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Teatructions - Luxury Spai, Inc. started the businest on May 1, 2020. For each transactions explained in column 1) Record the journal entry to the Chart of Accounts below 2) Transfer journal Entry to accounts 3) Create the tral balance of May 11, 2020 4) Creste the income statement for the month-ended May 11, 2020 5 Crete the balance sheets of May 11, 2020, Transactions a On May 1, 2020, Luxury Spas, Inc. sened a promissory note with Wells Fargo for a 550.000 osan to her finance operations for the year. The bandei due in five yean On May 4, 2020, Luxury Spas purchased and received five new malapetables on account from Spa Supplies, LLC for $250 each. The balance owed to Spa Supplies, LLC for the purchase is due June 1, 2020 0 1 Charter Account Cash Accounts Receivable Prepaid Advertising future per Accounts Payable Wages Payable Notes Payable - Short Term Notes Payable-long Term Ratained Earnings Service Revenue Salve Wages Expert Legal Expense Advertising Expense On May 17, Luxury Spas provided $5,000 of spa services to customen on account Payment is due on May 2011 On May 20, Luxury Spas received cash payments from their customers for the $5,000 of 1p services that oury Spa provided on May 17th On May 25, Luxury Spas provided spa services of $7,000 to customers for a weekend event. The customers puidcah for the services on the day of the event. e) 4 5 6 7 On May 31, Luxury Spas contracted with a local advertising agency to provide marketing services to cry throughout the month of June, 2020, Luxury Spas paid $10,000 fortservices on May 31, 2020 On May 31, Luxury Spas massage therapists are due their wages for their work throughout the month of May. Total wages owed to their workers is $8,400. Actual payment will be made on June 5th since the payroll company need time to process payroll 30 32 Journal Entries Ledger Accounts (T-Accounts) Balance Sheet Accounts Income Statement Accounts D + STOGOLDERS IQUITY Da 11/10 Actron Gash Det son RIVINDE ASHTS D C LATES DR De De Care Powe Sarv SO 30 Puntur & tot 350 Vio S30 Sale vi M 1/2 W1120 De Oud 10

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