do number E3-3

Exercises E3-1 Transactions using accrual accounting Obj 2 Luy Care is owned and operated by Debbie Gonalez, the sole stockholder. During May 2011, Luv Care entered into the following transactions: a. Debbie Gonalez invested $20,000 in Luv Care in exchange for capital stock. b. Paid $7,200 on May 1 for an insurance premium on a l-year policy. c. Purchased supplies on account, $1,200. d. Received fees of $32,500 during May. e. Paid expenses as follows: wages, $8,000; rent, $2,500; utilities, $1,000; and miscellaneous, $850. f. Paid dividends of $3,000. Record the preceding transactions using the integrated financial statement framework. After each transaction, you should enter a balance for each item. E3-2 Adjustment process Obj 3 SPREADSHEET E3-3 Financial statements Obj 4 SPREADSHEET Net income, $19,000 Using the data from Exercise 3-1, record the adjusting entries at the end of May to record the insurance expense and supplies expense. There were $650 of supplies on hand as of May 31. Identify the adjusting entry for insurance as (al) and supplies as (a2). Using the data from Exercises 3-1 and 3-2, prepare financial statements for May. including income statement, retained earnings statement, balance sheet, and statement of cash flows. Chapter 5 sales; The actual cash received from cash sales was $36,183, and the amount indicated by the cash register total was $36,197. a. What is the amount deposited in the bank for the day's sales? b. What is the amount recorded for the day's sales? c. How should the difference be recorded? d. If a cashier is consistently over or short, what action should be taken