Assume it is Monday, May 1, the first business day of the month, and you have just been hired as the accountant for Colo Company, which operates with monthly accounting periods. All of the companys accounting work is completed through the end of April, and its ledgers show April 30 balances. During your first month on the job, the company experiences the following transactions and events (terms for all its credit sales are 2/10, n/30 unless stated differently):

May. 1 Issued Check No. 3410 to S&P Management Co. in payment of the May rent for $3,710. Charge $2,968 to Rent ExpenseSelling Space, and charge $742 to Rent ExpenseOffice Space. (Use two lines to record the transaction.) 2 (a) Sold merchandise on credit to Hensel Company, Invoice No. 8785, for $6,100 (cost is $4,100). 2 (b) Issued an allowance (price reduction) of $175 to Knox Co. for merchandise sold on April 28. The total selling price (gross) was $4,725. 3 Issued a refund of $798 to Peyton Products for the return of merchandise purchased on April 29. Colo's accounts payable was reduced by that amount. 4 Purchased the following on credit from Gear Supply Co.: merchandise, $37,072; store supplies, $574; and office supplies, $83. Invoice dated May 4, terms n/10 EOM. 5 Received payment from Knox Co. for the balance from the April 28 ($4,550) sale less the May 2 return and the $91 discount. 8 Issued Check No. 3411 to Peyton Products to pay for the $7,098 of merchandise purchased on April 29 less the May 3 return and the $126 discount. 9 Sold store supplies (noninventory) to the merchant next door at their cost of $350 cash. 10 Purchased $4,074 of office equipment on credit from Gear Supply Co., terms n/10 EOM. 11 (a) Received payment from Hensel Company for the May 2 sale less the discount of $122. 11 (b) Purchased $8,800 of merchandise from Garcia, Inc., terms 2/10, n/30. 12 Received a $854 price reduction from Gear Supply Co. for the return of office equipment received on May 10. Colo debited accounts payable by that amount. 15 (a) Issued Check No. 3412, payable to Payroll, in payment of sales salaries, $5,320, and office salaries, $3,150. 15 (b) Cash sales for the first half of the month are $59,220 (cost is $38,200). These cash sales are recorded in the cash receipts journal on May 15. 15 (c) Post to the customer and creditor accounts. Also post individual items that are not included in column totals at the end of the month to the general ledger accounts. 16 Sold merchandise on credit to Hensel Company, Invoice No. 8786, for $3,990 (cost is $1,890). 17 Purchased $13,650 of merchandise from Fink Corp., terms 2/10, n/60. 19 Issued Check No. 3413 to Garcia, Inc., in payment of its May 11 purchase less the discount of $176. 22 Sold merchandise to Lee Services, Invoice No. 8787, for $6,850 (cost is $4,990), terms 2/10, n/60. 23 Issued Check No. 3414 to Fink Corp. in payment of its May 17 purchase less the discount of $273. 24 Purchased the following on credit from Gear Supply Co.: merchandise, $8,120; store supplies, $630; and office supplies, $280. Terms n/10 EOM. 25 Purchased $3,080 of merchandise from Peyton Products, terms 2/10, n/30. 26 (a) Sold merchandise on credit to Crane Corp., Invoice No. 8788, for $14,210 (cost is $8,230). 26 (b) Issued Check No. 3415 to Perennial Power in payment of the May electric bill, $1,283. 29 The owner of Colo Company, Jenny Colo, used Check No. 3416 to withdraw $7,000 cash from the business for personal use. 30 (a) Received payment from Lee Services for the May 22 sale less the discount of $137. 30 (b) Issued Check No. 3417, payable to Payroll, in payment of sales salaries, $5,320, and office salaries, $3,150. 31 (a) Cash sales for the last half of the month are $66,052 (cost is $42,500). These cash sales are recorded in the cash receipts journal on May 31. 31 (b) Post to the customer and creditor accounts. Also post individual items that are not included in column totals at the end of the month to the general ledger accounts. Foot and crossfoot the journals and make the month-end postings.

Assume a perpetual inventory system.

