The adjusted trial balance for Smith construction for the period ending May 31 2010 is as follows:

The adjusted trial balance for Smith construction for the period ending May 31 2010 is as follows:

                                            Smith Construction

                                        Adjusted Trial Balance

                                                   31-May

    Account                       Debit                           Credit

10.    Cash                      47,240

12.    Accounts Receivable     8,080

13.    Prepaid Insurance        1,000

14.    Supplies                        700

16.    Equipment                    24,000

17.    Accumulated Depreciation equipment          2,400

18.    Tools                           1,200

20.    Accounts Payable                                      200

22.    Unearned Revenue                                    2,000

24.    Wages Payable                                        1,000

30.    Common Stock                                         42,500

32.    Dividends                      3,900

40.    Service Revenue                                         56,700

50.    Salary Expense              11,780

51.    Depreciation Expense      2,400

52.    Rent Expense                 2,000

54.     Repair Expense              1,000

56.     Supplies Expense            800

57.     Insurance Expense           500

59.     Utilities Expense              200

               Total                        104,800               104,800

Requirements:

1.  Prepare the Income Statement for the period ending May for Smith Construction.

2.  Prepare the Statement of Retained Earnings for Smith Construction for the Month of May.

3.  Prepare the Balance Sheet for Smith Construction as of May 31, 2010.

4.  Prepare the three closing entries.

5.  Prepare the Post Closing Trial Balance.