Accounting Cycle Problem (Perpetual Accounting System) Five years ago, Jane and John Jenkins began their own computer retail store. They organized Troy Computer Company (TCC) as a privately-held corporation with the issuance of common stock to themselves. TCC issues monthly financial statements. On 12/31/22, all adjusting and closing entries were made correctly for 2022. Their beginning balances in the General Ledger as of 1/1/2023 are: Debit Credit Cash $ 37,000 Accounts Receivable $ 11,200 Inventory $ 45,000 Supplies on Hand $ 2,300 Prepaid Insurance 1,000 Equipment 66,000 Accumulated Deprec - Equipment $ 11,000 Buildings $ 180,000 Accumulated Deprec - Buildings $ 79,000 Accounts Payable $ 4,500 Salaries Payable $ 4,000 Notes Payable, Due 10/31/2022, 12% annual interest $ 10,000 Unearned Revenue $ 2,000 Mortgage Payable $ 188,000 Retained Earnings, 12/31/2021 $ 19,000 Common Stock $ 25,000 Totals $ 342,500 $ 342,500 Instructions: Assume that TCC issues monthly financial statements and, therefore, makes monthly adjusting journal entries and closing entries. a) Write the appropriate journal entries and/or adjusting journal entries to record each of the transactions listed below, as appropriate. If no entry is required, write "No Entry Required". b) Prepare a General Ledger (T-accounts). Using the dates provided, and post the journal entries to the General Ledger (T-accounts). c) Prepare an Adjusted Trial Balance, with Dr and Cr totals. d) Write the appropriate closing entries. e) Prepare the following financial statements for the period ending 1/31/2023: Multi-Step Income Statement Statement of Retained Earnings Classified Balance Sheet Transactions: 1/01 TCC receives payment for in invoice sent to a customer for $1,000, 1/10, n/30 on December 15, 2022. The customer took the appropriate sales discount. 1/02 TCC paid $3,000 of their Accounts Payable. There was no discount taken. 1/03 The Unearned Revenue account represents a deposit received from a customer on December 31, 2022, for a computer that would be shipped in January 2023. On January 2,2023, TCC ships the computer to the customer, FOB Shipping Point. The computer had a sales value of $4,100. TCC billed the customer for the additional revenue on account, n/30. The computer had been held in TCC's inventory at an original cost of $2,800. 1/04 TCC paid the Salaries Payable from December 31. 1/05 TCC purchased office supplies on account for $500 on terms 1/10, n/30. 1/10 TCC purchased $12,000 of additional computer inventory on account from Hewlett Packard, terms 2/10, n/30, for their Inventory. The 8 computers cost $1,500 each. 1/16 TCC receives payment for $6,800 of the outstanding Accounts Receivable for sales made last year. No discounts were taken. 1/17 TCC receives a $600 equipment repair invoice from US Equipment Company. This has not been previously recorded or accrued. 1/18 TCC pays for the computers purchased on 1/10 from Hewlett Packard 1/19 TCC discovers that they forgot to make the $3,000 January 1, 2023, payment that was due on their Mortgage Payable for the Building. When they realize their error, they decide to pay both their January 1 and February 1 mortgage payments on February 1. 1/20 TCC receives an order for $21,000 of customized computers that it does not have in its Inventory. The customer has included a cash deposit of $3,500. TCC informs the customer that it will be able to get the desired computers and ship them to the Customer in February. (These computers will cost TCC $11,000 to acquire.) The Customer agrees to the February ship date. 1/21 TCC sold and shipped 10 identical silver computers to customer Joe Smith FOB Shipping Point under credit terms of n/30. The sale price is $22,000 ($2,200 each). TCC was holding the computers in their Inventory at an original cost of $13,000. 1/28 TCC sells 3 of the 1/09 computers for $ 2,300 each for cash. 1/30 All 10 computers arrived at Smith's location on 1/29. Smith complained to TCC that the computers were the wrong color (cream instead of silver). TCC granted a $1,000 price reduction to Smith, and Smith agreed to keep the computers. 1/31 a) b) c) 6 d) e) TCC records January depreciation expense of $ 1,500 for Buildings and $ 600 for Equipment. TCC accrues 1 month of interest on their Notes Payable Due October 31, 2023. The prepaid insurance on the 1/1/2023 Balance Sheet represents 2 months of property insurance (1/1/2023-2/28/2023) on the building. TCC determines that it currently has $2,400 of actual Office Supplies on Hand. TCC accrues unpaid January Salaries of $3,000