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I NEED JOURNAL ENTRIES FOR MAY

The post-closing trial balance for Poplar Tree as of March 31, 2021 is as follows: 546,406 233,900 85,000 652,400 7,250 9,550 11,400 597,800 85,000 Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Prepaid Insurance Prepaid Rent Store Supplies Equipment Accumulated Depreciation- Equipment Accounts Payable Salaries Payable Unearned Revenue Bonds Payable Discount on Bonds Payable Common Stock Retained Earnings Totals 296,600 98,400 50,000 500,000 37,194 100,000 880,900 2,095,900 2,095,900 During April, the following transactions were completed: April 1. Issued 15,000 shares of $20 par common stock for $35 cash per share. April 1. Issued 4,000 shares of $80 par preferred 5% stock for $105 cash per share. April 1. Received $4,500 cash from clients in advance of providing consulting services to the client. April 1. Paid salaries that were accrued in the previous quarter. April 1. The company pays $5,000 cash for April rent. April 5. Received $2,450 cash from clients that were billed in the previous quarter. April 9. Paid cash for a newspaper advertisements for the month of April, $11,000. April 13. Paid Office Station Company $6,400 cash for supplies purchased on account last month. April 15. Poplar Tree provides consulting services of $9,180 for several clients. The clients are billed $9,180 for these services. April 16. Poplar Tree provides consulting services for several clients and immediately collects $8,360 cash. April 19. Poplar Tree sold $33,450 of merchandise on account to Buttons Co., terms FOB shipping point, 2/10,n/30. The cost of the merchandise was $17,500. April 20. Poplar Tree purchased $7,350 of supplies on credit from Office Station Company, FOB shipping point, 2/10 n/60. April 21. Poplar Tree provides consulting services of $4,820 for a client. The client is billed $4,820 for these services. April 21. Poplar Tree sold $22,300 of merchandise on account to Halstad Co., terms FOB shipping point, 2/10,n/30. The cost of the merchandise was $15,000. April 23. The company sold $54,000 of merchandise on account to Pelter Co., terms FOB shipping point, 2/10,n/30. The cost of the merchandise was $32,000. April 25. The company provides consulting services of $7,900 for a client and immediately collects $7,900 cash. April 27. Poplar Tree receives $14,000 cash from clients billed on April 15 and April 21". April 28. The company paid $45,000 cash to employee for hours worked. April 29. Poplar Tree received payment from Buttons Co. for the April 19h purchase. April 30. The company paid $10,700 cash for utilities expense for April. April 30. Poplar Tree receives $33,300 cash from clients for consulting services performed during the last two weeks of the month. April 30. The company provides consulting services of $2,650 for a client. The client is billed $2,650 for these services. April 30. Poplar Tree paid a $105,500 cash dividend to its shareholders. At the end of April, the following adjustment data was assembled. Analyze and prepare ONLY the adjusting journal entries related to items A-E: A. Insurance expired during April B. Supplies on hand as of April 30 C. Accrued employee salaries on April 30 D. Rent expired during April E. Unearned Consulting Revenue account balance on April 30 $605 $10,715 $25,000 $2,500 $13,210 May 1. Poplar Tree received payment from Halstad. Co. for the April 21" sale. May 1. Poplar Tree pays $5,000 cash for May rent. May 1. Poplar Tree sold $75,000 of merchandise on account to Ryanair Co., terms 5 Page FOB destination, 2/10, 1/30. The cost of the merchandise was $37,550. Ryanair signed an 8% note due in 30 days. May 1.Poplar Tree paid salaries that were accrued on April 30. May 1 The company sold equipment for $80,000 cash. The equipment had cost $150,000 and was 45% depreciated at the time of the sale. The company already depreciated the equipment through May 1. After disposing of this piece of equipment, the company has several pieces of Equipment with a cost of $447,800 that was purchased on January 1, 2018. This group of equipment has a salvage value of $26,000 and a useful life of 5 years. May 3 The company purchased $36,000 of merchandise on account from Kersey Co., terms FOB shipping point, 2/10, n/30. May 4. Paid Esdex $600 cash for delivering inventory purchased from Kersey Coon May 3. May 5. Poplar Tree received payment from Pelter Co. for the April 23 sale. May 6. The company sold $68,500 of merchandise on account to Korman Co., terms FOB shipping point, 2/10,n/30. The cost of the merchandise was $41,000. May 8. Korman Co. returned $13,500 of merchandise from the sale of May 6. The cost of the returned merchandise was $8,000. May 11. The company sold $43,776 of merchandise on account to Gee Co. terms FOB shipping point, 1/10, 1/30. The cost of the merchandise was $16,250. May 12. Paid Kersey for the merchandise purchased on May 3. May 15. Paid cash for a newspaper advertisements for the month of May, $11,000. May 16. Poplar Tree received payment from Korman Co. for the May 6 sale. May 20. The company sold $110,000 of merchandise on account to Crescent Co., terms FOB shipping point, 2/10, n/30. The cost of merchandise was $70,000. May 23. Poplar Tree received payment from Gee Co. for the May 11th sale. May 23. Poplar Tree purchased $88,000 of merchandise on account from Osterman Co., terms, FOB destination, 1/10,n/30. May 24. Poplar Tree returned damaged merchandise to Osterman from the May 23 purchase. Poplar received a credit memo from the seller for $5,000. May 28. The company paid $45,000 cash to employee for hours worked. May 29. The company purchased $24,000 of supplies for cash from Office Station Company. May 30. Poplar Tree sold $78,750 of merchandise on account to Turner Co., terms FOB shipping point, 2/10, n/30. The cost of the merchandise sold was $47,000. May 30. The company received payment from Crescent Co. for the May 20 sale. May 30. Paid Osterman for the merchandise purchased on May 23. May 31. Ryanair dishonored the note issued by the company on May 1. May 31. The company paid $10,700 cash for utilities expense for May

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