TTT | | | TTT TTT Sassafras Sis, Inc Chart of Accounts Income Statement Accounts 4 Revenue 41 Revenues Debit Debit Crede 5 Expenses 51 Expenses Debit Debit redit C Balance Sheet Accounts 1 Assets 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid insurance 15 Office Equipment 16 Accum. Depreciation Office Eq 2 Labs 21 Accounts Payable 22 Actualitawes payable) 23 Uncannede 3 Stockholders' Equity 31 Common Stock 32 Retained wings 33 Dividends Credit Credit Credit Debar Sanfras Sis, Inc is a pool design firm based in Ozone, Florida. Based on the following fact pattern complete the entire accounting cycle case study for May 2000 Record the following entries for the month of May in the General Journal (GJ) pages and 12 1 invested 525.000 ch a nce for Common Stock 1 Pecah $1200 for 12 monthsance policy 3 Paid cash for various expenses 53,000 5 Purchased supplies 52,000 on account 10 Paid cash for office equipment $3.600 17 Paid $1.000 cash to creditor 20 Revenue from designing several pools $12,000. Received $7.000 cash, remainder on account 22 Received $900 cash from customer for future work 24 Received $1,000 cash from customer paying down account 25 Social media exceed 5000 Marketing anticipates a sales bump of $1 per like 30 Board of Directors declared and paid chuidend $1,000 EXCLUDE THE DESCRIPTION ALWAYS LEAVE A SPACE BETWEEN SEPARATE TRANSACTIONS 2 Post to General Ledger (L) 3 Produce the Unadjusted Trial Balance 4 Record Adjusting Entries on Journal Page 3 Entry Type May 31 Supplies on hand a month and $250 Periodic Inventory expense 31 Office Equipment Depreciates stariht line over 3 years Estimated Expense 31 Record insurance expense for month and Deferred Expense (You Prepaid an expense) 31 Earned $300 of Uneaned Revenue Deferred Revenue Customer Prepaid you 31 Five hours design work on long term contract, 5100 per hour Acord Revenue 31 Record expense Tax rate 60% Acord Expense 5 Post Adjusting Entries to the General Ledger GL) 6 Produce the Adjusted Trial Balance 7 Produce an income Statement, Retained in Statement and Balance Sheet 8 Record on Journal Page 4 the closing of all temporary accounts directly into Retained Earnings 10 Post to General Ledger (L) 11 Produce the Post Closing Trial Balance