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– Please assist with these spreadsheets. The info comes from theDescriptionSolut

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– Please assist with these spreadsheets. The info comes from theDescriptionSolution downloadThe QuestionPlease assist with these spreadsheets. The info comes from the word document.?Bill?s Lawn Care Mini Practice Part 2Bill has asked you to prepare financial statements for his first month of operation. Thefollowing information relates to the month of May, 2014. (Round all calculations to thenearest whole dollar)1. On May 2, Bill signed a 1 year, 6% note for $3,500 associated with the purchase of aused truck for the business. The interest will be due with the principle of the note.2. On May 2, Bill purchased a used truck for $7,000 to use for the lawn care business.He estimates a trade-in value of $500 at the end of the estimated five-year life of thetruck.3. On May 5, Bill purchased a lawn mower for $300 and an aerator for $500. Heestimates $0 salvage value for both pieces of equipment and an estimated two-yearlife for both.4. On May 6, Bill writes a $600 check for a six month insurance policy that expiresOctober 31, 2014.Instructions:1. Using the chart of accounts provided below, and the Excel template provided withthis assignment, record the adjustments in the Worksheet, calculate the adjusted trialbalance and complete the worksheet.2. Prepare the Income Statement, Statement of Owner?s Capital and Balance Sheet forBill?s Lawn Care for May, 20143. Prepare journal entries, in good form, to record the May adjusting entries.Explanations are optional. Start with Page 3 of the General Journal for the adjustingentries.4. Post the journal entries to general ledger accounts. There are already transactions inthe ledger for the month, you are adding to those transactions.5. Prepare and post the closing entries for May, 2014. Start with Page 4 of the GeneralJournal for the closing entries6. Prepare a post-closing trial balance as of May 31, 2014, for Bill?s Lawn Care.BILL?S LAWN CARECHART OF ACCOUNTSASSETS101 Cash110 Accounts Receivable120130150155SuppliesPrepaid InsuranceEquipmentAccumulated Depreciation ? EquipmentLIABILITIES201 Accounts Payable220 Notes Payable225 Interest PayableOWNER?S EQUITY301 Owner?s Capital305 Owner?s Drawings310 Income SummaryREVENUES401 Lawn Service RevenueEXPENSES620 Supplies Expense630 Fuel Expense640 Repair and Maintenance Expense650 Advertising Expense660 Insurance Expense670 Depreciation Expense680 Interest Expense

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