on a monthly basis. The following trial balance was prepared before recording the May 31...
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Accounting
on a monthly basis. The following trial balance was prepared before recording the May 31 r adiuctmante: 1. The company pays $6,360 for its annual insurance policy on July 31 of each year. 2. Account shows $560 of supplies on hand on May 31, 2024. 3. The building has an estimated useful life of 50 years. 4. The furniture has an estimated useful life of 10 years. 5. Services related to two-thirds of the unearned revenue have been performed. 6. The mortgage interest rate is 6.5% per year. Interest has been paid to April 30,2024. 7. Salaries accrued to the end of May were $1,450. 8. The May utility bill of $3,420 is unrecorded and unpaid. Instructions: 1. Prepare T accounts and enter the unadjusted trial balance amounts. 2. Prepare and post the monthly adjusting entries on May 31. 3. Prepare an adjusted trial balance at May 31. 4. Prepare an income statement and a statement of owner's equity for the year ended May 31, and a balance sheet as at May 31, 2024
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