#2 Thank you

1. The Antique Mall completed the following transactions during February 2017: Feb. 3 7 9 10 Purchased $3,300 of merchandise inventory on account under terms 3/10, n/EOM and FOB shipping point Returned $900 of defective merchandise purchased on February 3. Paid freight bill of $400 on February 3 purchase. Sold merchandise inventory on account for $4.700. Payment terms were 2/15, 1/30. These goods cost the company $2,350 Paid amount owed on credit purchase of February 3, less the return and the discount Received cash from February 10 customer in full settlement of their debt. 12 28 Requirements: R1. Journalize the sales transactions for Antique Mall. Explanations are not required. 2. The adjusted trial balance of Heartstrings Music Company at February 29, 2018, follows: Heartstrings Music Company Trial Balance February 29, 2018 Account Cash Accounts receivable Inventory Supplies Furniture Accumulated depreciation Accounts payable Salary payable Unearned revenue Notes payable, long term Common stock Retained earnings Dividends Sales revenue Sales returns Cost of goods sold Selling expense General expense Interest Expense Total Trial Balance Debit Credit $6,000 19,000 16,000 1,000 40,000 $8,500 12,000 500 8,000 13,500 5,000 34,000 42,200 165,000 7,400 78,000 22,000 12,500 2.400 $246.500 $246,500 Requirements: R1. Journalize Heartstrings' closing entries. R2. Prepare Heartstrings' single-step income statement for the year. R3. Compute the gross profit percentage and the rate of inventory turnover for 2018. Inventory on hand one year ago, at February 28, 2017, was $12,800. UR4. For the year ended February 28, 2017, Heartstrings' gross profit bercentage was 51%, and inventory turnover was 5.4 times. Did the results for the year ended February 29, 2018 suggest improvement or deterioration in profitability over last year? 3. The records of Farm Quality Steak Company list the following selected accounts for the quarter ended April 30, 2018