Required: 1-a. Enter the transactions in a sales journal. 1-b. Enter the transactions in a purchases journal. 1-c. Enter the transactions in a cash receipts journal. 1-d. Enter the transactions in a cash payments journal. 1-e. Enter the transactions in a general journal.

please Answer below mention Questions

2-a. Complete the work sheet using the following information for accounting adjustments. Prepare and post adjusting and closing entries. a. Expired insurance, $553. b. Ending store supplies inventory, $2,632. c. Ending office supplies inventory, $504. d. Depreciation of store equipment, $567. e. Depreciation of office equipment, $329. 2-b. Prepare all necessary ledgers for accounting adjustments. 2-c. Prepare a work sheet for the month ended May 31. 3-a. Prepare a May multiple-step income statement. 3-b. Prepare a May statement of owners equity. 3-c. Prepare a May 31 classified balance sheet. 4-a. Prepare a post-closing trial balance. 4-b1. Prove the accuracy of subsidiary ledgers by preparing schedules of accounts receivable. 4-b2. Prove the accuracy of subsidiary ledgers by preparing schedules of accounts payable.

Assume it is Monday, May 1, the first business day of the month, and you have just been hired as the acountant for Colo Company, which operates with monthly accounting periods. All of the company's accounting work is completed through the end of April, and its ledgers show April 30 balances. During your first month on the job, the company experiences the following transactions and events (terms for all its credit sales are 2/10,n/30 unless stated differently): May. 1 Issued Check No. 3410 to S8P Management Co. in payment of the May rent for $3,710. Charge $2,968 to Rent ExpenseSold merchandis and charge $742 to Rent Expense-Office Space. (Use two lines to record the transaction.) 2 (a) Sold merchandise on credit to Hensel Company, Invoice No. 8785 , for $6,100 (cost is $4,100 ). 3 Tesued a refund of $798 to was reduced by that amount. Purchased the following on credit from Gear Supply Co.: merchandise, $37,072; store supplies, $574; and office supplies, \$83. Invoice dated May 4, terins n/10 EOM. discount. Issued Check No. 3411 to Peyton Products to pay for the $7,098 of merchandise purchased on April 29 les $ the May 3 return and the $126 discount. Sold store supplies (noninventory) to the merchant next door at their cost of $350 cash. Purchased $4,074 of office equipment on credit from Gear Supply Co., terms n/10 EOM. (a) Received payment from Hensel Company for the May 2 sale less the discount of $122. (b) Purchased $8,800 of merchandise from Garcia, Inc., terms 2/10,n/30. Received a $854 price reduction from Gear Supply Co. for the return of office equipment received on May 10 . Colo debited accounts payable by that amount. (b) Issued Check No. 3412 , payable to Payrol1, in payment of sales salaries, $5,320, and office salaries, $3,150. receipts fournal on May 15. $59,220 (cost is $38,200 ). These cash sales are recorded in the cash end of the month to the general leccounts. Also post individual items that are not included in column totals at the Sold merchandise on credit to Hensel companyts. Purchased $13,650 of merchandise frompany, Invoice No. 8786 , for $3,990 (cost is $1,890 ). Issued Check No, 3413 to Garcia, Inc. Fink Corp., terms 2/10,n/60. Sold merchandise to Lee Services, Inv, in payment of its May 11 purchase less the discount of $176. Issued Check No. 3414 to Fink Corp. In poice No. 8787 , for $6,850 (cost is $4,990 ), terms 2/10,n/60. Purchased the following on credit from Gearent of its May 17 purchase less the discount of $273. $280. Terms n/10 EOM. supply Co,: merchandise, $8,120; store supplies, $630; and office supplies, (a) Sold merchandise on credit to Crane Corpton Products, terms 2/10,n/30. (b) Issued Check No. 3415 to Perennial Power., Invoice No, 8788 , for $14,210 (cost is $8,230 ). The owner of Colo Company, Jenny Colo, used payment of the May electefe b111, $1,283. (a) Received payment from Lee Services for the May 22 . 3416 to withdraw $7,000 cash from the business for personal use. (b) Issued Check No. 3417. Davable to Pavroll. in pav sale less the discount of $137. $3.150 31 (a) Cash sales for the last halt of the month are $66,052 (cost is $42,500 ). These cash sales are recorded in the cash receipts journal on May 31 . 31 (b) Post to the customer and creditor accounts. Also post individual items that are not included in column totals at the end of the month to the general ledger accounts. Foot and crossfoot the journals and make the month-end postings. Assume a perpetual inventory system. Required: 1-a. Enter the transactions in a sales journal. 