4. The Worksheet Accounts Acc. No. Trial Balance Adjustments Income Statement Balance Sheet DR CR OR CR DR CR DR CR Bank 100 19,065 Accounts Receivable 19,065 105 10.800 114 10.686 Allowance for Doubtful Account 110 285 114 Merchandise Inventory 53,350 171 115 53,350 47,100 Supplies 17100 120 8,600 Building 8.600 125 148,700 Acc. Amort. - Building 148,700 130 13.400 3.400 Accounts Payable 200 2,800 HST Payable 2,800 205/ 7,950 HST Recoverable 210 7.950 1040 Mortgage Payable 1,040 220 95,000 95,000 J. Boulton, Capital 300 113.670 J. Boulton, Drawings 305 113.670 13,500 13,500 Sales 400 65.500 55,500 Sales Discounts 405 1,450 1,450 Sales Returns and Allowances |410 400 400 Purchases 500 18,200 Purchase Discounts 18,200 505 100 Purchase Returns & Allowances 510 150 100 150 Freight-in 515 3,200 3,200 Automobile Expense 600 2,950 2,950 Freight-out 620 2,650 2,650 Loss on Disposal of Fixed Asset 630 3.100 3.100 Utilities Expense 640 1850 1,850 288,855 288.855 14 114 87,150 102,850 248.691 232,991 15,700 15,700 102,850 102,850 248.691 248.691 Answer the following questions, which relate to the worksheet. 1. Is this worksheet for a Periodic Merchandise business, or a Perpetual one? How do you know for sure? li. Why does Merchandise Inventory (an asset) appear in the Income Statement section of the worksheet? Explain clearly and thoroughly