Can someone please do my accounting homework using the fifo method. Attached is the excel spreadsheet to use, and the questions to do the journal entries.I also attached the example of how it should look like on the key from the first year.

Dr. 1 2 3 4 5 6 Cr. Name PERMANENT AC Cash Accts Receivable Inventory Accd Depre. - Furniture Accts Payable Wages Payable TEMPORARY AC Sales Depreciation Expense Cost of Goods Sold Salaries Expense PERMANENT ACCOUNTS Supplies Furniture Retained Earnings Dividends Common Stock TEMPORARY ACCOUNTS Rent Expense Supplies Expense Dividends Common Stock Account Cash Accounts Receivable Inventory Supplies Furniture Acc. Depre. - Furniture Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Sales Cost of Goods Sold Salaries Expense Rent Expense Supplies Expense Depreciation Expense TOTAL Dr. Cr. JHJ Bookstore Balance Sheet As of December 31, 2 Assets: Cash Accounts Receivable Inventory Supplies Furniture (Less Accm. Depre.) Total Assets JHJ Bookstore Income Statement For the Year Ended 2013 Sales Less cost of goods sold Gross margin Operating Expenses: Salaries Expense Rent Expense Supplies Expense Depreciation Expense Total Expenses Net Income JHJ Bookstore Statement of Retained Earnings For the Year Ended 2013 Beginning R/E Add Net Income Less Dividends Ending R/E JHJ Bookstore Balance Sheet As of December 31, 2013 Liabilities & Owner's Equity: Accounts Payable Wages Payable Total Liabilities Common Stock Retained Earnings Total Stockholder's Equity Total Liabilities & Owner's Equity Bookstore me Statement Year Ended 2013 Bookstore Retained Earnings Year Ended 2013 JHJ ATHLETIC SHOE STORE - JANUARY 1 2018 SET UP FOLLOWING T-ACCOUNTS 1. CASH 2. ACCOUNTS RECEIVABLE 3. ALLOWANCE FOR DOUBTFUL ACCOUNTS 4. SHOE INVENTORY 5. SUPPLIES 6. PREPAID INSURANCE 7. EQUIPMENT 8. ACCUMLATED DEPRECIATION - EQUIP 9. AUTO 10. ACCUMULATED DEPRECIATION-AUTO 11.ACCOUNTS PAYABLE 12.WAGES PAYABLE 13.UNEARNED REVENUE 14.NOTE PAYABLE 15.JHJ COMMON STOCK 16.JHJ RETAINED EARNINGS 17.JHJ DIVIDEND 18. SHOE SALES 19. PURCHASES 20. RENT EXPENSE - SELLING 21.SUPPLIES EXPENSE - SELLING 22.INSURANCE EXPENSE - ADMINISTRATIVE 23. DEPRECIATION EXPENSE - ADMINISTRATIVE 24. SALES SALARIES 25. INTEREST EXPENSE JOURNALIZE FOLLOWING TRANSACTIONS 1. INVESTED ADDITIONAL $ 500,000 IN BUSINESS 2. PAID ACCRUED SALARIES FOR PRIOR YEAR 3. PURCHASED AUTO FOR $ 50,000 PAYING $10,000 DOWN. AUTO HAS 4 YEAR LIFE 4. PAID ON APRIL 48,000 FOR NEW ONE YEAR BUSINESS INSURANCE POLICY 5. PURCHASED 200,000 PAIRS OF SHOES ON MAY 1 ON ACCOUNT FOR 4,000,000 