,000 shares of $10 par value common stock. June 1, 2018 The partners leased a fully furnished, established, five-bedroom room Bed & Breakfast for 3 years at $3,000 per month. The landlord required a payment of $12,000 for 4 months of rent plus a $3,000 security deposit. June 1, 2018 Purchased a minivan valued at $35,000 with a $10,000 down payment and a 3-year $25,000 note payable with an annual interest rate of 5%. The minivan has a 5-year useful life and no salvage value. The monthly payment including principal and interest is $749.27 June 1, 2018 Neither partner can cook but arranged with the restaurant next door (Grace's Diner) to provide breakfast for the quests at $10 per person per day. Grace's Diner will bill the B & B at the end of each month for the meals provided. They must pay Grace's Diner before the 10th of the next month. June 1, 2018 Purchased used deck furniture for $3,000 cash. The furniture has a 6-year useful life and no salvage value. June 3, 2018 Ace Computers, a local company, arranged with the B & B to provide rooms for their out of town weekday visitors at a rate of $100 per night. The B & B will bull Ace at the end of the month for rooms used March 8, 2019 Paid invoice from Insurance company for 4 months of coverage beginning April 1, 2019 for a total of $1,200. April 15, 2019 Purchased suppplies on account from Restaurant Depot in the amount of $875. April 24, 2019 Received reservation deposits as follows: Smith Family - $250 for May 25 - 26, 2019 Harris Family - $500 for May 29 - 30, 2019 Mester Family - $375 for June 3 - 5, 2019 April 28, 2019 Sent invoice to Ace Computers for the month of April in the amount of $975. Accounting Transactions for the Month of May 2019 Date Description May 1, 2019 Paid May rent in the amount of $3,000. May 2, 2019 Paid $750 for six months auto insurance policy beginning May 1. May 8, 2019 Received $2,500 in cash and credit card receipts for room rentals for May 18, 2019 May 9, 2019 Purchased $540 for supplies on account from Jones Supplies Co. May 10, 2019 Paid amount due to Restaurant Depot for supplies purchased April 15, 2019. May 10, 2019 Received payment from Ace Computers for April 2019 billing May 15, 2019 Paid $900 in wage expense for the period May 1 - May 15, 2019. May 15, 2018 Received $2200 in cash and credit card receipts for room rentals for May 9 - 15, 2019. May 18, 2019 Paid for cleaning and maintenance in the amount of $425. May 20, 2019 Received reservation deposits as follows: Plourde Family - $250 for May 25 - 26, 2019 Friedman Family - $200 for May 29-30, 2019 Brooks Family - $255 for 3-5, 2019 May 21, 2018 Received $2,050 in cash and credit card receipts for room rentals for May 16 - 21, 2019 May 24, 2019 Paid utilities bill in the amount of $277. May 24, 2019 Paid telephone bill in the amount of $158. May 27, 2019 Refunded Harris Family deposit paid on May 8, 2019 less $50 Administrative Fee. May 30, 2019 Van Payment #12 - Total $749.27 (Principal $676 29 Interest - $72.98) May 30, 2019 Paid $1,100 in wage expense for the period May 16 - May 30, 2019. May 30, 2019 Paid credit card in full with the following charges incurred in May 2019. Licenses and Fees - $100 Printing - $275, Dues - $100, Linens and Uniforms - $325, Advertising $580, Postage $125 May 30, 2019 Sent $735 invoice to Ace Computers for rooms rented May 1, 2019 - May 30, 2019. May 30, 2019 Received invoice from Grace's Diner for $380. May 30, 2019 Paid dividends to shareholders in the amount of $800. May 31, 2019 Received $1,850 in cash and credit card receipts for room rentals for May 22-31, 2019. Preston Hill Bed & Breakfast Trial Balance For the Year Ended May 31, 2019 Account Number Account Unadjusted Trial Balance Debit Credit Adjusting Entries Debit Credit Adjusted Trial Balance / Debit Credit Income Statement Debit Credit Balance Sheet Debit Credit Closing Adjustments Debit Credit Post-Closing Trial Balance Debit Credit Eco 101 3 105 115 120 3 125 140 5 150 3 155 165 3 203 208 210 310 2390 3 501 505 5605 3 610 615 3620 625 640 1645 2655 3.650 660 Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Van Furniture Accumulated Depreciation Security Deposits Accounts Payable Deferred Room Rental Revenue Notes Payable Common Stock Retained Earnings Room Rental Revenue Administrative Fee Revenue Advertising Depreciation Expense Dues Expense Food Expense Cleaning and Maintenance Expense Interest Expense Insurance Expense Printing Expense Supplies I Postage