ABM Co. is a merchandising business, registered as a sole proprietorship. The account balances of \\BM Co. as of June 1, 2021 are as follows: 001 Cash P 35,750.00 002 Accounts receivable 15,000,00 003 Merchandise inventory 15,000.00 050 Accounts payable 20,000.00 060 Maharlika, Capital 30,000.00 100 Sales 30,000.00 101 Sales returns and allowances 5,000.00 102 Sales discounts 2,000.00 200 Cost of merchandise sold 5,000.00 301 Advertiing expense 1,500,00 302 Utlities expense 750,00 303 Salaries expense 304 Transportation expense 400 Income summary During June, the following transactions were completed June 1 Mvis. Maharlika, the business owner, invested cash in the business, + 1v6 050. 5 Bought merchandise on account from XYZ Co., . 55,wOv, terms 2/10, new, + JB Shipping Point. Pala . reight, P2,0v0 1v poid merchandise on account to LM . Co., P22,000, terms 2/10, n, 3v, FOB Destination Paid transportation expense, P500 The cost o. merchandise sold was *2v,JVC 15 Faid cash for purchase made on june 5, less discount. 2v Kecei. ec merchandise returned on sale of June 10, .'2,200. The cost of merchandise returned was I-2,000 20 Kecei. ec cash pa, ment from LMN Co., in payment of account, less return and discount. Paid the following: Ac . ertising, P1,5vv Utilities, /50, Salaries, P10,050. Fron the above transactions, complete the accounting cycle of ABM Co. for the month of June 2021. I Prepare the jou nal entrie in the Gene. a, Journal and post the emr es to he Gener. I Ledger. -) I repare the tatement of comprenens:. e Income. c) + repare the clo' ing entrie to the General Journal. Post the cat.ie to the General Ledger and cro e the nomina acco. nt . a) + recare the Statemen. of . inanci-liosi.ior