First 2 pictures helps with last 2 pictures

Problems for Section 5B 5B-1. (This problem is similar to the summary problem provided above.) The Adjusted Trial Balance for TILFORD Merchandising Corporation for the month ending May 1 (prior to the COGS calculation) is presented below. The inventory value shown is from the beginning of the month. Inventory on hand at the end of May was $700 Required 1. Open the trial balance T-accounts and the income summary account and enter the beginning balances. Enter the ending balance for inventory 2. Make closing entries. Indicate the values of net revenue, net purchases, goods available for sale, and gross margin. Calculate the ending balance in each account. 3. Prepare the income statement (highlighting gross margin). What is the gross margin percentage? TILFORD MERCHANDISING CORPORATION Adjusted Trial Balance May 1, 20x1 Debit Credit Balances Balances Account Names Cash S7,900 7,100 Accounts receivable 1100 Prepaid rent Inventory 9,800 5.200 Purchases Purchase discounts $1,900 2400 Purchase returns & allowances 800 Salaries payable 1,700 Common stock 7,700 Retained earnings 19,800 Sales revenue 1,800 Sales returns Cost of goods sold Salary expense 900 Rent expense 500 Total $34,300 $34,300