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Dec 4 Dec 7 Hune Market (uses LIFO costing method/periodic inventory system) began operations and completed the following transactions during December of the current year. Dec 3 Hune invested $50.000 of personal funds to start the business. Also on this date. Hune transferred inventory worth $15.000 (1.000 pieces x 15$), equipment worth $6.000 to the business. Dec 3 Purchased $500 of cleaning supplies on account. The invoice is due 20 days from the date of purchase. Purchased inventory (300 pieces x 208) on credit terms of 1/5, n/eom (end of month). Sold inventory (1.000 pieces x 508) for cash and paid $100 for their freight. Dec 8 Returned 100 pieces of the inventory purchased on December 4. It was not the inventory ordered Dec 9 Sold inventory (200 pieces x 50$) with credit terms of 2/10, n/eom (end of month). Dec 9 Purchased inventory (300 pieces x 25$) plus freight charges of $200. Credit terms were 6/15. Dec 10 Sold inventory (200 pieces x 50$) on account with credit terms 5/20. Dec 11 The customer returned 100 pieces of inventory (sold on December 10) as a sales return Dec 12 Paid supplier for goods purchased on December 4. Less the returns (December 8) Dec 15 Paid the amount owed on account from December 9, less the discount. Dec 20 Received cash in full settlement of the account from the customer who purchased inventory on December 10, less the return (December 11) and the discount. Dec 23 Received electric bill of $200 to be paid next week. Dec 24 Wrote a check for $2,000 to Pleasant Properties. In the for area of the check, it states December-January Rent." Dec 29 Hune withdrew cash of $1.000. Requirements 1. Journalize the transactions above. 2. Set up T-accounts and post the journal entries. 3. Prepare the unadjusted trial balance for the year ended Dec 31, 2016. 4. Journalize the adjusting entries given below and post them to the ledger. 4.1 Supplies on hand at the year end is $200. 4.2 Inventory on hand at the end of the month 200 pieces. (Show your calculations for COGS) 4.3 $1.000 of rent expense is related to next year. 4.4 Equipment's estimated useful life is 5 years. At the end of the 5th year, the salvage (residual) value will be $500. Company uses straight line depreciation method. 4.5 Salaries owed but not yet paid is $200. 4.6 $500 of the sales revenue was unearned. 4.7 Sold the equipment for $1.500. 5. Close the accounts in order to compute the income/loss for the year 2016. 6. Prepare the adjusted trial balance for the year ended Dec 31, 2016. 7. Prepare the income statement of Hune Market for the year ended December 31, 2016. 8. Prepare the statement of owner's equity for the year ended December 31, 2016. 9. Prepare the balance sheet at December 31, 2016