\begin{tabular}{|c|c|c|c|c|c|} \hline \multicolumn{4}{|c|}{ Cash } & \multicolumn{2}{|c|}{ Account No. 101} \\ \hline Date & Explanation & F & Dobit & Credit & Balance \\ \hline 31/Jan & Opening balance & & & & 1,335,396 \\ \hline 1/Feb & Paid cash for rent. & G.1 & & 5,000 & 1,330,396 \\ \hline 2/Feb & Sold all store equipment for cash. & GJ1 & 23,300 & & 1,353,696 \\ \hline 8/Fob & Issued cheque for purcherse & GJ1 & & 600,500 & 753,196 \\ \hline 10/Feb & Issued shares. & G.1 & 22,000 & & 775,196 \\ \hline 12Feb & Received customer payment. & GJ1 & 299,860 & & 1,075,076 \\ \hline 13/Feb & Declared and paid dividends.. & GJ1 & & 45,100 & 1,029,976 \\ \hline 15/ Fob & Colloction of interest........... & G.1 & 2,533 & & 1,032,509 \\ \hline 15/Feb & Paid cash for salaries. & G.12 & & 50,000 & 982,509 \\ \hline 17/Feb & Paid invoice for merchandise.. & G.J2 & & 553,000 & 429,509 \\ \hline 19/Feb & Paid invoice for office furniture... & G 2 & & 8,400 & 421,109 \\ \hline 25/Feb & Received customer payment. & G/2 & 1,399,440 & & 1,820,549 \\ \hline 25/Feb & Paid invoice for merchandise. & G.2 & & 631,120 & 1,189,429 \\ \hline 28/ Feb & & G.12 & & 19,500 & 1,169,929 \\ \hline 29/Feb & Paid cash for salaries, & G.2 & & 50,000 & 1,119,929 \\ \hline \end{tabular} Additional Information: The NSF cheque was received in January from United Corporation for a sale dated January 15. b) Prepare the appropriate adjusting entries on February 29,2024 . Hint: Some additional information is provided below but where else might you look to find details relevant to preparing the adjusting entries? - It is estimated that utilities used during February totalled $16,575. - Actual count of ending merchandise inventory on February 29,2024 was $1,564,711. - Management estimates uncollectible accounts receivable based on the following rates of uncollectibility applied to outstanding accounts: Not yet due (2\%), 130 days past due (9%),3160 days past due (18\%), Greater than 61 days past due (60\%). Since this is an estimate please round your final answer to the nearest whole dollar. - Income taxes are estimated to be $214,100. c) What is the next step in the accounting cycle? Prepare closing entries This is the last step Post transactions Prepare an unadjusted trial balance Prepare a post-closing trial balance Prepare financial statements Post closing entries Post adjusting entries Prepare an adjusted trial balance Analyze and journalize transactions