Captain America Corporation is a small private corporation that sells desktop printers to local businesses and schools. On May 1, 2021, the following were the account balances of Captain America Corporation: Cash Accounts Receivable Inventory (300 units) Van Furniture & Fixtures Debits 30300 12000 57000 27000 9000 Credits Allowance for Doubtful Accounts 1800 Accumulated Depreciation (Van) 24000 Accumulated Depreciation (Furniture & Fixture 3000 Accounts Payable 7500 Common Shares 12000 Retained Earnings 87000 Total Credits 135300 Total Debits 135300 During May 2021, the following transactions took place: May 1: Bought 84 desktop printers for $120 each on account, May 1: Bought a van, paying $6300 cash as a down payment and signed a 10 month $15000,9% note payable for the balance. The company paid $450 to have its company logo painted on the side of the van. The residual value is $4800. The old van was sold for $3600; it cost $27000 and acculumated depreciation up to the date of disposal was $24000. May 10: Sold 90 printers to Falcon Inc. on account. May 12: Advanced Idea Mechanics agreed to sign a 90-day note receivable to replace a $1200 accounts receivable due that day. The interest rate on the note is 4.2%. May 20: Sold 7 printers to Iron Man Inc. using a VISA card to pay for the transaction. A 2.7% service fee is charged by VISA. May 22: Sold 57 printers to Sam Wilson Public School on account May 24: Returned for credit 2 damaged printers from Falcon Inc., costing $108 each. May 28: Received payment in full from Falcon Inc. for tha balance owing. May 28: Wrote off as uncollectable $450 of accounts receivable. May 29: Paid accounts payable, $7200. May 30: Recovered an accounts receivable that was written off in April, $450. May 31: Paid operating expenses totalling $27300. May 31: Recorded depreciation on the van and the furniture & fixtures. The company uses straight-line depreciation for the van. The van is estimated to be used for 9 years. The furniture & fixtures are depreciated using the straight-line method over 3 years. There is no residual value on the furniture and fixtures. 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: Number of Days Outstanding 0-30 days Accounts Receivable $16200 Estinated Percentage Uncollectable 0.6% STUU dave $8400 2.4% UTYU dans $2100 7.2% 90+ days $630 15% Other Information: 1) The selling price for each of the printers is $270. 2) Captain America Corporation uses the FIFO method under the perpetual inventory system to account for inventory. 3) In the past, Captain America 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: 1) Prepare the journal entries for the transactions including any adjusting journal entries for the month of May 31, 2021. Place your answer under "Requirement 1 in the Answer tab. A reminder to round all final numbers to the nearest dollar. Do not round during calculations. 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. 2) Prepare an adjusted trial balance as at May 31, 2021. Place your answer under "Requirement in the "Answer tab. Place your account titles in column H, debits in column I and credits 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. 3) Prepare the multi-step Income Statement for the month of May 2021. Ignore income taxes. Place your answer under "Requirement 3* 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. 4) Prepare a classified Balance Sheet at at May 31, 2021. 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. 5) Assume Captain America Corporation overstated its ending inventory by S660. How does this affect cost of goods sold, gross profit, and net income in the year it was discovered? If the error is undetected, what is the impact on cost of goods sold, gross profit, and net income for the following year. Place your answer under "Requirement 5+ in the Answer tab using the drop down menus. Enter any type responses in the designated spots. 6) Assume that Captain America Corporation used the LCNRV to report inventory on the balance sheet. The NRV of $360 is less than the FIFO cost. Prepare the journal entry. Place your answer under "Requirement 6 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 lactinn Captain America Corporation is a small private corporation that sells desktop printers to local businesses and schools. On May 1, 2021, the following were the account balances of Captain America Corporation: Cash Accounts Receivable Inventory (300 units) Van Furniture & Fixtures Debits 30300 12000 57000 27000 9000 Credits Allowance for Doubtful Accounts 1800 Accumulated Depreciation (Van) 24000 Accumulated Depreciation (Furniture & Fixture 3000 Accounts Payable 7500 Common Shares 12000 Retained Earnings 87000 Total Credits 135300 Total Debits 135300 During May 2021, the following transactions took place: May 1: Bought 84 desktop printers for $120 each on account, May 1: Bought a van, paying $6300 cash as a down payment and signed a 10 month $15000,9% note payable for the balance. The company paid $450 to have its company logo painted on the side of the van. The residual value is $4800. The old van was sold for $3600; it cost $27000 and acculumated depreciation up to the date of disposal was $24000. May 10: Sold 90 printers to Falcon Inc. on account. May 12: Advanced Idea Mechanics agreed to sign a 90-day note receivable to replace a $1200 accounts receivable due that day. The interest rate on the note is 4.2%. May 20: Sold 7 printers to Iron Man Inc. using a VISA card to pay for the transaction. A 2.7% service fee is charged by VISA. May 22: Sold 57 printers to Sam Wilson Public School on account May 24: Returned for credit 2 damaged printers from Falcon Inc., costing $108 each. May 28: Received payment in full from Falcon Inc. for tha balance owing. May 28: Wrote off as uncollectable $450 of accounts receivable. May 29: Paid accounts payable, $7200. May 30: Recovered an accounts receivable that was written off in April, $450. May 31: Paid operating expenses totalling $27300. May 31: Recorded depreciation on the van and the furniture & fixtures. The company uses straight-line depreciation for the van. The van is estimated to be used for 9 years. The furniture & fixtures are depreciated using the straight-line method over 3 years. There is no residual value on the furniture and fixtures. 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: Number of Days Outstanding 0-30 days Accounts Receivable $16200 Estinated Percentage Uncollectable 0.6% STUU dave $8400 2.4% UTYU dans $2100 7.2% 90+ days $630 15% Other Information: 1) The selling price for each of the printers is $270. 2) Captain America Corporation uses the FIFO method under the perpetual inventory system to account for inventory. 3) In the past, Captain America 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: 1) Prepare the journal entries for the transactions including any adjusting journal entries for the month of May 31, 2021. Place your answer under "Requirement 1 in the Answer tab. A reminder to round all final numbers to the nearest dollar. Do not round during calculations. 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. 2) Prepare an adjusted trial balance as at May 31, 2021. Place your answer under "Requirement in the "Answer tab. Place your account titles in column H, debits in column I and credits 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. 3) Prepare the multi-step Income Statement for the month of May 2021. Ignore income taxes. Place your answer under "Requirement 3* 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. 4) Prepare a classified Balance Sheet at at May 31, 2021. 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. 5) Assume Captain America Corporation overstated its ending inventory by S660. How does this affect cost of goods sold, gross profit, and net income in the year it was discovered? If the error is undetected, what is the impact on cost of goods sold, gross profit, and net income for the following year. Place your answer under "Requirement 5+ in the Answer tab using the drop down menus. Enter any type responses in the designated spots. 6) Assume that Captain America Corporation used the LCNRV to report inventory on the balance sheet. The NRV of $360 is less than the FIFO cost. Prepare the journal entry. Place your answer under "Requirement 6 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 lactinn