STEP $1$: Record the following transactions in the provided grid template.

MAY $2023$ TRANSACTIONS

$1$ Donald and Joe each invested $$25,000($$$50,000$ total$)$ cash into the business in exchange for stock. Each of

them received $100$ shares of stock $(200$ shares total$).$

$2$ Realizing that they would need a truck to pick$-$up and drop$-$off the scooters, they purchased a used truck for

$$12,000.$ The purchase was made with cash.

$3$

Wanting to have a physical premise on the UWW campus, the business rented a small storage container that

could be placed near the dorms. The rental of the storage container is month$-$to$-$month and will help keep

scooters close to campus in the event a scooter needs to be swapped out. The rent was paid in cash for the

month of May. Total rent fee for the month was $$300.$

$4$ Purchased a $6-$month insurance policy for $$2,400$ that covers May $1$st to Oct. $31$st of the current year. Cash was paid.

$5$

Having the building and storage container secured, the business makes an initial purchase of $20$ scooters. Each

scooter was purchased for $$1,080.$ Total purchase price of $$21,600.$ The vendor trusted them and gave them

terms of n$/30.$ Thus, no payment has been made at this point in time. Related to the scooter purchase $$ ten

of the scooters $($$$10,800)$ are going to be placed in the inventory with the plan to sell the other scooters to

customers. The other ten $($$$10,800)$ will be put in the rental fleet and used on the UWW campus for the next

five years. Over this five$-$year period, the plan is to rent the scooter equipment to students.

$6$ Did some advertising in the Royal Purple in the amount of $$1,356$ to try and gain some business for the month.

The amount was immediately paid $($in full$)$ with cash.

$7$ Sold one scooter to a customer for $$2,200$ cash. No sales tax was charged as the customer presented

themselves as being tax$-$exempt.

$8$ Paid the telephone bill for the month of May with cash. The telephone bill was $$250.$

$9$ Paid $$10,000$ in cash towards the outstanding balance related to the scooters purchased in #$5$ above.

$10$

Received a report and payment from the app that processes payments for the scooter rental. The report shows

that $$5,000$ in scooter rental occurred during the first $15$ days of the month. $$4,500$ was deposited into the

bank account of D & J$.$ The difference between $$4,500$ and $$5,000$ represents the processing and technology

fee that the app charges.

$11$ The business discovered another company had a very similar name $($E & J Scooters, Inc.$).$ To prevent confusion,

the business used $$2,000$ cash to purchase the other company$$s trademark on the business name.

$12$ Paid the remaining balance from the scooter purchase on May $5$th$.$

$13$

June is anticipated to be a busy month. The business is concerned they may not have enough inventory for

resale. Therefore, two more scooters were purchased from their supplier at a price of $$1,600$ per scooter. The

purchase was made on their account with the scooter supplier. Terms of the purchase were $5/30$ n$/60.$

$14$ Wanting to stay on good terms with the bike supplier, the business pays the invoice from the May $13$th bike

purchase. If eligible, they claim any applicable discounts.

$15$

Sold another scooter to a customer who lived in Illinois. No sales tax was charged. The customer did not have

his$/$her wallet, so you sent them a bill. The total amount of the sale was $$4,000.$ Terms of $2/10$ n$/30$ were

offered up to try and insure prompt payment.

$16$ The business declared and paid a dividend of $\mathrm{.}20$ per share of stock outstanding.

$17$

A customer comes in and wants to purchase a scooter that you do not have in inventory $($it is a VERY fast

scooter that you didn$$t think many people would be willing to purchase$).$ The store agrees to custom order

the bike for the customer. To start this process, the business requires the customer to pay $$5,000$ as a deposit

for the bike. The customer agrees to this and pays $$5,000$ cash. At this point, no scooter has been provided.

$18$ Customer from the $15$th pays the outstanding balance they have on account considering any discounts that they

are eligible for.

$31$a

Record any needed depreciation entries for the scooter equipment $($used for rental purposes$)$ and the truck.

Both the scooter equipment and the truck were deemed to have estimated useful lives of five years with

respective salvage values of zero.

$31$b

Received a report from the app that processes payments for the scooter rental. The report shows that $$6,000$ in

scooter rental occurred from the $16$th through the $31$st$.$ The $10\%$ fee for the usage of the technology has

occurred. The net funds will be deposited into D & J$$s bank account on the $1$st of June.

$31$c If needed, record any adjusting entries needed related to the insurance policy purchased on May $4$th$.$

$31$d

The company uses an analysis of accounts receivable approach in dealing with the sales and any potential

allowances for doubtful accounts. To assist with your accounting, D & J reviewed the accounts receivable and

determined that $5\%$ of the end of the month accounts receivable has a possibility that it may not be collected. Record any needed entries. Note Anything in the receivable accounts total will be used for this calculation.

$31$e$.$ The business is subject to federal income tax of $21\%($Since they are a c Corporation$).$ Accure the amount of income tax that will be due for the month of may. TIP: Calculate what the net income before taxes would be prior to $31$e $($this entry$).$ After you obtain that number multiply it by $21\%$ and accure that amount of income tax. If you do not have a round number $-$ Round it off to the nearest dollar.

Can you make and income statement, a statement of retained earnings, and classified balance sheet. Thankyou for the help