From the following information, please prepare an Income Statement, Statement of Owner’s Equity, and Balance Sheet for the month of May of the current year. Cash

$12,000

Accounts Receivable

16,000

Supplies

350

Equipment

16,500

Notes Payable

$13,000

Accounts Payable

12,000

S. Jones, Capital

18,000

S. Jones, Drawing

550

Service Revenue

6,000

Telephone Expense

350

Rent Expense

1,100

Advertising Expense

2,150

$49,000

$49,000

Sye chase started and operated a small family architectural firm in 2016. the firm was affected by two events: (1) chase provided $25,000 of services on account, and (2) he purchased $2,800 of supplies on account. there were $250 of supplies on hand as of december 31, 2016. record the two transactions in the accounts. record the required year-end adjusting entry to reflect the use of supplies and the required closing entries. post the entries in the t-accounts and prepare a post-closing trial balance.