All information is included in the scanned pages of the assignment.

Sassafras Sis, Inc Chart of Accounts Income Statement Accounts Crede D Debut Debit 5 Expenses 51 Expenses Debit Balance Sheet Accounts 1 Assets 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 15 Office Equipment 16 Accum. Depreciation Office 2 bits 21 Accounts Payable 22 Accr e spa 23 Unand Revenue Debit Credit Credit 3 Stockholders' Equity 31 Common Stock Credit 2 Retained Earnings Credit 33 Dividends Debit Sassafras S ine is a pool design firm based in Osona, Fonda. Based on the following fact pattern complete the entire accounting cycle case study for May 2006 Record the following entries for the month of May in the General Journal (6) Page 1 and 2 May 1 invested $25,000 cash in exhange for Common Stod 1 Paid cash $1,200 for 12 month insurance policy 3 Pd cash for various expenses $3.000 5 Purchased supplies $2.000 on count, 10 Pad cash for office equipment S1600 I can | | 20 Revenue from design w al pools $12.000 Received 59.000 cash renderon account 22 Received $300 cash from customer for future work 24 Received $1.000 cash from customer paying down count 25 Social media kesexceed 5000 Marketing anticipates a sales bump of Si per like 30 Board of Directors declared and paid cash Didend $1,000 EXCLUDE THE DESCRIPTION ALWAYS LEAVE A SPACE BETWEEN SEPARATE TRANSACTIONS 2 Post to General Ledger GL) 3 Produce the adsted Trial Balance 4 Record Adjusting Entries on Journal Page 3 Entry Type 31 Supplies on hand at month and $250 Periodic inventory expense 31 Office Equipment Depreciates starighet inne over 3 years Estimated Expense 31 Record insurance expense for month end Deferred Expense (You Prepaid an expensel 31 Earned $300 of Uncanned Revenue Deferred Revenue (Customer Prepaid you 31 hours design work on long term contract, 5100 per hour Accrued Revenue 31 Record tax expense Tax rate 60% Acorand Expense Post Austings to the Gold ) 6 Produce the Adjusted Trial Balance 7 Produce an Income Statement, Retained Earnings Statement and Balance Sheet 8 Record on Journal Page 4 the closing of a temporary accounts directly into Retained Earnings 10 Post to General Ledger GLI 11 Produce the Post Closing Trial Balance May General Journal Page: 1 Date Description Debit Credit General Journal Page: 2 Extra page if needed Description: Debit Credit General Journal ADJUSTING ENTRIES Page 3 Date Description: (Ref Debit Credit General Journal CLOSING ENTRIES Page: Date Description: Debit Credit Sassafras Sis, Inc General Ledger Balance Debat 12 - Accounts Receivable Balance Debit Credit Debit Credit 13 - Supplies Balance Debit Debit Credit 14. Prepaid asurance Balance Debit Sassafras Sis, Inc General Ledger 15. Ofice Equipment Balance Ref. Debit De Credit 16 cm. Depreciation Office a Balance Debit Credit Debit 21 - Aceounts Payable Post Balance Ref. Dichit Credit Debit Credit 22. Accrual Post Balance Debit Credit 23- areed Revenue Balance Debit Credit 3 - Come Sock Sassafras Sis, Inc General Ledger 2. Read arias Balance Date Rec Credit Di C redit 33 - Dividends Balance Credit Debit Credit 41 - Revenues Balance Debit Credit Debit S upenses Balance Credit Debit Income Statement Revenues Less: Operating Expenses Income from Operations Less: Tax Expense Net Income Retained Earnings Statement Beginning Retained Earnings Add: Net Income Less: Net Loss (if no net income) Less: Dividends Ending Retained Earnings Case Study 3 Statement of Stockholders' Equity Common Stock Retained Earnings Total Beginning Balances Issued Stock Net income Dividends Ending Balances Balance Sheet ASSETS TOTAL ASSETS LIABILITIES TOTAL LIABILITIES SHAREHOLDERS' EQUITY TOTAL SHAREHOLDER'S EQUITY TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Unadjusted Trial Balance 11-C 12-Accounts Receivable 13-Supplies 16-Prepaid Insurance 15-Ofic quipment 16-Acum. Depreciation Omice Eq. 21- Accounts Payable 22-Accials 23-Uneamed Revenge 31-Common Stock 32-Retained Tamings 33-Dividends 41-Revenues 51 - Expenses Adjusted Trial Balance COM 11-Cash 12. Accounts Receivable 13-Supplies 14. Prepaid Insurance 15-Office Equipment 16-Accum. Depreciation Office Eq. 21. Accounts Payable 22-Accruals 23-Uneared Revenue 31-Common Stock 32-Retained Eamines 33-Dividends 41-Revenues 51-Expenses