Hello. I need help on how to solve the 1CP 1P problem of integrated accounting 8th edition?

I am confused on the adjustments and which account to debit/credit. I need a step by step guide on how to attempt each procedure. Thank you.

I need a step by step guide on how to do the question please.

This comprehensive problem involves completing the accounting cycle for RMK Electric Generators for the month of March of the current year. RMK Electric Generators is a merchandising business that uses a perpetual inventory system in which it purchases merchandise from manufacturers and sells it retail to its customers. 1. Start Integrated Accounting de 2. Open the file named IAS Comp Problem 1 3. Enter your Student ID onks in the Your Name text box. (please enter the student id NOT name) 4. Save the file to your disk and folder with a file name of Your Student ID only. [20 POINTS WILL BE DEDUCTED FOR NOT ADHERING TO STEP 3 OR 4). 5. Enter the following item to the inventory stock item file Stock No. 260; Parker Wheel Kit; unit of measure, EA; reorder point 10; retail price, 599.99 6. Add Parker Industries, Inc. to the Vendors file. 7. Add Urgent Medical Care to the Customers file 8. Enter the following budget data Account Title Budget ($) Total Revenue 635,000.00 Cost of Merchandise Sold 370,000.00 Advertising Expense 7,500.00 Miscellaneous Expense 1,250.00 Rent Expense 18,000.00 Telephone Expense 10,000.00 Heating & Lighting Exp 7,500.00 Salaries Expense 65,000.00 Supplies Expense 6,000.00 Insurance Expense 5,000.00 DADA. Exp. Juros. Eq 13,000.00 Depres Exp. Office Eq 4,200.00 Interest Expense 3,500.00 9. Enter the following purchase order, purchase invoice and sales invoice transactions Mar 02 Sold the following merchandise to Bowers Rentals, terms 2/10,n30,7% sales tax, Sales Invoice No.765 Description Quantity Selling Price Gerlach A/C 20 kW 4250.00 Gerlach Luxury 48 KW 9995.00 Indoor Transfer Switch 1 349.99 Generator Cover Medium 49.99 Generator Cover - Large 54.99 Mar 03 Ordered the following merchandise from Bandow Manufacturing, terms 2/10,n30. Purchase Order No.368 Description Quantity Unit Cost Bandow Pro 10000 5 1095.00 Mar. OS Ordered the following merchandise from Parker Industries, Inc., terms 2/10,n30. Purchase Order No 369 Description Quantity Unit Cost Parker Wheel Kit 24 55.00 Mar 07 Sold the following merchandise to Urgent Medical Care, term: 2/10, 1/30. 7% sales tax, Sales Invoice No 766 Description Quantity Selling Price Gerlach A/C 48 kW 9995.00 1 Mar 08 Received the following merchandise for Purchase Order No 366 from Taplin Electric Systems, terms 2/10, 1/30. Purchase Invoice No. 528 Description Unit Cost Outdoor Transfer Switch 6 285.00 Mar. 10 Ordered the following merchandise from Gerlach Corporation, terms 2/10, n 30. Purchase Order No.370 Description Quantity Unit Cost Gerlach A/C 22 kW 4180.00 Mar 14 Sold the following merchandise to Mercy Hospital, terms 2/10, 1/30,7% sales tax, Sales Invoice No.767 Description Quantity Selling Price Gerlach A/C 22 kW 7599.00 Outdoor Transfer Switch 529.99 Generator Cover - Medium 2 49.99 1 Mar 17 The following merchandise was returned to RMK Electric Generators hy K&S Computer Services, 7% sales tax, Sales Return No. R756 Description Quantity Returned Price Kimura Rec 2000 Watt 1250.00 1 Mar 23 Sold the following merchandise to Drake Corporation, temi: 2/10, 1/30. 7% sales tax, Sales Invoice No. 768 Description Quantity Sold Selling Price Bandow Pro 17500 Watt 2699.99 Indoor Transfer Switch 349.99 Generator Cover 39.99 2 2 3 Mar 27 Received the following merchandise for Purchase Order No 368 from Bandow Manufacturing, terms 2/10, 1/30. Purchase invoice No. 529 Description Quantity Unit Cost Bandow Pro 10000 Watt 1095.00 5 Mar 30 Received the following merchandise for Purchase Order No 368 from Parker Industries, Inc., terms 2/10,n30. Purchase Invoice No. 530 Description Quantity Unit Cost Parker Wheel Kit 24 55.00 10. Enter the following cash receipt and cash payment transactions Mar 03 Received cash on account from Bowers Rentalcovering Sales Invoice No. 760 for $59,151.74, less 2% discount, $1.183.03. 05 Paid invoice 518 to Bandow Manufacturing, $38.925.00, lese 2% discount $778.50. Check No. 8215. 