Ace Lawn Care Module 2 Mini Practice Problem Jim has asked you to prepare financial statements for his first month of operation. The following information relates to the month of May, 2014. (Round all calculations to the nearest whole dollar) 1 On May 2.Jim signed a 1 year, 6% note for $3,500 associated with the purchase of a 2. On May 2, Jim purchased a used truck for $7,000 to use for the lawn care business. He 3. On May 5, Jim purchased a lawn mower for $300 and an aerator for $500. He estimates 4. On May 6, Jim writes a $600 check for a six month insurance policy that expires October used truck for the business. The interest will be due with the principle of the note. estimates a trade-in value of $500 at the end of the estimated five-year life of the truck. $0 salvage value for both pieces of equipment and an estimated two-year life for both 31, 2014 Instructions: 1. Using the chart of accounts provided, and the Excel template provided with this assignment, record the adjustments in the Worksheet, calculate the adjusted trial balance and complete the worksheet. 2. Prepare the Income Statement, Statement of Owner's Capital and Balance Sheet for 3. Prepare jounal entries, in good form, to record the May adjusting entries. Explanations 4. Post the joumal entries to general ledger accounts. There are already transactions in the 5. Prepare and post the closing entries for May. 2014. Start with Page 4 of the General 6. Prepare a post-closing trial balance as of May 31, 2014, for Ace Lawn Care Ace Lawn Care for May, 2014 are optional. Start with Page 3 of the General Journal for the adjusting entries. ledger for the month, you are adding to those transactions. Journal for the closing entries