1-b. Enter the transactions in a purchases journal, 1-c. Enter the transactions in a cash receipts journal. 1-d. Enter the transactions in a cash payments journal. 1-e. Enter the transactions in a general journal. Answer is not complete. Complete this question by entering your answers in the tabs below. Enter the transactions in a sales journal. Enter the transaction . d sn payments journal. Answer is not complete. Complete this question by entering your answers in the tabs below. Enter the transactions in a purchases journal. Answer is not co Complete this question by entering your answers in the tabs below. Enter the transactions in a cash receipts journal. Answer is not compiete. Complete this question by entering your answers in the tabs below. Enter the transactions in a cash payments journal. (Enter the transactinno in -1 . Answer is nor compiere. Complete this question by entering your answers in the tabs below. Enter the transactions in a general journal. 2-a. Complete the work sheet using the following information for accounting adjustments. Prepare and post adjusting and closing entries. a. Expired insurance, $553 b. Ending store supplies inventory, $2,632 c. Ending office supplies inventory, $504 d. Depreciation of store equipment, $567. 2-b. Prepare all necessary ledgers for accounting adjustments. 2-c. Prepare a work sheet for the month ended May 31. Prepare and post adjusting and closing entries. Journal entry worksheet from reqs. 1a),1b ), 1c), 1d) and 1e) alonn with Ind closing entries from req. 2a ). Check my work mode: This shows what is correct or incorrect for the work you have completed s \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{9}{|c|}{ COLO COMPANY } \\ \hline \multicolumn{9}{|c|}{ Work Sheet for Month Ended May 31} \\ \hline & \multicolumn{2}{|c|}{\begin{tabular}{l} Unadjusted \\ Trial Balance \end{tabular}} & \multicolumn{2}{|c|}{ Adjustments } & \multicolumn{2}{|c|}{ Income Statement } & \multicolumn{2}{|c|}{\begin{tabular}{c} Balance Sheet or \\ Statement of \\ Owner's Equity \end{tabular}} \\ \hline Account Title & Debit & Credit & Debit & Credit & Debit & Credit & Debit & Credit \\ \hline Cash & 135,911$0 & & & & & & s & \\ \hline Accounts receivable & 18,200 & & & & & & & \\ \hline Merchandise inventory & 189,519 & & & & & & & \\ \hline Office supplies & 7930 & 60 & & & & & & \\ \hline Store supplies. & 3,301 & & & & & & & \\ \hline Prepaid insurance & 3,318 & & & & & & & \\ \hline Office equipment & 25,690 & & & & & & & \\ \hline Accum depr - Office equipment & & 9.898 & & & & & & \\ \hline Store equipment & 38.920 & & & & & & & \\ \hline Accum depr - Store equipment & & 17,556 & & & & + & & \\ \hline Accounts payable & & 53,059 & & & & & & \\ \hline Jenny Colo, Capital & & 308,085 & & & & & & \\ \hline Jenny Colo, Withdrawals & 7,0000 & & & & & & & \\ \hline Sales & & 156,422 & & & & & & \\ \hline Sales discounts & 3500 & & & & & & & \\ \hline Sales returns and allowances & 1750 & & & & & & & \\ \hline Cost of goods sold & 99,910 & & & & & & & \\ \hline Depr. Expense-Office equipment & & & 3290 & & & & & \\ \hline Depr. Expense-Store equipment & & & 5670 & & & & & \\ \hline Office salaries expense & 6.3000 & & & & & & & \\ \hline \begin{tabular}{l} Sales salaries expense \\ Insurance expense \end{tabular} & 10.6400 & & & & & & & \\ \hline \end{tabular} 1 COLO COMPANY Income Statement For Month Ended May 31 100 points Print References Mc -b1. Prove the accuracy of subsidiary ledgers by preparing schedules of accounts receivable. b2. Prove the accuracy of subsidiary ledgers by preparing schedules of accounts payable. Complete this question by entering your answers in the tabs below. Prepare a May statement of owner's equity. Prepare a post-closing trial balance. -b1. Prove the accuracy of subsidiary ledgers by preparing schedules of accounts receivable. b2. Prove the accuracy of subsidiary ledgers by preparing schedules of accounts payable. Complete this question by entering your answers in the tabs below. Prove the accuracy of subsidiary ledgers by preparing schedules of accounts receivable. 3-a. Prepare a May multiple-step income statement. 3-b. Prepare a May statement of owner's equity. 3-c. Prepare a May 31 classified balance sheet. 4-a. Prepare a post-closing trial balance. 4-b1. Prove the accuracy of subsidiary ledgers by preparing schedules of accounts receivable. 4-b2. Prove the accuracy of subsidiary ledgers by preparing schedules of accounts payable. Complete this question by entering your answers in the tabs below. Prove the accuracy of subsidiary ledgers by preparing schedules of accounts payable