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The entries are given above for the question, I prepared some statements and general entries as well. Plz check below, juts need to finish the
The entries are given above for the question, I prepared some statements and general entries as well. Plz check below, juts need to finish the pending statements.
Emily Lee grew up in Vancouver and loves to be a tourist in her own city. In order to make money to pay for university, she openec walking tour company, Very Vancouver. The following are transactions for the month of May 2023, the first month of operations. $1,404 into the business. May 3 Purchased supplies, including a microphone, and brochures for \$885 cash. May 4 Purchased a printer for $396 on account. May 5 Purchased a one-year insurance policy for $2,280 cash. May 6 Emily withdrew $386 for a Mother's Day gift. May 8 Interviewed and hired one employee to assist with leading tours. tour bookings. May 15 Led three tours of Stanley Park and received $900 cash. May 25 Led four tours of Granville Island, for $1,470. The customers on this tour had prepaid on May 10 . The following information is known at May 31, 2023. - The laptop has an estimated life of three years. - The printer has an estimated life of three years. - There are $295 of supplies that are not used. - A portion of the insurance policy has expired. - Wages of $635 were unpaid and unrecorded. Required 1-a. Prepare journal entries for the May transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 1-a. Prepare journal entries for the May transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 1-b. Prepare the adjusting entries. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar. 1-c. Prepare the closing entries. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) 2. Post the above journal entries to the T-accounts. 3. Prepare a post-closing trial balance. (Do not round Intermedlate calculations. Round the final answers to the nearest whole dollar.) 4. Prepare an income statement and statement of changes in equity for the month ended May 31, 2023. (Do not round Intermedlate calculations. Round the final answers to the nearest whole dollar.) \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ VERY VANCOUVER } \\ \hline \multicolumn{1}{|c|}{ Statement of Changes in Equity } \\ \hline For Month Ended May 31, 2023 \\ \hline Emily Lee, capital, May 1 & & \\ \hline & & \\ \hline Total & & $ \\ \hline & & \\ \hline Emily Lee, capital, May 31 & & \\ \hline \end{tabular} 5. Prepare a classified balance sheet at May 31, 2023. (Do not round Intermedlate calculations. Round the final answers to the nearest whole dollar.)Step by Step Solution
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