Any help with this is greatly appreciated. Enter beginning balances in the T-accounts from the Beginning Balance Sheet, all accounts have normal balances. Common Stock has 200,000 shares issued and outstanding 2. Additional information: Company uses a perpetual inventory system (discounts and freight are recorded in the inventory account. Suppliers offer a 2% discount, company does not offer discounts to customers. No adjustment for inventory is needed. Record the following summarized August transactions using the general journal provided. Use a blank line between transactions. Use the account titles as shown in the T- accounts, do not add any accounts. a. Purchased inventory on account, $35,000 b. Paid $3,200 freight fees c. Sold inventory on account, $25,000, cogs $12,500 d. Paid Wages and Salaries, $10,000, includes the amount due from previous month e. Received payments from customers on account, $35,000 f. Cash sales, $110,000, cogs $55,000 . Paid for 6 months of business insurance, $6,000 h. Paid for 1 years rent, $12,000 i. Received cash advance payments from customers $6,000 J. Paid outstanding accounts payable within the discount period, $38,300 k. Completed $2,000 of work for customers that paid in advance (use Sales Account) 4. Post the transactions to the T-accounts; use reference numbers when posting calculate balance in each account after all posting is complete. See T-account page for additional instructions. 5. Prepare a trial balance. Note: All trial balances are located in the same tab 6. Journalize and post any necessary adjusting entries; continue using the journal to record the entries. Hint: There are 3 entries. After adjusting entries have been posted all accounts will be used and have normal balances. 7. Additional adjusting entry: Wages earned but not paid totaled $1,000 8. Prepare an adjusted trial balance 9. Prepare a multiple-step Income Statement, a Retained Earnings Statement, and a Classified Balance Sheet 10. Journalize and post your closing entries

Group Company, Inc.
Balance Sheet
July 31, 20XX
Cash		$142,000		Accounts Payable		$13,300
Accounts Receivable		13,250		Wages Payable		1,200
Inventory		40,000		Common Stock		200,000
Fixed Assets ($6,000 per year depreciation)		60,000		Retained Earnings		34,750
Accum. Depr.(cr. Bal)		(6,000)
Total Assets		$249,250		Total Liabilities & Equity		$249,250