07 Paid note payable, $1,050.00: principal, $1,000; interest, $50.00, Check No. 8216 10 15 18 20 21 24 Received cash on account from Mercy Hospital, covering Sales Invoice No. 757 for $9.790.44, less 2% discount, $195.81. Paid monthly rent, $1,200.00 Check No. 8217. Paid monthly heating and lighting bill, $534.32. Check No. 8218. Received cash from owner as an investment, 58,750.00. Cash Receipt No. 26 Paid invoice 528 to Taplin Electric Systems, 51,710.00, less 2% discount $34.20. Check No. 8219 Paid invoice 511 to Lamont Power Cords, Inc., $1,075.00, less 2% discount, $21.50. Check No. 8220. Paid cash for advertising. 5375.00. Check No. 8221. Paid monthly telephone bill, 5503.96. Check No. 8222. Paid cash for miscellaneous expense. 545.00. Check No. 8223. Record monthly salaries expense. 54.438.57. Check No. 8224. Paid sales tax liability. 53,844.63. Check No. 8225. Rebecca Kserik, owner withdrew cash for personal use. $1,250.00. Check No. 8226 26 27 29 31 31 31 NB: the following steps 11 to 22 are meant for you to just review your work. 11. Display the vendor list. 12. Display the customer list. 13. Display the purchase order, purchase invoice, and sales invoice registers for the month of March 14. Display the journal reports (general, purchase, cash payment, sales, and cash receipts) for the month of March 15. Display the schedule of Accounts Payable and Accounts Payable Ledger Reports. 16. Display the schedule of Accounts Receivable and Accounts Receivable Ledger Reports. 17. Display the statement of account for Mercy Hospital 18. Display the Inventory List Report 19. Display the Inventory Transaction report for the month of March. 20. Display the Inventory Exceptions Report. 21. Display the Yearly Sales Report. 22. Display a trial balance End of month activities After the monthly transactions have been processed, the adjusting entries must be entered into the computer. The financial statements may then be displayed. The adjustment data for the month of March for RMK Electric Generators are listed here. Insurance expired during March $25.00 Inventory of supplies $2.154.00 Depreciation for March: Warehouse equipment $594.63 Office Equipment $207.00 Salaries Payable $407.12 1. Enter the adjusting entries. 2. Display the adjusting entries. 3. Display the income statement. 4. Display the statement of owner's equity. 5. Display the balance sheet. 6. Save the data file This comprehensive problem involves completing the accounting cycle for RMK Electric Generators for the month of March of the current year. RMK Electric Generators is a merchandising business that uses a perpetual inventory system in which it purchases merchandise from manufacturers and sells it retail to its customers. 1. Start Integrated Accounting de 2. Open the file named IAS Comp Problem 1 3. Enter your Student ID onks in the Your Name text box. (please enter the student id NOT name) 4. Save the file to your disk and folder with a file name of Your Student ID only. [20 POINTS WILL BE DEDUCTED FOR NOT ADHERING TO STEP 3 OR 4). 5. Enter the following item to the inventory stock item file Stock No. 260; Parker Wheel Kit; unit of measure, EA; reorder point 10; retail price, 599.99 6. Add Parker Industries, Inc. to the Vendors file. 7. Add Urgent Medical Care to the Customers file 8. Enter the following budget data Account Title Budget ($) Total Revenue 635,000.00 Cost of Merchandise Sold 370,000.00 Advertising Expense 7,500.00 Miscellaneous Expense 1,250.00 Rent Expense 18,000.00 Telephone Expense 10,000.00 Heating & Lighting Exp 7,500.00 Salaries Expense 65,000.00 Supplies Expense 6,000.00 Insurance Expense 5,000.00 DADA. Exp. Juros. Eq 13,000.00 Depres Exp. Office Eq 4,200.00 Interest Expense 3,500.00 9. Enter the following purchase order, purchase invoice and sales invoice transactions Mar 02 Sold the following merchandise to Bowers Rentals, terms 2/10,n30,7% sales tax, Sales Invoice No.765 Description Quantity Selling Price Gerlach A/C 20 kW 4250.00 Gerlach Luxury 48 KW 9995.00 Indoor Transfer Switch 1 349.99 Generator Cover Medium 49.99 Generator Cover - Large 54.99 Mar 03 Ordered the following merchandise from Bandow Manufacturing, terms 2/10,n30. Purchase Order No.368 Description Quantity Unit Cost Bandow Pro 10000 5 1095.00 Mar. OS Ordered the following merchandise from Parker Industries, Inc., terms 2/10,n30. Purchase Order No 369 Description Quantity Unit Cost Parker Wheel Kit 24 55.00 Mar 07 Sold the following merchandise to Urgent Medical Care, term: 2/10, 1/30. 