Problem $2$

Oneschuk Contractors Corporation had the following transactions during its first month of operation ended May $31,2019$:

$($all dates are in May$)$

$1$ Issued common stock for $$5,000$ cash

$1$ Paid $$1,500$ for three months$$ rent in advance: May, June, and July $($recorded as prepaid rent$)$

$2$ Purchased $$1,000$ of supplies on credit $($recorded as unused supplies$)$

$3$ Billed a customer $$1,500$ for repairs performed

$4$ Paid $$50$ for an advertisement in The Daily Bugle

$5$ Received $$250$ cash for contracting work completed today

$10$ Collected the amount billed on May $3$

$15$ Paid $$500$ to a creditor

$18$ Borrowed $$2,000$ cash from the bank

$20$ Signed a contract for $$10,000$ work to be done in June

$22$ Purchased $$3,000$ of equipment; paid cash

$25$ Billed customers $$3,500$ for work completed to date

$27$ Paid the following expenses: electricity, $$75$; telephone, $$25$; wages, $$2,000$

$31$ Transferred the amount of May$$s rent from prepaid rent to rent expense $($$$500)$

$31$ Counted $$200$ of supplies still on hand; the rest had been used during May.

Required:

$"1.$ Open general ledger T$$accounts for the following $($account numbers are indicated in brackets$)$: Cash $(101),$ Accounts Receivable $(110),$

Prepaid Rent $(162),$ Unused Supplies $(173),$ Equipment $(183),$ Bank Loan $(201),$ Accounts Payable $(210),$ Common stock $(320),$ Repair Revenue $(450),"$

Advertising Expense $(610),$ Rent Expense $(654),$ Supplies Expense $(668),$ Telephone Expense $(669),$ Utilities Expense $(676),$ and Wages Expense $(677).$

$2.$ Prepare journal entries to record the May transactions, including account numbers.

$3.$ Post the journal entries to the T$$accounts$.$ Total each account.

$4.$ Prepare a trial balance at May $31,2019.$ Ensure total debits equals total credits.

$5.$ Prepare an interim income statement and statement of changes in equity for the month ended May $31,2019$ and an interim balance sheet at May $31,2019.$