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On May 31 2021, Randy Conway of Conway Uniforms began preparing his year end. Randy hadn't completed his journal entries in May, they are: Conway did a physical count of their inventory. They had 210 uniforms 01-May that they originally purchased for S18. No journal entry required. 03-May Lendrum paid their balance in full. Deposit 5 04-May Purchased 70 uniforms for $26 cach to sell as inventory Cheque 9 06-May Purchased Office Supplies for S1.120 Cheque 10 08-May Sold 130 uniforms to Lendrum for $40 a snit. 1/10,n30. FOB Shipping 11-May Purchased 150 uniforms for S23 cach to resell as inventory Cheque 11 13-May Sold 135 uniforms to Norton Electric for $40 a unit. Cash Deposit 6 Deposit 6 15-May Purchased a one day insurance premium on a trip for S40 Cheque 12 18-May Starburst paid a portion of their bill of $10,000 Deposit 7 20-May Paid out mileage expense for 750km 50.60 per km Cheque 13 22-May Purchased 310 uniforms for $25 cach to resell as inventory Cheque 14 25-May Sold 60 uniforms to Sharp Co. for S40 a unit 1/10,n30. FOB Shipping 28-MayWithdrew $1800 cash. Cheque 15 Dinwoody Entertainment put a deposit down for uniforms to be 31-May ordered next month of $1,400. Deposit Deposit The adjusting entries are also required: 31-May/The inventory of office supplies was at $360 according to a count. 31-May Two months of the prepaid insurance has passed. 4 remain Five months have passed for office equipment depreciation which has a 10-year 31-May life with no residual value 31-May Donald Gee is owed 5 days work 31-May Bad Debt Allowance Adjustment The bank statement for May 2021 was: MAY 2021 BANK STATEMENT Date Cheque/Deposit Amount Balance 01-May Open 44.890 03-May NSF Cheque - Starbust 2,000 42.890 05-May Deposits 6,680 49,570 08-May Cheque 9 -1,820 47,750 10-May Cheque 10 -1.120 46,630 14-May Deposit 6 5,400 52,030 18-May Deposit 7 10,000 62.030 21-May Cheque 13 -450 61,50 31-MayInterest Income 12 61.592 31-May Bank Charges -35 61.557 There were no outstanding cheques or deposits in transit on the April bank reconciliation. The Accounts Receivable balances and days since invoicing on April 30 were: Days since Accounts Receivable Inveicing Oldest Balance Kinsetta Groceries 2.260 12 Gillette Industries 4.480 Norton Electric 3.460 Whistler Resort 88 30 XO 880 18,900 64 Whistler Resort Starburst Inc. Dinwoody Entertainment Sharp Co Lendrum Sales Fashion Incorporated 2.240 6,680 1.780 21 64 11 Conway gave all customers 30 days from invoicing to pay their bill before their accounts became overdue. Conway followed the aging analysis of approach to estimating bad debt. With advice from his accountants, this were the estimates he used to determine his bad debt expense: Current - 0.5% 1-30 days overdue - 1% 31 -60 days overdue - 8% 61+ days overdue - 20% For the case of estimation, if a customer had multiple bills overdue, Conway would use the oldest bill and apply the percentage to all outstanding accounts. The chart above is days since invoicing the oldest bill outstanding. Randy's Trial Balance on April 30 is as follows: G 400 2250 4480 3.480 18.900 2240 FAO 1780 300 Account Number Account Home 100 Cash 198 Accounts Receivable Kits Groceries Gette industries 03 Norton Electric SO4 Wider 05 Startuste Diody Entrer Shop Lendrum Fashion incorporated Allowance for Accounts 12 Merchandisewentory Omce Supplies um Prepaid Once Accumud Depreciation Equipment Computer Comet 181 |Tretar 92 Note Race 2004 we Land torture Experien 201 Reeuwdepreciation, Computer Equipment 280 Account Paul Wage Pavile Unated Computer Service Ravenue Randy Cory. Capi Randy Conway. With 454 Sales 415 Sie 00 Sales and Alice Interest income Coat of Good Bold Innan 3780 1.180 60 12.000 16.000 4.000 31000 27.000 80 11.000 142.380 2200 38 OO 40 20 14.680 20 502 612 613 637 660 14,680 252 13,640 3,600 662 665 interest Income Cost of Goods Sold Depreciation Expenso, Office Equipment (general and Wages Expense (sales) Insurance Expense (general and administrative) Rent Expense (70% sales, 30% office) Office Supplies Expense (general and administrative) Advertising Expense (sales) Mileage Expense (sales) Repairs Expense. Computer (general and administrativ Bank Charges (general and administrative) Bad Debt Expense (sales) Charitable Donations Expense (sales) 6/6 681 1.850 2200 880 340 689 636 897 639 580 194,612 194,612 The General Ledger is not up to date, be sure to include the amounts from the trial balance above to the first line of the General Ledger. Required: 1) Prepare the costing chart using the MWA method for May. 8 marks 2) Prepare the Journal Entries for May and post them to the correct ledger. 5 marks 3) Reconcile the bank account for May 30, 2018. Prepare the necessary journal entries. 10 marks 4 Prepare the necessary adjusting entries for May 30, 2018. Including the receivables adjustment. 5 marks 5) Prepare a Multi-step Income Statement for January 1, 2021 - May 31, 2021. 8 marks 6) Close the temporary accounts and post them to the ledger. 6 marks 7) Prepare a Classified Balance Sheet as of May 30, 2021. 8 marks