The JACBRIELLAND Services Company was formed on May 1, 2017.

The following transactions took Place during the first month.

Transactions on May 1:

1. Carl Stanger invested $60,000 cash in the company and Joe Regan invested $13,000 cash and a truck with a fair value of $8500 from Russ Murphy. The business issued Stanger 100 shares of common stock and Regan 50 shares of common stock in exchange for their contribution
2. Hired two employees to work in the warehouse. They will each be paid a salary of $2,750 biweekly. (works Monday Friday) employees are paid on Friday following the Monday Friday 2 weeks
3. Hired an office manager at $550 weekly (Works Monday Friday). Office manager is paid on the 1^st and last day of the month
4. Signed a 2-year rental agreement on a warehouse; for $34,000 annually and Paid cash in advance for the first six months
5. Purchased furniture and equipment costing $30,000. A cash payment of $10,000 was made immediately; the remainder will be paid in 6 months.
6. Paid $750 cash for a one-year insurance policy on the furniture and equipment.
7. Paid $1,000 for a one-year insurance policy on the truck
8. Paid 2,750 annual insurance on the rented warehouse

Transactions during the remainder of the month of May

2 Completed a large delivery job, billed the customer, $4,000

3 Purchased basic office supplies for $ 1,500 cash.

4 Obtained a loan for $25,000 to make repairs to the warehouse, work will begin before the end of the month, interest rate 4%

5 Purchased Advertisement in the local newspaper for weekly ads, for 4 months - $8,000

7 Purchased more office supplies for $750 on account.

9 Received utility bills in the amount of $380, to be paid next month.

11 Signed a contract for services to be performed this month and over the next 3 months 6700

11 Hired a Cleaning service for cleaning office and warehouse on Thursdays, $200 weekly

14 Purchased fuel for the truck, paying $150 on account

15 Paid $400 to suppliers for accounts payable due.

15 Received $3,000 from customers in payment of accounts receivable.

15 Paid Office managers salary

15 Purchased cleaning supplies on account for 5 months - $1,250

17 Collected $2,200 in advance for services to be performed later

17 Received Mobile Phone Invoice- $ 400 to be paid in 20 days

18 Total revenues earned were $20,000$8,000 cash and $12,000 on account.

18 Paid the monthly salaries of the two warehouse employees, totaling $6,100.

19 Performed delivery services on account, $1,400.

19 The warehouse staff has worked extra hard will reward them with a bonus of $75 each, payable next month

21 Purchased fuel on account for $185

22 Performed services for a customer and received $2,200 cash.

25 Truck repairs - $350

28 Collected $3,300 cash from customer on account

31 Paid $150 on account.

31 Cash dividends of $2,500 were paid to each stockholder .

Adjustment data:

1. Depreciation is recorded on the truck using the straight-line method of $3,000 annually.
2. Depreciation on Equipment is $4,285 annually.
3. Prepaid insurances for the month have expired.
4. Office Supplies on hand, $850.
5. Unearned Revenue earned during the month, $875
6. Accrued Service Revenue, $450.
7. Cleaning supplies used - $75

REQUIREMENTS ( use the calendar May 2018 below)

1. Record Journal entries for the above transactions (Include explanations.)
2. Post the journal entries to T-accounts.
3. Prepare an unadjusted trial balance as of May 31, 2018.
4. Prepare a worksheet as of May 31, 2018
5. Journalize the adjusting entries using the following adjustment data and also by reviewing the journal entries prepared in Requirement A.
6. Post adjusting entries to worksheet and T-accounts
7. Prepare an adjusted trial balance as of May 31, 2018
8. Prepare the JACBRIELLAND Service Company s FINANCIAL STATEMENTS FOR- May 31, 2018
   1. income statement for the month
   2. statement of retained earnings for the month
   3. and the classified balance sheet on that date.
1. On the income statement, list expenses in decreasing order by amountthat is, the largest expense first, the smallest expense last.
10. Journalize the closing entries, and post to the T-accounts

May-18 Sunday Monday Tuesday Thursday Friday Saturday Wednesday 3 10 12 14 9 16 15 28 29 30 31 May-18 Sunday Monday Tuesday Thursday Friday Saturday Wednesday 3 10 12 14 9 16 15 28 29 30 31