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1) Enter opening balances, 2)Post to general ledger accounts ; Account: : Cash GL No: Date : Description PR DR CR Balance (DR or CR) Opening Balance Account: : Accounts Receivable Date: Description Balance (DR or CR) : Opening Balance Account: : Prepaid Insurance Date : Description Opening Balance Account: : Equipment : Date : Description : Opening Balance Account: : Accumulated Depreciation Date : Description Opening BalanceAccount: Bernnett, Withdrawals GL No: Date Description PR DR CR Balance (DR or CR) 29-May Cash 7250 7250 Account: Income Summary GL No: Date Description Balance (DR or CR) Account: Service Revenue Date Description PR DR CR Balance (DR or CR) 04-May Accounts Receivable 5.300 5.300 04-May Cash 26,500 31,800 31-May Unearned Revenue 13,950 45,750 31-May Accounts Receivable 11,700 57,450 Account: Advertising Expense GL No: Date Description PR CR Balance (DR or CR) 27-May Cash 4330 4330 Account: Depreciation Expense GL No: Date Description PR CR Balance (DR or CR) 31-May Accumulated Depreciation Equipment 1,460 Account: Insurance Expense GL No: Date Description PR DR CR Balance (DR or CR) 31-May Prepaid Insurance 665 665\f\f4) Financial Statements ONETT Travel and Tours Income Statement For the Month Ended May 31, 2024 ONETT Travel and Tours Statement of Owner's Equity For the Month Ended May 31, 2024 Case I Accounting Cycle ONETT Travel and Tours is a travel agency that offers international and local travel packages. The company is owned and operated by Oliver Bernnett. The closing balances at the end of April 2024 and the chart of accounts are shown below. ONETT Travel and Tours Balance Sheet As at April 30, 2024 Assets Liabilities Cash $17,880 Accounts Payable $15,680 Accounts Receivable $10,560 Unearned Revenue $19,420 Prepaid Insurance $0 Bank Loan $30,000 Equipment $72,10 Accumulated Depreciation -$12,500 Total Liabilities $65,100 Bernnett, Capital $22,940 Total Assets $88,040 Total Liabilities & Owners' Equity $88,040 Account Description Account # Account Description Account # ASSETS REVENUE Cash 101 Service Revenue 40 Accounts Receivable 105 EXPENSES Prepaid Insurance 110 Advertising Expense 500 Equipment 120 Depreciation Expense 510 Accumulated Depreciation 125 Insurance Expense 515 LIABILITIES Interest Expense 520 Accounts Payable 200 Salaries Expense 525 Interest Payable 205 Telephone Expense 530 Salary Payable 210 Travel Expense 535 Revenue 215 Rent Expense 540 Bank Loan 220 OWNER'S EQUITY Bernnett, Capital 300 Bernnett, Withdrawals 310 Income Summar 315 For the month of May 2024, ONETT Travel and Tours had the following transactions: May 1 Oliver invested $21,000 cash and equipment valued at $15,000 into the business. May 1 Paid $7,980 for insurance for one year. May 2 Paid $2,110 cash for May's rent. Provided travel services to group of travellers; they paid $26,500 now and will pay May 4 $5,300 later. May 6 Recorded travel expenses for $11, 080 to be paid next month. May 12 Purchased equipment with $18,000 cash May 14 Paid $7,840 cash to reduce the balance of accounts payable. May 17 Received $6,340 cash from customers for the travel services provided last month. May 22 Received a telephone bill for $665, which will be paid next month. May 23 Paid $5,567 cash for employees' salaries. Received $31,650 cash in advance from travellers for travel services to be provided next May 25 month Paid $4,330 in advertising expenses for the promotion of the travel and tours in the May 27 month of May. May 29 The owner withdrew $7,250 cash for personal use.May 30 Paid $750 cash for the bank loan, which included $500 in principle and $250 in interest. Mav 31 Received a loan from the bank for $18,000. This amount is due in 3 years plus accrued Y interest at 9%. At the end of May, the following adjustment had to be journalized to properly report the balances of the company's accounts: May 31 $37,480 of the balance of unearned revenue still remains unearned. ONETT Travel and Tours billed a group of travellers for additional travel services. This Y package is amounting to $11,700. They agreed to pay next month. May 31 One month of prepaid insurance worth $665 has been used. May 31 Monthly depreciation on the equipment was $1,460. May 31 Accrued salary expense of $3,340 for an employee. The bank loan is payable over 8 years and a $500 monthly payment. Required: 1) Enter the opening balances from the April 2024 balance sheet into the general ledger accounts. 2) Prepare the journal entries for the month of May and post them to the appropriate general ledger accounts. 3) Create the trial balance in the worksheet, and then complete the remaining section of the worksheet. 4) Create the income statement, statement of owner's equity, and the classified balance sheet. 5) Prepare the journal entries for the adjustments and post them to the appropriate general ledger accounts. 6) Prepare the journal entries to close the books for the month of May 2024 (use the income summary account), and post the journal entries to the appropriate general ledger accounts. 7) Create the post-closing trial balance