Section 1. 1. Analyze each transaction and prepare the appropriate journal entry 2. Using T-accounts you are not required to submit your account work) prepare an Unadjusted Trial Balance in good form. The following transactions occurred during May 2020 for the Allright Corporation. The company owns and operated a wholesale warehouse May 1, Issued 32,500 shares of Common Stock in exchange for $325,000 in cash May 1Purchased equipment at a cost of $36,000 $12.000 cash was paid and a long term note payable (terms 8%, due in 6 months) to the seller was signed for the remaining balance owed. The equipment is expected to have a 5 year useful life and have a resale value of $8,000 at the end of that time, May 3. Purchased inventory on accountata cost of 597,000. The company uses the perpetual inventory system May 6. Credit sales for the month totaled $150,000. The cost of the good sold was $75,445 May G. Pald 58.800 in rent on the warehouse building for the month of May and June 2020 May 6, Pald 55,100 to an insurance agency for fire and liability insurance for a one-year period beginning May 1 2020 May Z. Paid $75,000 on account for the merchandise purchased on May 3 May 8. Collected $68,750 from customer on account May 10. Purchased 1200 of supplies for office se May 25, Cash dividends of $1,000 were declared and paid. Section 2 Analyse the following unrecorded transactions and prepare the appropriate adjusting entries for the Alright Corporation, for the month anded May 31 1. Interest on the note payable has not been paid yet 2. Depreciation expense has not been recorded 3. Supplies inventory revealed that only 5800 of supplies remain 4. Employee salaries for the month of May 2020 of 6,000 will be paid on June 2 2020 Section 3 Continuing from Section 1 and 2 above for Alright Corporation 1. Prepare the Adjusted Triw Balance, in good for 2. Prepare the Balance Sheet, in good form Just to clarify the some information provided in the Chapter 2 Concept Simulation - May1. ... ... and a long term note payable (terms 8%, due in 6 month)... Please omit the term "long term" as this is definitely not supposed to be long term since it is only a 6 month