On April 1, Mike and Mary formed a corporation and started operating M&M Inc., a solar panel installation company. The company completed the following transactions during the month of April. Round all amounts to the nearest dollar.

2020 April 1	Acquired $24,000 from the issuance of common stock. On the same day, acquired $15,000 from the bank by signing a note. The note carries a five-year term and 8% annual interest rate. Interest is payable annually on March 31 of each year.
April 2	Paid $4,800 in advance rent for a one-year lease on a small office.
April 4	Paid $30,000 to purchase office equipment. The equipment was expected to have a useful life of 5 years and a salvage value of $3,000.
April 6	Purchased supplies for $250 cash.
April 9	Received $500 cash as an advance payment from a client for service to be done in May.
April 10	Performed solar installation service for various customers. Cash receipts from customers were $950. Other customers were billed for $1,250.
April 16	Paid $960 cash for employee salaries.
April 18	Collected $450 from accounts receivable.
April 23	Received monthly utility bills in the amount of $135. The bills will be paid during May.
April 25	Paid advertising expense for advertisements run during April, $175.
April 30	Performed solar installation service for various customers. Cash receipts from customers were $1,150. Other customers were billed for $1,600.

Requirement #1: In the excel workbook “Gen Journal”, prepare journal entries for the April transactions and post to the ledger.

Requirement #2: In the excel workbook “Trial Balance”, prepare an unadjusted trial balance for April 30, 2020.

Information for adjusting entries for April 30:

April 30	Counted the supplies inventory. Had $110 of supplies on hand.
April 30	Employees have earned $960 for salaries. They will be paid on May 1.
April 30	Make adjustment for interest expense.
April 30	Make adjustment for rent expense.
April 30	Make adjustment for monthly depreciation expense using straight-line method.

Requirement #3: Prepare journal entries for the adjustments for April and post to the ledger.

Requirement #4: Prepare an adjusted trial balance for April 30, 2020.

Requirement #5: Prepare an income statement, statement of retained earnings, and balance sheet for the month of April 2020.

Requirement #6: Prepare closing journal entries for April and post to the ledger.

Requirement #7: Prepare a post-closing trial balance for April 30, 2020

---------------------------------------For the Month of May 2020-------------------------------------------------------

M&M Inc. completed the following transactions during May 2020.

May 1	Paid employee salaries due from April.
May 2	Recorded window washing and repairs performed for customers. Cash receipts from customers were $440. Other customers were billed for $1,700.
May 5	Purchased supplies on account for $300.
May 7	Collected $2,500 cash from customer accounts receivable.
May 8	Performed window washing for Bernard Maloff. (See April 9 transaction.)
May 10	Paid the utility company for the monthly utility bills that were received April 23.
May 14	Paid the account payable for supplies. (See May 5.)
May 15	Paid $1,800 for a one-year insurance policy which starts on May 16, 2020.
May 16	Paid $2,100 cash for employee salaries.
May 20	Paid a $300 cash dividend to the stockholders.
May 27	Received monthly utility bills amounting to $210. They will be paid next month.
May 31	Recorded window washing and repairs performed for customers. Cash receipts from customers were $825. Other customers were billed for $1,100.

Requirement #1: Prepare journal entries for the May transactions and post to the ledger.

May 31	Counted the supplies inventory. Had $60 of supplies on hand.
May 31	Employees have earned $2,100 for salaries. They will be paid on June 1
May 31	Make adjustment for interest expense.
May 31	Make adjustment for rent expense.
May 31	Make adjustment for monthly depreciation expense.
May 31	Make adjustments for insurance expenses for one-half of a month.

Requirement #2: Prepare an unadjusted trial balance for May 31, 2020. Information for adjusting entries for May 31:

Requirement #3: Prepare journal entries for the adjustments for May and post them to the ledger.

Requirement #4: Prepare an adjusted trial balance for May 31, 2020.

Requirement #5: Prepare an income statement, statement of retained earnings, and balance sheet for the month of May 31, 2020.

Requirement #6: Prepare closing journal entries for May and post them to the ledger.

Requirement #7: Prepare a post-closing trial balance for May 31, 2020. The company uses the following chart of accounts.