Module 3 The following are the accounts and their balances as of May 31, 2010 for Smith Construction.

Module 3:

The following are the accounts and their balances as of May 31, 2010 for Smith Construction.                                                                                                 

Prepare the trial balance for Smith Construction as of May 31, 2010 listing the accounts in the proper order.        

                                                                                                               

Prepare the Income Statement, Statement of retained earnings and balance sheet for Smith Construction as of May 31.

                                                                                                                               

These statements are for the period March, April, and May. Assume retained earnings starts at a 0 balance         .                                                                                                              

                                                                                                                               

Account                                        Balance                                                                               

Repair expense                           1,000                                                                                          

Cash                                        47,240                                                                  

Tools                                                     1,200                                                                    

Accounts Payable                            0                                                                             

Supplies                                               1,500                                                                    

Common Stock                                 41,000                                                                  

Rent Expense                                    2,000                                                                    

Equipment                                          24,000                                                                  

Dividends                                            3,900                                                                    

Accounts receivable                       1,080                                                                    

Salary Expense                                  10,780                                                                  

Service Revenue                              51,700                                                                  

Retained Earnings                            0