6. PURCHASED SUPPLIES FOR CASH $ 50,000 7. CASH SALES JUNE 1ST 125,000 PAIRS OF SHOES FOR $ 10,000,000 8. PAID FOR SHOES IN TRANSACTION FOUR 9. PAID SALARIES FOR $2,000,000 10.SHOE INCOME RECEIVED IN ADVANCE - $ 1,000,000 FOR FUTURE SHOE SALES 11.PURCHASED ON ACCOUNT JULY 1ST, 150,000 PAIRS OF SHOES FOR $ 6,000,000 12.SOLD ON ACCOUNT ON AUGUST 1ST, 125,000 PAIRS OF SHOES FOR $ 5,625,000 13.ENDING SUPPLIES - $ 20,000 (ADJUSTING ENTRY) 14.PAID DIVIDENDS $ 300,000 15. COLLECTED $ 2,000,000 OF ACCOUNTS RECEIVABLE 16. JOURNALIZE ADJUSTING ENTRY FOR EQUIPMENT DEPRECIATION, 2ND YEAR 17. JOURNALYZE ADJUSTINH ENTRY FRO DEPRECIATION ON AUTO UTILIZING DOUBLE DECLINING BALANCE METHOD 18. JOURNALIZE ADJUSTING ENTRY FOR BUSINESS INSURANCE 19. ADVANCE SHOE SALE INCOME EARNED ON DECEMBER 1ST TOTALAED $ 2,00,000 REPRESENTING 50,000 PAIRS OF SHOES 20.UNPAID SALARIES AT YEAR END - $ 250,000 21. THE COMPANY UTILIZES___________IN CALCULATING PERPETUAL INVENTORIES REQUIRED: 1. 2. 3. 4. 5. 6. 7. 8. POST ENTRIES FROM 2017 PREPARE JOURNAL ENTRIES AND POST ALL ENTRIES TO LEDGER PREPARE PRE-TRIAL BALANCE PREPARE INCOME STATEMENT PREPARE STATEMENT OF RETAINED EARNINGS PREPARE BALANCE SHEET PREPARE STATEMNT OF CASH FLOW PREPARE CLOSING ENTRIES INVENTORY FLOW CHART: FIFO DATE PURCHASES (JE I) COST OF GOODS SOLD ( JE III) UNIT UNIT QT TOTAL QT TOTAL COST COST 100,000 25 2,500,000 80,000 25 2,000,000 120,000 30 3,600,000 20,000 80,000 25 30 500,000 2,400,000 25,000 30 750,000 INVENTORY FLOW CHART: LIFO DATE PURCHASES (JE I) COST OF GOODS SOLD ( JE III) UNIT UNIT QT TOTAL QT TOTAL COST COST 100,000 25 2,500,000 80,000 25 2,000,000 120,000 30 3,600,000 100,000 30 3,000,000 20,000 5,000 30 25 600,000 125,000 INVENTORY FLOW CHART: WA DATE PURCHASES (JE I) COST OF GOODS SOLD ( JE III) UNIT UNIT QT TOTAL QT TOTAL COST COST 100,000 25 2,500,000 80,000 25 2,000,000 120,000 30 3,600,000 100,000 29.29 25,000 29.29 2,929,000 IFO ENDING BALANCE UNIT QT TOTAL COST 100,000 25 2,500,000 20,000 120,000 25 30 500,000 3,600,000 40,000 30 1,200,000 15,000 30 450,000 IFO ENDING BALANCE UNIT QT TOTAL COST 100,000 25 2,500,000 20,000 120,000 25 30 500,000 3,600,000 20,000 20,000 25 30 500,000 600,000 15,000 25 375,000 WA ENDING BALANCE UNIT QT TOTAL COST 100,000 25 2,500,000 20,000 120,000 140,000 25 30 29.29 500,000 3,600,000 4,100,000 40,000 29.29 1,171,000 15,000 29 438,750 JE # ACCOUNT 1 Cash CS 2 Equipment Cash NP 3 Insurance Cash 4 Shoe Inventory AP 5 Supplies Cash 6 Cash Sales COGS Shoe Inventory 7 AP Cash 8 Salary Expense Cash 9 Cash UR 10 Shoe Inventory AP 11 AR Sales