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May 1: The company sold 10,000 shares of its common stock for $90,000 cash. May 2: The company obtained a $52,500, 6%, 12-month loan from Local Federal Bank. The principal and interest are due May 2, 2021 May 2: The company bought store fixtures for $20,700 cash. Fiona uses straight-line depreciation and expects the fixtures to last four years with no residual value. May 3: The company paid $4,500 cash for an insurance policy covering May, June, and July. May 10: The company bought $45,000 merchandise inventory and paid cash. May 20: The company sold merchandise inventory costing $7,500 for $15,000 to customers and received cash May 28: The company sold merchandise inventory costing $30,000 for $60,000 to customers on credit. The customers have 30 days to pay. May 29: The company paid its employees $5,250 cash for wages. May 30: The company received $45,000 cash for the sales made on May 28. Required: Download this accounting cycle worksheet and complete the following questions. Please upload the completed WORD file once you are done. 1. Prepare the journal entries for the month of May under the accrual basis. Please use the general journal provided below and skip the explanations. (No need to prepare adjusting journal entries.) 2. Prepare the T-accounts for the following accounts and determine the account balances as of May 31, 2020. (Assume that the beginning balances of these accounts are zero.) 3. Determine the unadjusted balances, adjustments, and adjusted balances of the following four accounts in the trial balance. Assume that (1) one-third of the $4,500 prepaid insurance policy expired in May and requires adjustment (2) the amount of interest expense recognized in May requires adjustment, and (3) the depreciation on the store fixtures in May requires adjustment