Prepare an Income Statement and Balance Sheet

During May 2022 the following activities occurred: The following data are available for adjusting entries: \begin{tabular}{|l|l|} \hline 5/31/2022 & Record rent expense for May. \\ \hline 5/31/2022 & Record monthly interest expense on the Wells Fargo loan. \\ \hline 5/31/2022 & Records show customers used $500 of gift cards to purchase inventory with a value of $300. \\ \hline 5/31/2022 & Jackson's Biking had a water bill of $1,200 unpaid at end of the month. \\ \hline 5/31/2022 & Record depreciation of computer equipment for $1,000. \\ \hline 5/31/2022 & At the end of the month, $1,900 of supplies remain in the supply closet. \\ \hline \end{tabular} During May 2022 the following activities occurred: The following data are available for adjusting entries: \begin{tabular}{|l|l|} \hline 5/31/2022 & Record rent expense for May. \\ \hline 5/31/2022 & Record monthly interest expense on the Wells Fargo loan. \\ \hline 5/31/2022 & Records show customers used $500 of gift cards to purchase inventory with a value of $300. \\ \hline 5/31/2022 & Jackson's Biking had a water bill of $1,200 unpaid at end of the month. \\ \hline 5/31/2022 & Record depreciation of computer equipment for $1,000. \\ \hline 5/31/2022 & At the end of the month, $1,900 of supplies remain in the supply closet. \\ \hline \end{tabular}