Can I have some help with this

Introduction: Forty-Love Tennis Company is a retail store corporation The company is owned by Philip YurKarte, the only shareholder (to be). Phil has asked you to keep the records for the shop, and to prepare its nancial statements at the end of the month. You decide to use a simple manual accounting system consisting of: o AGeneraI Journal 0 AGeneral Ledger Books of the company are adjusted and closed, with nancial statements prepared on a monthly basis. Reversing entries ARE NOT made. The General Ledger is empty, as this is the first month of operations. It is March, the start of the busiest tennis season of the year, and there are going to be many entries to reflect all the activity necessary to set the business started. All sales and purchases of merchandise Inventog are made on strict terms of 2/10, N/30. You have decided to account for sales and purchases using the GROSS METHOD. Use the perpetual inventory system to account for inventory. Required: Journalize the following transactions for March. Entries should be posted daily/immediately. Due to the order of posting, it is possible that an account with a normal debit balance may temporarily have a credit balance (and vice versa). Do not worry at the end of the month, after all the posting has been completed, everything will work out properly. Remember a 'ournal entg is not complete without a description! Transactions: Mar 1 Philip Yur-Karte contributes the following to start the business: Cash, $20,000; Merchandise Inventory (he has saved certain items up over the years), 534,000. Mr. Yur Karte is the only stockholder and is issued 5,400 shares of $10 par common stock. Mar 1 Borrowed $25,000 from Ace Bank, on a ve-year, 6% note, with interest only to be paid at each year-end (December 31) and principal due March 1, Vear 6. Mar 1 Purchased an old oak desk (Office Furniture) from Top Spin Furniture Company. $7,200, cash. The useful life Is five years. Mar 1 Paid first and last month's rent, $4,000 total (this amount covers two months' rent March, Year 1 and some future month at the end of the business operations), to Sampras Rent Co. Mar 1 Purchased some Australian inventory on account from Barty and Co., $2,500, terms 2/10, N/30. Mar 1 As we open the doors, three customers walk in, all ready to spend money, and they do. We sell each of them merchandise on account: . s. Williams, new racquets sold for $2,600. The cost of the merchandise was $1,040. 0 M. Navratilova, two cases of tennis balls sold for $3,200. The cost of the merchandise was $1,280. a S. Graf, ball machine sold for $1,500. The cost of the merchandise was $600. Mar 3 Purchased store equipment (useful life is two years) on account from Net Play Company, $4,200, NISO. Mar 4 Purchased office supplies on account from Ad-Out Corporation, 5820, N/30. Mar 5 Paid for three months of insurance in advance, $2,400 to Drop Shot Insurance Company. Debit the entire amount to one account. Mar 5 Mar 6 Mar 7 Mar 8 Mar 8 Mar 9 Mar 10 Mar 10 Mar 12 Mar 12 Mar 12 Mar 13 Mar 13 Sold some merchandise on account to the following new customers: 0 V. Williams, not to be out-done by her sister, also purchased new racquets for $1,800. The cost of the merchandise was $720. a A. Agassi, new tennis shoes sold for $1,250. The cost ofthe merchandise was $500. a R. Nadal, one case of sweat bands, assorted colors, sold for $1,650. The cost of the merchandise was 5660. Received a check on account from S. Graf in payment of her Mar 1 invoice. (Reminder, all sales on account are made with terms 2/10, n/30. It will be up to you to determine whether or not payment is made within the discount period.) Recorded cash sales for the week, $1,620. The cost of the related merchandise sold was $648. Some of the units sold to M. Navratilova are defective. Issued 3 $1,400 purchase allowance. (M. Navratilova keeps the damaged merchandise inventory.) Sold some merchandise on account to the following businesses: 0 Big Hitters, $4,200. The cost of the merchandise was $1,680 0 Open Strings, $6,800. The cost of the merchandise was $2,720 Purchased delivery vehicle (Delivery Equipment with useful life of five years) with cash from Petrol People Movers, $18,000. Due to a power surge, all the bulbs in our store had to be replaced. Purchased store supplies from Bells 8' Bulbs, on account, $650, terms, n/SO. Pald balance due to Barty and Co. for purchase made on March 1. Purchased some inventory on account from Game Set Match, $4,250, terms 2/10, n/30. Received payment from S. Williams on account. Sold some store supplies (at our cost) to the pharmacy next door. They paid us with a check for 580. Received credit memorandum from Game Set Match for damaged merchandise, $300. Sold merchandise on account to R. Federer, $3,200. The cost of the merchandise was $1,280. Mar 14 Mar 14 Mar 14 Mar 15 Mar 15 Mar 16 Mar 16 Mar 17 Mar 17 Mar 18 Mar 19 Mar 20 Recorded the semi-monthly payroll for our only employee, A. Roddick, as follows (record this entry and the next one, as is, In the general journal): Salary