Record the transactions for May 1 through May 31 in a general Journal using the account names listed in the chart of accounts.

Post the entries to general ledger.

Prepare an unadjusted trial balance on May 31, 2018.

Record all necessary adjusting entries in the general journal.

Post the adjusting entries to the general ledger.

Prepare an adjusted trial balance on May 31, 2018.

Prepare an income statement and statement of retained earnings in good form with a proper heading.

Prepare a balance sheet in good form with a proper heading.

Record the closing entries on May 31, 2018 in the general journal.

Post the closing entries to the general ledger.

Prepare a post closing trial balance on May 31, 2018.

KC Inc. b egan operations on May 1, 2018. The transactions for the first month in usiness are shown b elo The following transaction occurred in May (1) On May 1 our company issued shares common stock exchange for cash. The cash received totaled 250,000 Assets: Cash Par value for common stock Shares of common stock issued Accounts 100,000 10 (2) On May 2, we purchased equipment for cash. The equipment cost Prepaid 50,000 The estimated useful life of the property is five years. Office Sup 11 The estimated residual value of the property is Equipme 5,000 Accumula KC Inc. uses the Double-declining balance method for depreciation of equipment. 13 14 (3) On May 3 we purchased a building. We financing the purchase by signing a fifteen year note: 160,000 Bu ding The estimated useful life of the building is twenty five years Accumu 15 The estimated residual value of the property is 16 16,000 KC Inc. uses the Double-declining balance method for depreciation of the building. Liabilities The annual interest rate on the note payable is Accounts 18 19 (4) On May 4, we received cash from a customer (ABD inc. for work to be completed in May and June: 25,000 Interest p Unearned 20 (5) On May 9 we purchased office supplies on account for: 2,200 Notes pa 21 (6) On May 15 we provided service for a client (XYZ inc.) on account 10,000 7,500 22 (7) On May 20, we paid salaries for our staff which totaled Stockhol 23 (8) on May 31, we paid for a twelve month insurance policy in advance: 1,500 Common 24 The following information is available on May 31 Paid in ca 25 Revenue earned from the May 4 transaction totaled: Retained 15,000 26 Office supplies on hand totale 1,200 Revenue: 28 Service re Round a ations to two decimal nlaces