COGS Shoe Inventory 12 Supplies Expense Supplies 13 Dividends Cash 14 Cash AR 15 Depreciation Expense Accumulated Depreciation 16 Insurance Expense Insurance 17 UR Sales COGS Shoe Inventory 18 Salary Expense WP FIFO DEBIT 100,000.00 100,000.00 36,000.00 2,500,000.00 30,000.00 3,000,000.00 2,000,000.00 2,500,000.00 1,000,000.00 500,000.00 3,600,000.00 4,000,000.00 2,900,000.00 20,000.00 200,000.00 2,000,000.00 10,000.00 27,000.00 400,000.00 750,000.00 200,000.00 FIFO CREDIT 1,000,000.00 10,000.00 90,000.00 36,000.00 2,500,000.00 30,000.00 3,000,000.00 2,000,000.00 2,500,000.00 1,000,000.00 500,000.00 3,600,000.00 4,000,000.00 2,900,000.00 20,000.00 200,000.00 2,000,000.00 10,000.00 27,000.00 400,000.00 750,000.00 200,000.00 LIFO DEBIT LIFO CREDIT WA DEBIT 100,000.00 100,000.00 1,000,000.00 100,000.00 100,000.00 10,000.00 90,000.00 36,000.00 36,000.00 36,000.00 2,500,000.00 2,500,000.00 2,500,000.00 30,000.00 30,000.00 30,000.00 3,000,000.00 3,000,000.00 3,000,000.00 2,000,000.00 2,000,000.00 2,000,000.00 2,500,000.00 2,500,000.00 2,500,000.00 1,000,000.00 1,000,000.00 1,000,000.00 500,000.00 500,000.00 500,000.00 3,600,000.00 3,600,000.00 3,600,000.00 4,000,000.00 4,000,000.00 4,000,000.00 3,000,000.00 2,929,000.00 3,000,000.00 20,000.00 20,000.00 20,000.00 200,000.00 200,000.00 200,000.00 2,000,000.00 2,000,000.00 2,000,000.00 10,000.00 10,000.00 10,000.00 27,000.00 27,000.00 27,000.00 400,000.00 400,000.00 400,000.00 725,000.00 732,250.00 725,000.00 200,000.00 200,000.00 200,000.00 WA CREDIT 1,000,000.00 10,000.00 90,000.00 36,000.00 2,500,000.00 30,000.00 3,000,000.00 2,000,000.00 2,500,000.00 1,000,000.00 500,000.00 3,600,000.00 4,000,000.00 2,929,000.00 20,000.00 200,000.00 2,000,000.00 10,000.00 27,000.00 400,000.00 732,250.00 200,000.00 JHJ Rental Service Trial Balance: FIFO Account Cash AR Supplies Prepaid Insurance Inventory Equipment Acc. Dep. Equip AP NP WP UR CS RE Dividends Sales Supplies Exp Insurance Exp Depreciation Exp Salary Exp COGS Dr. Cr. 2,724,000 2,000,000 10,000 9,000 450,000 100,000 10,000 3,600,000 90,000 200,000 100,000 1,000,000 200,000 7,400,000 20,000 27,000 10,000 1,200,000 5,650,000 12,400,000 Account Cash AR Supplies Prepaid Insurance Inventory Equipment Acc. Dep. Equip AP NP WP UR CS RE Dividends Sales Supplies Exp Insurance Exp JHJ Rental Service Trial Balance: LIFO Dr. 12,400,000 Cr. 2,724,000 2,000,000 10,000 9,000 375,000 100,000 10,000 3,600,000 90,000 200,000 100,000 1,000,000 200,000 7,400,000 20,000 27,000 Depreciation Exp Salary Exp COGS 10,000 1,200,000 5,725,000 12,400,000 Account