Licenses and fees Telephone Rent Expense Utilities Wage Expense Linens and Uniforms Dividends Income Summary 5 665 S670 675 3 685 690 695 700 e 750 Net Income (Loss) AA E F G H I Preston HIII Bed and Breakfast General Journal - Month of May 2019 5 Date Description PR Debit Credit ... B C D E F G H I J K L M N O P Q R S T 1 Preston Hill Bed & Breakfast 3 Explanation of Adjustments 4 5 The Year Ended May 31, 2019 Instructions Accounts Transactions General Journal Adjustments General Ledger Trial Balance Income Statement Stockholders' Equity Balance Sheet + 4 AB F G H I J K L M N O P Q R S T U V W X Y Z AA AB AC AD AE AF AGL D E Preston Hill Bed & Breakfast WN General Ledger 6 Cash Telephone Account No. 101 Debit Credit Balance 8,150.00 PR Debit Deferred Room Rental Revenue 8 Date 9 May Explanation 1 Account No. 670 Debit Credit Balance 3,350.00 Cleaning and Maintenance Expense Account No. 625 Debit Date Explana PR Debit Credit Balance May 2,650.00 Explana PR Debit Account No. 208 Credit Credit Balance 1,125.00 Date May Debit Date May Explana PR 1 Rent Interest expense Account No. 675 Debit Credit Balance 21,000.00 Account No. 640 Debit Credit Balance 996.13 Explana PR Debit Date Explanc PR Debit Date May May Notes Payable Account No. 210 Credit Credit Balance 17,754.16 Date Explana PR Debit May 1 Utilities Insurance expense Account No. 685 Debit Debit Credit Balance 2,310.00 Account No. 645 Debit Debit Credit Balance Explana PR Date Explana PR Date May Common Stock Account No. 310 Credit Debit Credit Balance 40,000.00 Explana PR Date May 32 Accounts Receivable 1 PR Account No. 105 Debit Credit Balance 975.00 Debit Wage Expense 34 Date 35 May Supplies expense Explanation 1 Account No. 690 Debit Credit 28,000.00 Account No. 650 Debit Debit Credit Balance Debit Date Date May Explana PR 1 Retained Earnings Account No. 390 Credit Debit Credit Balance Date Explana PR 40 #2 Supplies 23 24 Date Explanation 45 May 1 Account No. 115 Debit Credit Balance 325.00 Printing Expense PR Debit Linens and Uniforms Account No. 655 Debit Credit Balance 1,275.00 Room Rental Revenue Explana PR Debit Date May Explana PR Account No. 695 Debit Credit Balance 325.00 Debit Account No. 501 Credit Debit Credit Balance 71,766.97 Date May 1 Explana PR I Date May - Prepaid Rent Dividends Postage expense Account No. 120 Debit Credit Balance 12,000.00 Explanation PR Debit - Date - May Account No. 700 Debit Debit Credit Balance 1 Account No. 660 Debit Credit Balance 225.00 Date Explana PR Explana PR Debit Date May Security Deposit Account No. 165 Debit Credit Balance 3,000.00 - Prepaid Insurance Income Summary Account No. 750 Date May Explana PR Debit Licenses and fees Account No. 125 Debit Credit Balance 1,200.00 Account No. 665 Debit Debit Credit Balance 1,000.00 Explanation PR Debit Date Explana PR Debit Credit Balance - Date - May Date Explana PR 1 May Accounts Payable Account No. 203 Credit Credit Balance 875.00 Date Explana PR Debit - Van Administrative Fee Revenue May Account No. 140 Debit Credit Balance 35,000.00 Account No. 505 Credit Credit Balance Explanation PR Debit IDate Explana PR Debit - Date - May 1 Furniture Account No. 150 Debit Credit Balance 3,000.00 Advertising Dues PR Debit - Date - May Explanation 1 Account No. 605 Debit Debit Credit Balance 1,560.00 Account No. 615 Debit Credit Balance 1,000.00 Explana PR Explana PR Debit Date May Date May Accumulated Depreciation Account No. 155 Credit Credit Balance Date Explanation PR Debit Depreciation Expense Food Expense Account No. 610 Debit Debit Credit Balance Account No. 620 Debit Credit Balance 4,180.00 Date Explana PR Explana PR Date May Debit 4 A B C G H I J K L M N O P Q R S T. D E F Preston Hill Bed & Breakfast Income Statement Instructions Accounts Transactions General Journal Adjustments General Ledger Trial Balance Income Statement Stockholders' Equity Balance Sheet A G H I J K L M N O P Q R S T. B C D E F Preston Hill Bed & Breakfast Statement of Stockholders' Equity Common Stock Retained Earnings Total Stockholers' Equity 42 Instructions Accounts Transactions General Journal Adjustments General Ledger Trial Balance Income Statement Stockholders' Equity Balance Sheet A B C H I J K L M N O P Q R S T D E F G Preston Hill Bed & Breakfast Balance Sheet Assets w No600 Vown = 0 Liabilities and Stockholders' Equity WN O O O O -0.00 O Instructions Accounts Transactions General Journal Adjustments General Ledger Trial Balance Income Statement Stockholders' Equity Balance Sheet