1. Enter the beginning balances in the General Ledger accounts from the Beginning Balance Sheet: all accounts have normal balanees. Common Stock has 250,000 shares issued and outstanding. Numbers should have (only) 2 decimal places since they are a dollar amount. 2. Company uses a perpetual inventory system (discounts and freight are recorded in the inventory account). Suppliers offer a 2% discount; Company does not offer discounts to customers. No adjustment for inventory is needed. See pieture below for assistance on journal entries. 3. Record the following summarized May, 20XX transactions using the general journal provided. Use a blank line between transactions. Use the account titles as shown in the General Ledger accounts, do not add any accounts or lines. a. Purchased inventory on account, $42,500 b. Paid for 6 months of business insurance, $8,070 c. Sold inventory on account, $48,750, cogs $19,500 d. Paid Wages and Salaries, $12,050, includes the amount due from previous month e. Received cash advance payments from customers $9,425 f. Cash sales, $137,748,cog5$55,099 g. Paid $1,550 freight fees on merchandise purchased in a h. Paid for 12 months of rent, $18,450 i. Completed $2,550 of work for customers that previously paid in advance (use Sales Account) j. Paid outstanding accounts payable within the discount period, $49,130 k. Received payments from customers on account, $39,500 4. Post the transactions to the General Ledger accounts; use reference numbers when posting, calculate balance in each account after each posting. Use the transaction \#/letter as the date in the ledger. No explanation is necessary. 5. Prepare a trial balance. Note: All trial balances are located in the same tab 6. Joumalize and post any (monthly) necessary adjusting entries; continue using the journal to record the entries. Hint: There are 3 entries. After all adjusting entries have been posted all accounts will be used and have normal balances. 7. Additional adjusting entry: Wages earned but not paid totaled $1,750 8. Prepare an adjusted trial balance 9. Prepare a multiple-step Income Statement (ch. 3), a Retained Earnings Statement (ch. 4), and a Classifiec (Report form) Balance Sheet (ch. 4): Use your book as a general guide for the format. Remember to date your statements. Examples are provided, only use the information you have. 10. Journalize and post your closing entries 1. Prepare a post-closing Trial Balance 2. Remember to include your name and project in the name of the file before submitting! 13. Your instructor is available to answer GENERAL questions. The instructor will NOT give you the account names for a transaction. 4. Check Figures: Trial balance before adjustment: $495,343.00dr/cr Unearned Revenue: $6,875.00cr Gross Profit: $114,449.00 1. Enter the beginning balances in the General Ledger accounts from the Beginning Balance Sheet: all accounts have normal balanees. Common Stock has 250,000 shares issued and outstanding. Numbers should have (only) 2 decimal places since they are a dollar amount. 2. Company uses a perpetual inventory system (discounts and freight are recorded in the inventory account). Suppliers offer a 2% discount; Company does not offer discounts to customers. No adjustment for inventory is needed. See pieture below for assistance on journal entries. 3. Record the following summarized May, 20XX transactions using the general journal provided. Use a blank line between transactions. Use the account titles as shown in the General Ledger accounts, do not add any accounts or lines. a. Purchased inventory on account, $42,500 b. Paid for 6 months of business insurance, $8,070 c. Sold inventory on account, $48,750, cogs $19,500 d. Paid Wages and Salaries, $12,050, includes the amount due from previous month e. Received cash advance payments from customers $9,425 f. Cash sales, $137,748,cog5$55,099 g. Paid $1,550 freight fees on merchandise purchased in a h. Paid for 12 months of rent, $18,450 i. Completed $2,550 of work for customers that previously paid in advance (use Sales Account) j. Paid outstanding accounts payable within the discount period, $49,130 k. Received payments from customers on account, $39,500 4. Post the transactions to the General Ledger accounts; use reference numbers when posting, calculate balance in each account after each posting. Use the transaction \#/letter as the date in the ledger. No explanation is necessary. 5. Prepare a trial balance. Note: All trial balances are located in the same tab 6. Joumalize and post any (monthly) necessary adjusting entries; continue using the journal to record the entries. Hint: There are 3 entries. After all adjusting entries have been posted all accounts will be used and have normal balances. 7. Additional adjusting entry: Wages earned but not paid totaled $1,750 8. Prepare an adjusted trial balance 9. Prepare a multiple-step Income Statement (ch. 3), a Retained Earnings Statement (ch. 4), and a Classifiec (Report form) Balance Sheet (ch. 4): Use your book as a general guide for the format. Remember to date your statements. Examples are provided, only use the information you have. 10. Journalize and post your closing entries 1. Prepare a post-closing Trial Balance 2. Remember to include your name and project in the name of the file before submitting! 13. Your instructor is available to answer GENERAL questions. The instructor will NOT give you the account names for a transaction. 4. Check Figures: Trial balance before adjustment: $495,343.00dr/cr Unearned Revenue: $6,875.00cr Gross Profit: $114,449.00