you will need to produce a Balance Sheet, Profit and Loss statement and print the Transactions Detail Report. for the month of may .

"Sunrise Electronics," specializing in selling solar panels and related renewable energy products. Here's a month's worth of transactions for May 2024:

Beginning Equity Journal Entry:

• Equity: $25,000

Transaction Details:

1. Employee Expenses:
   • Hired one full-time sales associate and one part-time customer service representative.
   • Full-time employee monthly salary: $3,500
   • Part-time employee hourly rate: $15/hour (20 hours/week)
2. Customer Invoices:
   • Provided services and issued 5 invoices for solar panel installations totaling $20,000.
   • Cash sales revenue: $7,000
3. Owner's Withdrawal:
   • Owner withdrew $3,000 for personal use.
4. Fixed Asset Purchase:
   • Purchased a delivery van for $20,000.
5. Depreciation Entry:
   • Depreciation for the delivery van: Assuming straight-line depreciation over 5 years.
     • Monthly depreciation expense = $20,000 / 60 months = $333.33
6. Borrowing Money:
   • Borrowed $15,000 as additional capital.
   • Note Payable: $15,000
7. Rent Expense:
   • Monthly rent for office space: $2,000
8. Insurance Expense:
   • Purchased insurance for the business: $500/month
9. Sales Tax Payable:
   • Solar panels are subject to a 7% sales tax.
   • Sales tax collected on invoices: $1,400
10. Other Expenses:
    • Utility Expense: $300
    • Telephone Expense: $100
    • Supplies Expense: $200
    • Employer Tax Expense (estimated at 10% of employee salaries): $700
    • Vehicle Expense (fuel, maintenance, etc.): $400
11. Inventory:
    • Purchased inventory (solar panels and related products) for resale: $10,000
    • Cost of Goods Sold (COGS) based on sales and inventory purchases.

Payroll Details:

• Full-time employee payroll: $3,500
• Part-time employee payroll (2 weeks): $600 (20 hours/week * $15/hour * 2 weeks)
• Employer Taxes: $700

End of Month Adjustments:

• Accrued interest on the Note Payable.
• Depreciation expense adjustment for the delivery van.