1. Prepare adjusting journal entries using the following information. Adjusting entries should be recorded in your general journal and then posted to your general ledger.
   1. One month of prepaid rent has expired.
   2. Record appropriate insurance expense for the period ending May 31.
   3. Depreciation expense for the two months ending May 31 totaled $2,420 - Building $1,620, Computer Equipment $100, Kayaks $600, Paddle Boards $100.
   4. Katie worked 16 hours on May 30 and 31 for which she has not been pai
   5. A physical count show $165 of office supplies on hand at May 31.

3. Post adjusting journal entries to the worksheet you began in Part 1.
4. Using the worksheet, prepare adjusted trial balance. Note: net income should equal $13,395.
5. Prepare closing entries in your general journal (should follow your adjusting journal entries) and then post to the general ledger.

1. Post your closing entries to the worksheet.
2. Using the worksheet, prepare post-closing trial balance. Note: The balances on your completed worksheet should agree with your general ledger balances after completing the closing process.

 

30/4/19 CASH 2400 TO ACCOUNTS RECEIVABLE (SCHOOL) 2400 30/4/19 ACCOUNTS RECEIVABLE (BROCK) 2100 TO RENTAL REVENUE 2100 30/4/19 WAGES 1050 TO CASH 1050 1/5/2019 LAND 250000 BUILDING 80000 TO COMMON STOCK TO PAID IN CAPITAL IN EXCESS OF PAR 40000 290000 1/5/2019 PREPAID RENT TO CASH 4800 4800 2/5/2019 KAYAK 7700 TO NOTE PAYABLE (KAYAK) 7700 2/5/2019 ELECTRICITY EXP 250 TO ELECTRICITY EXP PAYABLE 250 4/5/2019 OFFICE SUPPLIES 260 TO ACCOUNTS PAYABLE (OFFICE SUPPLIES) 260 4/5/2019 ACCOUNTS RECEIVABLE (SCHOOL) TO RENTAL REVEENUE 1800 1800 5/5/2019 CASH 1900 TO RENTAL REVENUE 1900 7/5/2019 PADDLE BOARDS 3600 TO ACCOUNT PAYABLE (PADDLE BOARDS) 3600 8/5/2019 CASH 2100 ACCOUNT RECEIVABLRE (BROCK) 2100 8/5/2019 CASH 3750 TO RENTAL REVENUE 3750 8/5/2019 INSURANCE EXP 400 PREPAID INSURANCE 4400 CASH 4800