7% sales tax, Sales Invoice No 766 Description Quantity Selling Price Gerlach A/C 48 kW 9995.00 1 Mar 08 Received the following merchandise for Purchase Order No 366 from Taplin Electric Systems, terms 2/10, 1/30. Purchase Invoice No. 528 Description Unit Cost Outdoor Transfer Switch 6 285.00 Mar. 10 Ordered the following merchandise from Gerlach Corporation, terms 2/10, n 30. Purchase Order No.370 Description Quantity Unit Cost Gerlach A/C 22 kW 4180.00 Mar 14 Sold the following merchandise to Mercy Hospital, terms 2/10, 1/30,7% sales tax, Sales Invoice No.767 Description Quantity Selling Price Gerlach A/C 22 kW 7599.00 Outdoor Transfer Switch 529.99 Generator Cover - Medium 2 49.99 1 Mar 17 The following merchandise was returned to RMK Electric Generators hy K&S Computer Services, 7% sales tax, Sales Return No. R756 Description Quantity Returned Price Kimura Rec 2000 Watt 1250.00 1 Mar 23 Sold the following merchandise to Drake Corporation, temi: 2/10, 1/30. 7% sales tax, Sales Invoice No. 768 Description Quantity Sold Selling Price Bandow Pro 17500 Watt 2699.99 Indoor Transfer Switch 349.99 Generator Cover 39.99 2 2 3 Mar 27 Received the following merchandise for Purchase Order No 368 from Bandow Manufacturing, terms 2/10, 1/30. Purchase invoice No. 529 Description Quantity Unit Cost Bandow Pro 10000 Watt 1095.00 5 Mar 30 Received the following merchandise for Purchase Order No 368 from Parker Industries, Inc., terms 2/10,n30. Purchase Invoice No. 530 Description Quantity Unit Cost Parker Wheel Kit 24 55.00 10. Enter the following cash receipt and cash payment transactions Mar 03 Received cash on account from Bowers Rentalcovering Sales Invoice No. 760 for $59,151.74, less 2% discount, $1.183.03. 05 Paid invoice 518 to Bandow Manufacturing, $38.925.00, lese 2% discount $778.50. Check No. 8215. 07 Paid note payable, $1,050.00: principal, $1,000; interest, $50.00, Check No. 8216 10 15 18 20 21 24 Received cash on account from Mercy Hospital, covering Sales Invoice No. 757 for $9.790.44, less 2% discount, $195.81. Paid monthly rent, $1,200.00 Check No. 8217. Paid monthly heating and lighting bill, $534.32. Check No. 8218. Received cash from owner as an investment, 58,750.00. Cash Receipt No. 26 Paid invoice 528 to Taplin Electric Systems, 51,710.00, less 2% discount $34.20. Check No. 8219 Paid invoice 511 to Lamont Power Cords, Inc., $1,075.00, less 2% discount, $21.50. Check No. 8220. Paid cash for advertising. 5375.00. Check No. 8221. Paid monthly telephone bill, 5503.96. Check No. 8222. Paid cash for miscellaneous expense. 545.00. Check No. 8223. Record monthly salaries expense. 54.438.57. Check No. 8224. Paid sales tax liability. 53,844.63. Check No. 8225. Rebecca Kserik, owner withdrew cash for personal use. $1,250.00. Check No. 8226 26 27 29 31 31 31 NB: the following steps 11 to 22 are meant for you to just review your work. 11. Display the vendor list. 12. Display the customer list. 13. Display the purchase order, purchase invoice, and sales invoice registers for the month of March 14. Display the journal reports (general, purchase, cash payment, sales, and cash receipts) for the month of March 15. Display the schedule of Accounts Payable and Accounts Payable Ledger Reports. 16. Display the schedule of Accounts Receivable and Accounts Receivable Ledger Reports. 17. Display the statement of account for Mercy Hospital 18. Display the Inventory List Report 19. Display the Inventory Transaction report for the month of March. 20. Display the Inventory Exceptions Report. 21. Display the Yearly Sales Report. 22. Display a trial balance End of month activities After the monthly transactions have been processed, the adjusting entries must be entered into the computer. The financial statements may then be displayed. The adjustment data for the month of March for RMK Electric Generators are listed here. Insurance expired during March $25.00 Inventory of supplies $2.154.00 Depreciation for March: Warehouse equipment $594.63 Office Equipment $207.00 Salaries Payable $407.12 1. Enter the adjusting entries. 2. Display the adjusting entries. 3. Display the income statement. 4. Display the statement of owner's equity. 5. