The adjusted trial balance for Smith construction for the period ending May 31 2010 is as follows:Smith ConstructionAdjusted Trial Balance31-MayAccount10. Cash12. Accounts Receivable13. Prepaid Insurance14. Supplies16. Equipment17. Accumulated Depreciation equipment18. Tools20. Accounts Payable22. Unearned Revenue24. Wages Payable30. Common Stock32. Dividends40. Service Revenue50. Salary Expense51. Depreciation Expense52. Rent Expense54. Repair Expense56. Supplies Expense57. Insurance Expense59. Utilities ExpenseTotalCreditDebit47,2408,0801,00070024,0002,4001,2002002,0001,00042,5003,90056,70011,7802,4002,0001,000800500200104,800104,800Requirements:1Prepare the Income Statement for the period ending May for Smith Construction.Smith ConstructionIncome StatementFor the period Ended March 1 through May 312Prepare the Statement of Retained Earnings for Smith Construction for the Month of May.Smith ConstructionStatement of Retained EarningsFor the Period Ended March 1 through May 313Prepare the Balance Sheet for Smith Construction as of May 31, 2010.Smith ConstructionBalance SheetMay 31ASSETSLiabilitiesSTOCKHOLDER’S EQUITY4Prepare the three closing entries.JournalDate5AccountsPrepare the Post Closing Trial Balance.Smith ConstructionPost Closing Trial Balance31-MayAccountRequirements:Prepare the Income Statement.Prepare the Statement of Retained Earnings.Prepare the Balance Sheet.Prepare the three closing entries.Prepare the Post Closing Trial Balance.
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