Expense $800 Federal Income Tax Payable $120 FICA Tax Payable 61 State Income Tax Payable 22 Medical Insurance Payable 7 Salaries Payable 590 Recorded employers payroll taxes as follows: Payroll Tax Expense 5110 FICA Tax Payable $61 FUI Tax Payable 6 SUI Tax Payable 43 Recorded cash sales for the week, $8,240. The cost of the merchandise was $3,296. Issued check to our employee, A. Roddick, $590. Issued a credit memorandum to V. Williams for the return of some merchandise, $400. The merchandise was in good condition. The cost of the returns was in the same proportion as the original sale. Received a check from A. Agassi on account in payment of his Mar 5 invoice. Received the following checks from customers on account: 0 Big Hitters in payment of their Mar 8 invoice o V. Wllliams In payment of their Mar 5 Invoice Purchased some merchandise inventory for resale from each of the following suppliers on account: - Babolat $4,150 0 Wilson $2,900 0 Penn $7,200 Our delivery truck needed repairs. We had it fixed at Four Wheels Drive, where we paid the bill with cash, $299. Paid Bells 8: Bulbs the amount due from the Mar 10 purchase. Paid the amount due to Game Set Match from the Mar 12 purchase. Mr. Vur-Karte, the owner, took home office supplies for his own personal use, $125. This should be recorded as a dividend. Mar 21 Mar 22 Mar 22 Mar 23 Mar 24 Mar 25 Mar 28 Mar 28 Mar 29 Mar 29 Mar 30 Mar 31 Recorded cash sales for the week, $7,380. The cost of the merchandise was $2,952. We sold merchandise on account to three new clients: 0 A. Ashe, protective eye goggles sold for $2,900. The cost of the merchandise was $1,160 a M. Hingis, tennis skirts sold for $750. The cost of the merchandise was $300. 0 A. Gibson, hats and vlsors sold for $2,800. The cost of the merchandise was $1,120 Returned for cash some merchandise previously purchased from Game Set Match on account, $1,200. (Hint: In recording this entry, we do not receive payment in full, because we took advantage of the cash discount when we originally paid for the goods.) Received check from R. Federer in payment of their balance due from the Mar 13 invoice. Issued a credit memorandum to A. Ashe for the return of some merchandise from his Mar 22 purchase, 5650. The merchandise was in good condition. The cost of the returns was in the same proportion as the original sale. Mr. VurKarte closed the shop today, after taking home a check for $2,690 for his own personal use. Returned for credit, ofce supplies purchased from Advout Corporation on Mar 4, $98. Recorded cash sales for the week, $2,340. The cost of merchandise was $936. Recorded the semi-monthly payroll as follows: Salary Expense $700 Federal Income Tax Payable $86 FICATax Payable 54 State Income Tax Payable 12 Medical Insurance Payable 6 Salaries Payable 542 Recorded employers payroll taxes as follows: Payroll Tax Expense $97 FICA Tax Payable $54 FUI Tax Payable 5 SUI Tax Payable 38 Issued check to our employee, A. Roddick, 5542 Issued check in the amount M5242 to Crackefs Safe Bank in payment of taxes as follows: a FICA Tax Payable $122 a Federal Income Tax Payable $120 Required: MONTH END CLOSING AND ADJUSTMENTS 1. Post all items from the general journal as of March 31 to the general ledger if you have not already done so, and total each account. Label this total as \"Balance\" in each T-Account in the general ledger. Prepare an unadjusted trial balance of the general ledger, using the worksheet enclosed on pg. 3687. Record the period-end adjusting journal entries in the general journal on March 31 based on the following information: a. Ending inventory of office supplies ls $180. b. Ending inventory of store supplies is $102. c. Expired rent (seejournal entry recorded on Mar 1). d. Expired insurance (seejournal entry recorded on Mar 5). e. Depreciation expense, office furniture (1 month). f. Depreciation expense, store equipment (1 month). g Depreciation expense, delivery equipment (1 month). h. Accrue interest payable (1 month). i. Accrue March utility expense to be paid in April, $92. Post the period-end adjusting journal entries from Item 3 above to the general ledger, and total each account. Label this total as \"Adjusted Balance\". Also post the period-end adjustingjournal entries from Item 3 above to the worksheet on pg. 3637 and complete the adjusted income statement and adjusted balance sheet columns. Use the adjusted balances from the worksheet to prepare the following basic financial statements as of (or for the month ending) March 31: a. MultipleStep Income Statement (group all Selling, General and Administrative Expenses together in one category) b. Statement of Changes in Retained Earnings c. Classified Balance Sheet Journalize and post all closingjournal entries to the general ledger, and total each account which is required to be closed. Label this total as \"Closed Balance\". Some accounts are not required to be closed, and therefore such accounts will not haveeed a "Closed Balance\". (It is up to you to identify which accounts need to be closed at the end of each period.)