1. Prepare the journal entries for the above transactions. a) For the template of the General Journal, refer to your textbook (Chapter 4 p. 92). b) Make sure to record the date, names of debited and credited accounts, descriptions and document numbers (whenever possible) for each transaction. c) Use account Purchases to record transactions associated with buying inventory. To record the transaction that took place on December 15, refer to your textbook (Chapter 8 p. 242). 2. Post the above transactions to the ledger accounts. a) For the template of the General Ledger, refer to your textbook (Chapter 4 p. 102). b) You can assign numbers to each of the accounts. 3. Prepare a Trial Balance. a) Refer to your textbook (Chapter 5 p. 126) to learn how to prepare the trial balance. b) Use the following accounts: 1 Cash 2 Accounts receivable 3 Prepaid rent 4 Prepaid insurance 5 Merchandize Inventory 6 Equipment 7 Accumulated depreciation - Equipment 8 Accounts payable 9 Salaries Payable 10 Sales Tax payable 11 Capital 12 Drawing 13 Income Summary 14 Sales 15 Purchases 16 Freight in 17 Purchases discounts 18 Advertising expense 19 Salaries expense 20 Depreciation expense - equipment 21 Rent expense 22 Insurance expense 23 Totals 4. Make the adjusting entries on December 31, 20X1 and journalize them. a) Refer to your textbook (Chapter 5 pp. 128-131) to learn about how to record adjusting entries for Prepaid Rent, Prepaid Insurance and Depreciation. Provide all the necessary calculations. b) To record accrued salaries, use the following adjusting entry: Salaries Expense is debited, Salaries Payable is credited. c) You will also make adjusting entries using the accounts Merchandize Inventory and Income Summary. First, the beginning inventory is taken off from the books by transferring the account balance to the debit of the Income Summary account. Record the following entry: Income Summary is debited, and Merchandise Inventory is credited. Second, the ending inventory is placed on the books by debiting Merchandise Inventory and crediting Income Summary. Submit your work in Excel to all steps above to Portfolio Project Part 1 in Moodle. You will upload your Portfolio Project Part 1 files to your Mahara portfolio website during the final week of class