We have a trial balance ready but we need to adjust these entries and put them into an updated general ledger.

These are the beginning transactions

These are the adjustments

Here's the trial balance

The Case: Emma Grace opened Java Queen, Inc. on May 1, 2023. During May, the following transactions were completed. May 1 Issued 10,000 shares of common stock for $10,000 cash. Borrowed $40,000 from Rhody Bank. Interest is payable annually each May 1. Principle is due in three years. The annual interest rate is 6%. Paid $12,000 in advance for 4 months of rent. Purchased equipment costing $8,000 in cash. Paid $2,400 cash on a 1-year insurance policy effective May 1. Paid $5,000 for caf supplies. Purchased $12,000 of food and beverage inventory on account. Grand Opening Day! Sold $4,000 of food and beverages costing $1,500. Paid for half of the inventory that was purchased on account. Paid $1,000 for the current month's utilities 21- 31 Sold $12,000 of food and beverage costing $4,500. 31 Declared and paid $600 cash dividend. Step 1 - Journalize the May transactions (Excel Tab 1) Step 2 - Post to the general ledger accounts (T-Accounts) and determine unadjusted ending balances for each account (Excel Tab 2) Step 3 - Prepare an unadjusted trial balance at May 31. (Excel Tab 3) Step 4 - Journalize the following adjustments. (Excel Tab 4) (1) Employee wages earned but not yet paid at the end of the month was $2,500. (2) Depreciation on equipment for the month was $200. (3) Adjust for the amount of prepaid rent that has expired (4) Adjust for the amount of prepaid insurance that has expired (5) A count shows $4,000 of caf supplies on hand at May 31. (6) Accrue interest expense for the month of May. Trial Balance \begin{tabular}{|l|r|r|} \hline Account Title & Debits & \multicolumn{1}{|c|}{ Credits } \\ \hline Cash & 31,000 & \\ \hline Supplies & 5,000 & \\ \hline Inventory & 6,000 & \\ \hline Prepaid Rent & 12,000 & \\ \hline Prepaid Insurance & 2,400 & \\ \hline Equipment & 8,000 & \\ \hline Accumulated depriciation & & \\ \hline Accounts Payable & & \\ \hline Salary Wage payable & & \\ \hline Interest Payable & & \\ \hline Notes Payable & & \\ \hline Common Stock & & \\ \hline Dividends & & \\ \hline Sales Revenue & & \\ \hline Cost of Goods Sold & & \\ \hline Utilities expense & & \\ \hline & & \\ \hline \end{tabular}