Transaction Anahree and Financial Statements Just Rolling Along Inc. was organized on May 1 by two college students who recognized an opportunity to make money while spending their days at a beach along Lake Michigan. The two entrepreneurs plan to rent bicycles and in-line skates to weekend visitors to the lakefront. The following transa occurred during the first month of operations: May 1: Received contribution of $8,500 from each of the two principal owners of the new business in exchange for shares of stock. May 1: Purchased the bicycles for $275 each on an open account. The company has 30 days to pay for the bicycles. May 5: Registered as a vendor with the city and paid the $30 monthly fee. May 9: Purchased 20 pairs of in-line skates at $115 per pair, 20 helmets at $60 each, and 20 sets of protective gear (knee and elbow pads and wrist guards) at $55 per set for cash. May 10: Purchased $110 in miscellaneous supplies on account. The company has 30 days to pay for the supplies. May 15: Paid $120 bil from local radio station for advertising for the last two weeks of May. May 17: Customers rented in-line skates and bicycles for cash of $1,000 May 24: Billed the local park district $1,200 for in-line skating lessons provided to neighborhood children. The park district is to pay one-half of the bill within five working days and the rest within 30 days. May 29: Received 50% of the amount bilied to the park district. May 30: Customers rented in-line skates and bicycles for cash of $2,750. May 30: Paid wages of $230 to a friend who helped over the weekend. May 31: Paid the balance due on the bicycles Required: Just Roling Along Inc Income Statement For the Month of May Revenues Total Revenues bepenses 3. Prepare a classified balance sheet at May 31 Just Rolling Along Inc. Balance Sheet May 31 Current assets: Total current asses Property, plant, and equipment: Total assets Liabilities and Sockers b Current bles: y Total stockholders Total and stocke y Which of the following statement is incorrect JUST ROLLING ALONG INC. TRANSACTIONS FOR THE MONTH OF MAY Liabilities Equipment Supplies Accounts Payable Date Cash Accounts Receivable Capit sings May 1 May 1 Balance May Balance May 10 Balance May 15 Balance May 19 Balance May 24 Balance May 30 Balance May 30 Balance May 31 Balance Total liabilities and stockholders Total Assets Transaction Analysis and Financial Statements Just Rolling Along Inc. was organized on May 1 by two college students who recognized an opportunity to make money while spending their days at a beach along Lake Michigan. The two entrepreneurs plan to rent bicycles and in-line skates to weekend visitors to the lakefront. The following transactions occurred during the first month of operations: May 1: Received contribution of $8,500 from each of the two principal owners of the new business in exchange for shares of stock. May 1: Purchased ten bicycles for $275 each on an open account. The company has 30 days to pay for the bicycles. May 5: Registered as a vendor with the city and paid the $30 monthly fee. May 9: Purchased 20 pairs of in-line skates at $115 per pair, 20 helmets at $60 each, and 20 sets of protective gear (knee and elbow pads and wrist guards) at $55 per set for cash. May 10: Purchased $110 in miscellaneous supplies on account. The company has 30 days to pay for the supplies May 15: Paid $120 bill from local radio station for advertising for the last two weeks of May. May 17: Customers rented in-line skates and bicycles for cash of $1,800. May 24: Billed the local park district $1,200 for in-line skating lessons provided to neighborhood children. The park district is to pay one-half of the bill within five working days and the rest within 30 days. May 29: Received 50% of the amount billed to the park district. May 30: Customers rented in-line skates and bicycles for cash of $2,750. May 30: Paid wages of $230 to a friend who helped over the weekend. May 31: Paid the balance due on the bicycles. Required