Prepare For Month of MAY requirements 3-7.
-For the Month of May 2020 F&F Inc. completed the following transactions during May 2020 May 1 Paid employeeslaries due from April May 2 Recorded window washing and repairs performed for customers Cash receipts from customers were $440. Other customers were billed for $1.700 May 5 Purchased supplies on 240 May 7 Collected $2.500 cash free customer accounts receivable Mays Performed window washing for Bemand Maloft See Anil transaction May 10 Paid the utility company for the mely utility bills that were received April 23 May 14 Paid the account payable for supplies See My 5.) May 15 Paid S1.920 for a cavernance polisach starts as May 16 20202 May 16 Paid S2.100 cash for employee salaries May 20 Paid a 300 cash dividend to the stockholders May 27 Received monthly utility bills amoting to S210 They saill be paid next month Recorded window washing and repairs performed for customers Cash receipts from customers were $825. Other customers were billed for $1.100 May 31 Requirement #1: Prepare journal entries for the May transactions and post to the ledger Requirement #2: Prepare an adjusted trial balance for May 31, 2020 Information for adjusting entries for May 31: May 31 Counted the supplies inventory Hd SEO of spplies en hand May 31 Employees have carmed $2.100 for salaries. They will be paid on June May 31 Makemat for inspense May 31 Makeat free May 11 Make adjustment for monthly depreciation expense May 31 Make adjustment for insurance expose for en half of a month Requirement #3: Prepare journal entries for the adjustments for May and post to the lodger Requirement #14: Prepare an adjusted trial balance for May 31, 2020 Requirement #8: Prepare an income statement, statement of retained camings, and balance sheet for the month of May 31, 2020 Requirement #6: Prepare closing journal entries for May and post to the ledger Requirement 17: Prepare a post-closing trial balance for May 31, 2020 The company uses the following chart of accounts Ace Number Account Account Title Nu Account Title 100 Cock 105 Accounts receivable Retaimed camin 110 Supplies 410 SERVICES Prepaid rent Salaries ex Prepaid insurance S10 Accumulated dai Supplies 200 Accounts payable 205 Interestable Rent Utilities 50 IS Salaris vele 535 Insurance pe 220 Usamle 2225 Notesovable 700 For the Month of April 2020 On April 1, Frank and Felicity formed a corporation and started operating F&F Inc., a solar panel installation company. F&F Inc. completed the following transactions during the month of April. Round all amounts to the nearest dollar. 2020 Acquired $25,000 from the issuance of common stock. On the same day, acquired April 1 $15.000 from the bank by signing a note. The note carries a five-year term and 6% annual interest rate. Interest is payable annually on March 31 of each year. April 2 Paid $5,400 in advance rent for a one-year lease on a small office. Paid $30,000 to purchase office equipment. The equipment was expected to have a April 4 useful life of 5 years and a salvage value of $4,800. April 6 Purchased supplies for $300 cash. April 9 Received $500 cash as an advance payment from a client for service to be done in May. April 10 Performed solar installation service for various customers. Cash receipts from customers were $950. Other customers were billed for $1.250. April 16 Paid S960 cash for employee salaries. April 18 Collected $450 from accounts receivable. April 23 Received monthly utility bills in the amount of $135. The bills will be paid during May. April 25 Paid advertising expense for advertisements run during April, $175. April 30 Performed solar installation service for various customers. Cash receipts from customers were $1.150. Other customers were billed for $1.600. Requirement #1: In the excel workbook "Gen Journal", prepare journal entries for the April transactions and post to the ledger. Requirement #2: In the excel workbook "Trial Balance", prepare an unadjusted trial balance for April 30, 2020 Information for adjusting entries for April 30: April 30 Counted the supplies inventory. Had $110 of supplies on hand. April 30 Employees have earned $960 for salaries. They will be paid on May 1. April 30 Make adjustment for interest expense. April 30 Make adjustment for rent expense. April 30 Make adjustment for monthly depreciation expense using straight-line method. Requirement #3: Prepare journal entries for the adjustments for April and post to the ledger. Requirement #4: Prepare an adjusted trial balance for April 30, 2020. Requirement #5: Prepare an income statement, statement of retained earnings, and balance sheet for the month of April 2020. Requirement #6: Prepare closing journal entries for April and post to the ledger. Requirement #7: Prepare a post-closing trial balance for April 30, 2020
