Question

Kassidy Alba started The Alba Consulting Group, a new business that began operations on May 1, 2014. The Alba Consulting Group completed the following transactions during the month of May: May 1 K. Alba invested $80,000 cash in the business 1 Rented a furnished office and paid $4,000 cash for four month’s rent 3 Purchased $1,890 of office equipment on credit 3 Paid $5,000 cash for the premium on a 10-month insurance policy 5 Paid $250 cash for this month’s cleaning services 7 Paid $425 cash for office supplies 8 Provided consulting services for a client and immediately collected $5,400 cash 10 Purchased a used Toyota Camry for business use – paid $8,000 cash -the expected life of the vehicle is 4 years, with $800 salvage value 12 Provided $2,500 of consulting services for a client on credit 15 Paid $750 cash for an assistant’s salary for the first half of this month 20 Received $2,000 cash, partial payment for the services provided on May 12 22 Provided $3,200 of consulting services on credit 25 Received $1,200 cash, partial payment for the services provided on May 22 26 Paid $1,000 cash, partial payment for the office equipment purchased on May 3 27 Purchased $80 of advertising for May in the Grandview Herald and paid cash 28 Paid $750 cash for an assistants salary for the second half of the month 28 Provided $3,500 of consulting services - collected $1,000 cash, the balance on credit 30 Paid $300 cash for this month’s telephone bill 30 Paid $280 cash for this month’s utilities 31 Alba withdrew $1,400 cash for personal use Chart of Accounts: Cash Accounts Payable* Office Supplies Expense Office Equipment K. Alba, Capital Cleaning Expense Vehicle – Toyota Camry K. Alba, Withdrawals Telephone Expense Accumulated Depreciation – Vehicle Consulting Services Revenue Utilities Expense Office Supplies Salaries Expense Advertising Expense Accounts Receivable* Depreciation Expense Income Summary Prepaid Insurance Insurance Expense Prepaid Rent Rent Expense *For this exercise, post all transactions from customers to the account receivable ledger account; post all transactions on credit to the accounts payable account. 1. Prepare journal entries for the above transactions for the month of May. 2. Open general ledger accounts for the above accounts. 3. Post the journal entries to the general ledger. 4. Prepare an unadjusted trial balance. 5. Do adjusting entries (rent, depreciation, insurance and office supplies) for the month of May. During the month of May, the business used $125 in Office Supplies 6. Prepare an adjusted trial balance. 7. Prepare an Income Statement, Statement of Owner’s Equity, and Balance Sheet for the Month of May. 8. Do closing entries (revenue, expense to income summary, income summary and withdrawals to owner’s equity). 9. Prepare a post-closing trial balance. Check Figures: Ending Cash Balance $67,365 Unadjusted Trial Balance $95,490 Adjusted Trial Balance $95,640 Net Income $10,415 Posting Closing Trial Balance $90,055 I just need help with Questions 5 - 8 please.

Answer 1