Question: I need help with adjusting entries, closing entries, income statement, retained earnings statement, balance sheet, unadjusted trial balance, adjusting trial balance Debit Sassafras Sis, Inc

 I need help with adjusting entries, closing entries, income statement, retained

I need help with adjusting entries, closing entries, income statement, retained earnings statement, balance sheet, unadjusted trial balance, adjusting trial balance

earnings statement, balance sheet, unadjusted trial balance, adjusting trial balance Debit Sassafras

Debit Sassafras Sis, Inc is a pool design firm based in Ozona, Florida. Based on the following fact pattern complete the entire accounting cycle case study for May 20XX. 1 Record the following entries for the month of May in the General Journal (GJ) pages J1 and J2 May 1 Invested $25,000 cash in exhange for Common Stock 1 Paid cash $1,200 for 12 month insurance policy 3 Paid cash for various expenses $3,000 5 Purchased supplies $2,000 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 "likes" exceed 5000. Marketing anticipates a sales-bump of $1 per like. 30 Board of Directors declared and paid cash Dividend $1,000 EXCLUDE THE DESCRIPTION ALWAYS LEAVE A SPACE BETWEEN SEPARATE TRANSACTIONS 2 Post to General Ledger (GL) 3 Produce the Unadjusted Trial Balance 4 Record Adjusting Entries on Journal Page 3 Entry Type May 31 Supplies on hand at month end $250 Periodic Inventory expense 31 Office Equipment Depreciates staright line over 3 years Estimated Expense 31 Record insurance expense for month end Deferred Expense (You Prepaid an expense) 31 Earned $300 of Unearned Revenue Deferred Revenue (Customer Prepaid you) 31 Five hours design work on long term contract, $100 per hour Accrued Revenue 31 Record tax expense. Tax rate-40% Accrued Expense 5 Post Adjusting Entries to the General Ledger (GL) 6 Produce the Adjusted Trial Balance 7 Produce an Income Statement, Retained Earnings 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 (GL) 11 Produce the Post Closing Trial Balance

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