Question 5 [75 points) ABC Inc. began operations 2 years ago. Its adjusted account balances at May 31, 2014 are shown below. Shares were sold for $7,000 during May, 2014. Use this information to prepare the following: a. Income statement for the month ended May 31. b. Statement of changes in equity for the month ended May 31 c. Balance sheet at May 31 d. Closing entries. e. Post-closing trial balance When preparing closing entries, enter the dates in the format dd/mmm (io15/Jan), and use the numbers below as the description for the corresponding closing entry. 1. Close all temporary credit balance accounts to the income summary account 2. Close all temporary debit balance accounts to the income summary account. 3. Close the income summary (net income) to retained earnings. 4. Close the income summary (not loss) to retained eamings. 5. Close dividends to retained earnings. Enter the dates in the format dd/mmm (le 15/Jan). Balance 9,950 3,170 2,310 5.510 (select one) Income Statement (select one 30,310 3.510 6,370 Account Accounts receivable Accumulated depreciation, building Accumulated depreciation, equipment Advertising expense Advertising payable Bonds Payable (due December, 2017) Building Cash Commissions earned Consulting revenue eamed Depreciation expense, building. Depreciation expense, equipment Dividends Equipment Insurance expense interest expense Land Long-term notes payable Long-term investment in shares (select one Statement of Changes in Equity (select one) Share Retained Total Capital Earnings Equity 14,850 1.000 1,350 3,810 7.620 3.610 2.480 7.530 8.710 3,600 Account (select one Income Statement (select one) Accounts receivable Accumulated depreciation, building Accumulated depreciation, equipment Advertising expense Advertising payable Bonds Payable (due December, 2017) Building Cash Commissions eamed Consulting revenue eamed Depreciation expense, building. Depreciation expense, equipment Dividends Equipment Insurance expense Interest expense Land Long-term notes payable Long-term investment in shares Prepaid insurance Rent earned Rent expense Rent payable Retained earnings Share capital Short-term notes payable Uneamed rent Balance 9,950 3,170 2,310 5,510 2,810 8,480 30,310 3,510 6,370 14,850 1.900 1,350 3,810 7,620 3,810 2.480 7.530 8.710 3,600 2,870 5.580 12,380 3,800 10,330 11,540 14,520 3,960 (select one) Statement of Changes in Equity (select one) Share Retained Total Capital Earnings Equity GOL Select one) Balance Sheet (select one) MacBook Pro Share capital Short-term notes payable Uneamed rent 10,330 11.540 14,520 3.960 select one) Balance Sheet (select one) General Journal Account Explanation Page JB F Debt Credit ABC Inc Post-Closing Tran ce May 31, 2014 Debt Credit