Heather Company Ltd. closes its books once a year, on December 31, but prepares monthly financial statements by estimating month-end inventories. The company's trial balance on January \\( 31,20 \\times 8 \\) is presented below. Required: (A) Prepare adjusting entries in journal form 1. Estimated bad debts, \0.4 of net sales (sales minus sales returns, allowances, and discounts). 2. Depreciation of furniture and fixtures, \10 of cost per year. 3. Insurance expired in January, \\( \\$ 80 \\). 4. Supplies used in January, \\$210. 5. Office salaries accrued, \\( \\$ 500 \\). 6. Interest accrued on notes payable, \\( \\$ 200 \\). 7. Interest received but unearned on notes receivable, \\( \\$ 75 \\). 8. Estimate the January 31 inventory and record the adjusting entry. The average gross profit earned by the company is \30 of net sales. The gross profit rate equals net sales minus cost of goods sold divided by net sales. Prepare the following: 1. Open all t-accounts and complete your posting of journal entries into taccounts. 2. Prepare adjusted trial balance 3. Prepare Statement of Financial Position 4. Prepare Income Statement, and 5. Prepare Statement of Changes in Shareholders' Equity. Dividends of \\( \\$ 3,000 \\) were declared and paid on the common shares during the month