Black Panther Corporation is a small private corporation that sells desktop printers to local businesses and schools. On May $1,2024,$ the follow ing were the

account balances of Black Panther Corporation:

During May $2024,$ the following transactions took place:

May $1$: Bought $120$ desktop printers for $$128$ each on account.

May $1$: Bought a van, paying $$7200$ cash as a down payment and signed a $10$ month $$36000,9\%$ note payable for the balance. The companypaid

$$360$ to have its company logo printed on the side of the van. The residual value is $$4800.$ The old van $w$ as sold for $$6800$; it cost $$25600$ and

acculumated depreciation up to the date of disposal was$$24000.$

May $10$: Sold $136$ printers to Wolverine lnc$.$ on account.

May $12$: Avengers Inc. agreed to sign a $90-$day note receivable to replace a $$1360$ accounts receivable due that day. The interest rate on the note is

$4\mathrm{.}4\%.$

May $20$: Sold $3$ printers to Hawkeye lnc$.$ using a VISA card to pay for the transaction. A $2\%$ service fee is charged by VISA.

May $22$: Sold $64$ printers to Bruce Banner Public School on account.

May $24$: Returned for oredit $6$ damaged printers from Wolverine lnc$,$ costing $$128$ each.

May $28$: Received payment in full from Wolverine lnc$.$ for the balance owing.

May $28$: Wrote off as uncollectable $$3400$ of accounts receivable.

May $29$: Paid accounts payable, $$10000.$

May $30$: Recovered an accounts receivable that was written off in April, $$520.$

May $31$: Paid operating expenses totalling $$36400.$

May $31$: Recorded depreciation on the van and the furniture $8$ fixtures. The company uses straight$-$line depreciation for the van. The van is estimated to

be used for $8$ years. The furniture $8$ fixtures are depreciated using the straight$-$line method over $4$ years. There is no residual value on the

furniture and fistures.

May $31$: Recorded interest on the note payable.

May $31$: Recorded interest on the notes receivable.

May $31$: The company records the bad debt expense based on the aging of accounts receivables, which follows:

Other Information:

The selling price for each of the printers is $$360.$

Black Panther Corporation uses the FIFO method under the perpetual inventory system to account for inventory.

In the past, Black Panther Corporation has used the following accounts on their financial statements: Bad Debt Expense, Cost of Goods Sold.

Credit Card Fee, Depreciation Expense, Gain on Sale, Interest Expense, Interest Payable, Interest Receivable, Interest Revenue, Loss on Sale,

Notes Payable, Notes Receivable, Operating Expenses, Sales Returns, Sales Revenue. Not all accounts have been used each period.

Required:

Prepare the journal entries for the transactions including any adjusting journal entries for the month of May $31,2024.$ Place your answer under

"Requirement $1^{**}$ in the ${?}^{\text{A}\text{n}\text{s}\text{w}\text{w}\text{e}\text{r}}$ tab. A reminder to round all final numbers to the nearest dollar. Do not round during calculations. Ensure your

spelling is acourate. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use the accounts given in the

question. Explanations are not required.

Prepare an adjusted trial balance as at May $31,2024.$ Place your answer under "Requirement $2^{**}$ in the "Answer" tab. Place your account titles

in column $H,$ debits in column l and eredits in column. J$.$ Ensure your spelling is accurate. Do not use abbreviations for your accounts. Spell them

out in their entirety. A reminder to only use the accounts given in the question.

Prepare the multi$-$step Income Statement for the month of May $2024.$ Ignore income tawes. Place your answer under "Requirement $3^{**}$ in the

${?}^{\text{A}\text{n}\text{n}\text{s}\text{w}\text{e}\text{r}}$ tab. Ensure your spelling is acourate. Do not use abbreviations for your acoounts. Spell them out in their entirety. A reminder to only

use the accounts given in the question.

Prepare a classified Balance Sheet at at May $31,2024.$ Place your answer under "Requirement $4"$ in the "Answer" tab. Ensure your spelling is

accurate. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use the accounts given in the question.

Assume Black Panther Corporation overstated its ending inventory by $$1440.$ How does this affect cost of goods sold, gross profit, and net

income in the year it $w$ as disc