Cash AR Supplies Prepaid Insurance Inventory Equipment Acc. Dep. Equip AP NP WP UR CS RE Dividends Sales Supplies Exp Insurance Exp Depreciation Exp Salary Exp COGS JHJ Rental Service Trial Balance: WA Dr. 12,400,000 Cr. 2,724,000 2,000,000 10,000 9,000 438,750 100,000 10,000 3,600,000 90,000 200,000 100,000 1,000,000 200,000 7,400,000 20,000 27,000 10,000 1,200,000 5,661,250 12,400,000 12,400,000 ACCOUNT FIFO SALES LESS COGS GROSS PROFIT LESS OPERATING EXPENSES SUPPLIES EXPENSE INSURANCE EXPENSE DEPRECIATION EXPENSE SALARY EXPENSE TOTAL OPERATING EXPENSES LIFO 7,400,000.00 1,750,000.00 ### 5,725,000.00 1,675,000.00 7,400,000.00 5,661,250.00 1,738,750.00 20,000 27,000 10,000 1,200,000 ### ### ### ### 20,000 27,000 10,000 1,200,000 1,257,000.00 ### 1,257,000.00 5,650,000 NET INCOME WA 493,000.00 418,000.00 481,750.00 Balance Sheet: FIFO As of December 31, 2015 Assets: Cash AR Supplies Prepaid Insurance Inventory Equipment Acc. Dep. Equip 2,724,000 2,000,000 10,000 9,000 450,000 100,000 (10,000) Liabilities & Owner's Equity: Accounts Payable Notes Payable Wages Payable Unearned Revenue Total Liabilities Stockholder's Equity Common Stock Retained Earnings Total Stockholder's Equit Total Assets $ 5,283,000.00 Total Liab & SE Balance Sheet: LIFO As of December 31, 2015 Assets: Cash AR Supplies Prepaid Insurance Inventory Equipment Acc. Dep. Equip 2,724,000 2,000,000 10,000 9,000 375,000 100,000 (10,000) Liabilities & Owner's Equity: Accounts Payable Notes Payable Wages Payable Unearned Revenue Total Liabilities Stockholder's Equity Common Stock Retained Earnings Total Stockholder's Equit Total Assets $ 5,208,000.00 Total Liab & SE Balance Sheet: WA As of December 31, 2015 Assets: Cash AR Supplies Prepaid Insurance Inventory Equipment Acc. Dep. Equip 2,724,000 2,000,000 10,000 9,000 438,750 100,000 (10,000) Liabilities & Owner's Equity: Accounts Payable Notes Payable Wages Payable Unearned Revenue Total Liabilities Stockholder's Equity Common Stock Retained Earnings Total Stockholder's Equit Total Assets $ 5,271,750.00 Total Liab & SE Owner's Equity: 3,600,000 90,000 200,000 100,000 3,990,000 $ $ 1,000,000.00 293,000.00 $ 1,293,000.00 5,283,000.00 Owner's Equity: 3,600,000 90,000 200,000 100,000 3,990,000 $ $ 1,000,000.00 218,000.00 $ 1,218,000.00 5,208,000.00 Owner's Equity: 3,600,000 90,000 200,000 100,000 3,990,000 $ $ 1,000,000.00 281,750.00 $ 1,281,750.00 5,271,750.00 Cash Aeeomts Receivable Inventory Supplies Issuance Properbr and equipment aeemnulaled depreciajien Aeemmts payable Notes Payable Accrued wages Notes Payable Demon Stock Retainned Eamniugs Total DR CR __ __ 12=ss=sss_s_ __ __ __ __ __ __ __ __ __ __ ""0 Verizon '53-\" 4:19 AM @ 'f II )B 100% 1:1\"? 