Prepare all necessary journal entries and adjusting entries for the month of May 2020 in the below boxes shaded in grey. Ensure that each entrys date is completed as well. If an entry is not required, simply type NO ENTRY. Add lines where necessary. Do not retype the comment, just indicate entries in good order. Cr entries before Dr will LOSE marks.

1. May 1 The company sold shares to each sister, $10,000 in exchange for 1000 common shares each
2. May 2 Took out a $125,000 loan with Tangerine Bank @ 6% interest payable every January 1 and the principal of the loan due May 1, 2026.
3. May 3 Purchased inventory on account from Garden Direct Ltd for $125,000.
4. May 4 Purchased a delivery truck for $22,000 cash.
5. May 5 Purchased office supplies for cash equal to $1000.
6. May 6 Prepaid rent for the rest of the fiscal year for $8,000 cash.
7. May 10 Received $55,000 cash for a sale to Divine Weddings Inc. The sale is for a flower arrangement that is to be delivered on June 5, 2021.
8. May 11 Met with a bank advisor at Tangerine Bank and obtained additional financing of a $100,000 loan at 3% interest per month.
9. May 15 Paid the balance due to Garden Direct Ltd.
10. May 16 Purchased inventory from Flower Power Inc for $85,000 50% cash and the rest on account.
11. May 17 Made a $176,000 sale on account to Linda Rich, a wealthy Westmount resident, for flowers delivered to her home the same day. The cost of the flowers was $76,000.
12. May 18 Incurred wages for 2 flower arrangement employees (Irene and Cindy) who worked a total of 32 hours each at an hourly rate of $15.00; these wages will be paid on May 20.
13. May 19 Paid Flower Power Inc their balance in-fall.
14. May 23 Declared a dividend of $1 per share.
15. May 24 Rented the delivery truck to Jacks Dpanneur, a business next door, for the last week of the month for $250 cash.
16. May 25 Paid the dividends previously declared on May 23.
17. May 31 Depreciation on the delivery truck is calculated based on an estimated useful life of 5 years using the straight-line method. Residual value is 3000.
18. May 31 Accrued the interest on any debt financing taken in the month of May.
19. May 31 Conducted a count of office supplies and found approximately $900 were still on-hand.
20. May 31 Reflected the adjusting entry for rent for the month of May.