Assignments Required: 1) Making journal entries for each transaction in chronological order- 2) Prepare adjusting entries and adjusted trial balance. 3) Prepare Income Statement, Retained Earnings Statement, and Balance Sheet. 4) Making closing entries. 5) Put all your work on excel spreadsheet. Each group should submit one completed copy to Assignment tab. The 2018 Balance Sheet of the Parker Co. is as follows: 2 to be bouge 5,000 C h eong0000 obAmo Parker Co. ibrorsam borouges suns Balance Sheet nodib 02. One man As of December 31, 2018 A of abort breeSvisundo no Cash 45,610 Notes Payable o b ng 29 85,000 Notes Receivable 28,750 Accounts Payable o 41,000 isunde Accounts Receivable 34.730 Unearned Revenue 1,000 Less: Allowance for Doubtful A/Cs -2,930 Property Tax Payable s sundo no 0 Inventories 61,000 Interest Payable In bao 1,500 Office Supplies 0 Income Tax Payable Prepaid Insurance on Aried hive 540 Salary and Wages Payable A 2,500 Prepaid Rent 4,800 Utilities Payable 2,000 Total Current Assetsgrynsam 172,500 Total Current Liabilities er 138,000 Long-term Investments Provisions Related to Pensions 93,100 Investments in securities 51,000 Bonds Payable 300,000 Land for future development 45,500 Total Non-Current Liab. 393,100 Property, Plant, and Equipment blottole 01 000.00 Total Liabilities big es 531,100 Land 145,000 145,000 Common Stock Common Stock yol baca b ia 110,000 Buildings 675,000 Preferred Stock 100,000 Less: Accu. Depreciation -202,000 Paid-in-capital - Common Stock 77,395 Intangible Assets Paid-in-capital - Preferred Stock 10,000 Capitalized Development Costs 8,000 Retained Earnings 190,505 Goodwill 76,000 Accu. Other Comp. Income 5,000 Other Intangible Assets 48,000 Less: Treasury Stock -5,000 Total Non-Current Assets 846,500 Total Shareholders' Equity Total Assets 1,019,000 Total Liab. and Total Equity 1,019,000 During 2019, the following events occurred in Parker Co. Additional information available at the end of 2019 is as follows: 1) On January 3, 2019, paid off the utilities bill of $2,000, income tax of 5,000, and wages payable of 2,500 for the year 2018 2) On January 13, sold merchandise on account to Cathy $20,000 and Helen $35.000. Terms 2/10,n/30, F.O.B. shipping point. 3) On January 15, received checks, $20,000 from Kent and $10,000 from Mary, for sales on account made in December 2018 after discount period has lapsed. 4) On January 17, issued credit of $2,000 to Helen for the merchandise returned. 5) On January 29, purchased merchandise on account from Adam $20,000 and Brian 30,000. Terms 3/10, n/30, F.O.B. destination. 6) On February 2, send checks to Adam for 20,000 less 3% cash discount, and to Brian for $30,000 less 3% cash discount. 7) On February 11, received payment in full from Cathy and Helen after discount period has lapsed. 8) On February 28, the prepaid rent balance was expired. 9) On March 1. paid rent of $12,000 for a two-year term starting from March 1, 2019. 10) On April 1, the company CEO paid $80,000 from her savings bank account to purchase a car for personal use. 11) On April 15. paid $5,000 cash for office supplies. The company expenses all of the supplies purchased during the year. 12) On May 30, declared cash dividends totaling $6,000. 13) On June 23, paid cash dividends totaling $6,000 to stockholders. 14) On July 1, paid cash $7,500 to Ted for merchandise purchased last year. 15) On July 1, issued a note of $200,000 to bank (one year, annual interest rate 5%) for cash. 16) On July 9, purchased merchandise from Robert $45,000, terms 3/10,n/30. 17) On July 12, returned $500 of merchandise to Robert and received credit 18) On August 1, issued common stock 2,000 shares, $10 par, in exchange of a land with a fair market value of $80,000 19) On August 7, sold merchandise to Rick on account $120,000, term 1/10, 1/30, FOB shipping point. 20) On August 10, paid off the balance to Robert. 21) On August 18, Rick paid off its balance. 22) On September 8, paid utilities expense, $12,000. 23) On October 1. paid off notes payable $110,000 (issued in 2018) and associated interest of $5,500 (including $1,500 interest payable on the balance sheet). 24) On December 27, 2019, the company paid the 2019 federal income tax of $8,500 and 2019 property tax of $6,600. 25) Over the year, daily cash sales were $40,000. 26) Over the year, sales and office employees earned $90,000 in salaries and wages, of which $7,500 remained as payable at the end of year. 27) Depreciation expense for the year was $15,000. 28) The utilities bill of $12,000 as of December 31, 2019 is due in January 2020. 29) Unearned revenue was increased by $5,000 during 2019. 30) No insurance policy was effective during the year. 31) After physically counting, the company decided that the ending inventory was $70,000. 32) Cathy, Helen, and Rick had zero balance on account as of Jan 1, 2019. 33) The company uses the gross method to record its purchases and sales on credit. 34) The company adopts the periodic inventory system. In order to report the purchase activities the firm used the purchases, purchases discounts, and purchase returns & allowances accounts. 35) Based on its historical data, the bad debts are about 1% of net credit sales (credit sales minus sales discounts and sales returns in the year of 2019)