3 texsu.blackboard.com 2TSAEES_SKEATR1ES 25. INTEREST EXPENSE J OURNALIZE FOLLOWING TRANSACTIONS 1. INVESTED $ 1,000,000 IN BUSINESS 2. PURCHASED EQUIPMENT FOR $ 100,000 PAYING $10,000 DOWN. EQUIPMENT HAS 10 YEAR LIFE 3. PAID ON APRIL 36,000 FOR NEW ONE YEAR BUSINESS INSURANCE POLICY 4. PURCHASED 100,000 PAIRS OF SHOES ON MAY 1 ON ACCOUNT FOR 2,500,000 5. PURCHASED SUPPLIES FOR CASH $ 30,000 6. CASH SALES JUNE lST - 80,000 PAIRS OF SHOES FOR 55 3,000,000 7. PAID FOR SHOES IN TRANSACTION FOUR 3. PAID SALARIES FOR $ 1,000,000 9. SHOE INCOME RECEIVED IN ADVANCE - $ 500,000 FOR FUTURE SHOE SALES 10. PURCHASED ON JULY lST, 120,000 PAIRS OF SHOES FOR $ 3,600,000 11. SOLD ON ACCOUNT ON AUGUST lST, 100,000 PAIRS OF SHOES FOR 55 4,000,000 12. ENDING SUPPLIES - $ 10,000 (ADJUSTING ENTRY) 13. PAID DIVIDENDS $ 200,000 14. COLLECTED $ 2,000,000 OF ACCOUNTS RECEIVABLE 15. JOURNALIZE ADJUSTING ENTRY FOR EQUIPMENT DEPRECIATION 16. JOURNALIZE ADJUSTING ENTRY FOR BUSINESS INSURANCE 17. ADVANCE SHOE SALE INCOME EARNED ON DECEMBER 1ST TOTALAED $ 400,000 REPRESENTING 25,000 PAIRS OF SHOES 18. UNPAID SALARIES AT YEAR END - $ 200,000 19. THE COMPANY UTILIZES IN CALCULATING PERPETUAL INVENTORIES RE! QUIRED: 1. PREPARE JOURNAL ENTRIES AND POST ALL ENTRIES TO LEDGER 2. PREPARE PRE-TRIAL BALANCE III-O Verizon '53-\" 4:19 AM @ 'f II )B 100% CH 9 texsu.blackboard.com C b. Lb DALED JUNE [bl - 80,000 E'Ale U1" SHOES FOR $ 3,000,000 7. PAID FOR SHOES IN TRANSACTION FOUR s. PAID SALARIES FOR S 1,000,000 9. SHOE INCOME RECEIVED IN ADVANCE , $ 500,000 FOR FUTURE SHOE SALES 10. PURCHASED ON JULY IST, 120,000 PAIRS OF SHOES FOR 1; 3,600,000 11. SOLD ON ACCOUNT ON AUGUST IST, 100,000 PAIRS OF SHOES FOR S 4,000,000 12. ENDING SUPPLIES - $ 10,000 (ADJUSTING ENTRY) 13. PAID DIVIDENDS $ 200,000 14. COLLECTED $ 2,000,000 OF ACCOUNTS RECEIVABLE 15. JOURNALIZE ADJUSTING ENTRY FOR EQUIPMENT DEPRECIATION 16. JOURNALIZE ADJUSTING ENTRY FOR BUSINESS INSURANCE 17. ADVANCE SHOE SALE INCOME EARNED ON DECEMBER 15\" TOTALAED $ 400,000 REPRESENTING 25,000 PAIRS OF SHOES 18. UNPAID SALARIES AT YEAR END $ 200,000 19. THE COMPANY UTILIZES IN CALCULATING PERPETUAL INVENTORIES RE! JUIRED: 1. PREPARE JOURNAL ENTRIES AND POST ALL ENTRIES TO LEDGER 2. PREPARE PRE-TRIAL BALANCE 3. PREPARE INCOME STATEMENT 4. PREPARE STATEMENT OF OWNERS EQUITY S. PREPARE BALANCE SHEET 6. PREPARE CLOSING ENTRIES E [I] D7 III-o Verizon 93-\" 4:25 AM @ '1' Ii )3 100% --4'