> Continuing Problem P5-45 Journalizing purchase and sale transactions, making closing entries, preparing financial statements, and computing the gross profit perce Chapter 4. Daniels Consulting performs systems consulting. The company has This problem continues the Daniels Consulting situation from Problem 1440 for software inventory. During January, Daniels Consulting completed the follo begun selling accounting software and uses the perpetual inventory system to Purchased 50 units software inventory on account, $1,050, plus, Paid employee salaries, $1,885, which includes accrued salaries from December transactions Jan. 2 Completed a consulting engagement and received cash of 55,700 2 Prepaid three months office rent, $2,400 7 18 Sold 40 software units on account, $2,625 (cost $880). 19 Consulted with a client for a fee of $2.500 on account ANN 24 28 31 Paid on account, $1.100. Purchased 185 units software inventory on account, $4,810 Paid utilities, $375. Sold 135 units software for cash, 55,265 (cost $3.470). Recorded the following adjusting entries: a. Accrued salaries expense, $775 b. Depreciation on Equipment, 560; Depreciation on Furniture, $50 c. Expiration of prepaid rent, $800 d. Physical count of software inventory, 50 units, $1,300 Requirements 1. Open the following T-accounts in the ledger: Cash, $17,950; Accounts Receivable $3,600; Software Inventory, $0; Office Supplies, $300; Prepaid Rent, $0; Equipment, $3,600; Accumulated Depreciation Equipment, $60; Furniture, $3,000; Accumulated Depreciation Furniture, $50; Accounts Payable, $3,600 Unearned Revenue, $1,800; Salaries Payable, $685; Daniels, Capital, $22.255; Daniels, Withdrawals; $0; Income Summary, $0; Service Revenue, 50; Sales Revenue, $0; Cost of Goods Sold, $0; Salaries Expense, $0; Rent Expense, So; Utilities Expense, $0; Depreciation Expense-Equipment, $0; and Depreciation Expense-Furniture, $0. 2. Journalize and post the January transactions. Compute each account balance, and denote the balance as Bal