U40 X fx I 2 31 21 Granyard Inn is owned by Maurice Granyard Maurice is fully liable for all activities of the business. In the most recent month (May 2021), Granyard Inn had the following transactions 1. Maurice deposited $40,000 of additional cash into the busines 2 Borrowed $15,000 in cash from the bank 3. Paid $3,500 cash for supplies used by the inn 4. Paid $6,000 in salaries and wages for May 5. Sold rooms for $18,000 in cash 6. Incurred telephone expenses of $500 (to be paid next month) 7. Sold rooms for $3,000 on account 8. Prepaid insurance for one year in the amount of $11,000 9. Incurred maintenance expense of $1,000 (on account) 10. Maurice withdrew $5,000 from the business for personal use 11. Received $2,000 cash for rooms to be occupied in July 12. Collected 80% of the $3,000 amount owing from the rooms sold account earlier this month As at April 30, 2021, the ending account balances for Granyard Inn were as follows. 24 25 Accounts Payable $2,000 26 Accounts Receivable 12,000 Bank Loan 60,000 28 Cash 50,000 23 Building 40,000 Granyard, Capital 40,800 21 Prepaid Insurance 800 30 Required al Complete the T-account worksheet for May 2021 b) Using the information above prepare the following financial statements for Granyard Inn Income statement for the month of May 2021 Balance sheet as at May 31, 2021 Assign 1