Answer all the Questions 1. Rashid and associate's chart of accounts includes the following selected accounts. 101 Cash 157 Equipment 120 Inventory 201 Accounts Payable 130 Prepaid Insurance 306 Owner's Drawings On November 1, 2020 the accounts payable ledger of Rashid and associates showed the following balances: S. Gentry $4,000, D. Montero $2,100, R. Trumbo $800, and W. Olivo $1,800. The November transactions involving the payment of cash were as follows. Nov. Purchased merchandise, check no. 11, 8950. 3 Purchased store equipment, check no. 12. $1.400. 5 Paid W. Olivo balance due of S1,800. less 1% discount, check no. 13, S1.782. 11 Purchased merchandise, check no. 14. $1.700. 15 Paid R. Trumbo balance due of $800, less 3% discount, check no. 15.5776. 16 M. Richey, the owner, withdrew S400 cash for own use, check no. 16. 19 Paid D. Montero in full for invoice no. 1245, $2,100 less 2% discount, check no. 17. $2,058 25 Paid premium due on one-year insurance policy, check no. 18. $2,400. 30 Paid S. Gentry in full for invoice no. 832, 82,700, check no. 19. Instruction: Journalize the transactions above in a four-column cash payments journal with columns for Other Accounts Dr., Accounts Payable Dr.. Inventory Cr. and Cash Cr. 151 2. The following data was taken from the records of Moxic Company for the year ended December 31, 2017 Raw Materials Inventory 1/1/17 $ 40,000,00 Raw Materials Inventory 31/12/17 $ 30,000.00 Finished Goods Inventory 1/1/17 85,000.00 Finished Goods Inventory 31/12/17 57,800.00 Work in Process Inventory Work in Process Inventory 1/1/17 20,000.00 31/12/17 60,000.00 Sales Revenue 465.000,00 Raw Materials Purchases 480,000.00 Sales Discounts 2.500.00 Cash 18,000.00 Direct Labor 38,000.00 Plant Manager's Salary 60,000.00 Indirect Labor 12,000.00 Factory Property Taxes 6,100.00 Accounts Receivable 27.000.00 Factory Repairs 60.00000 Factory Insurance 7,400.00 Factory Utilities 10,000.00 Factory Machinery Depreciation 30,000.00 Office Utilities Expense 8,600.00 Depreciation expense - factory building 20,000.00 Instructions: (i) Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) (ii) Prepare an income statement. [3+27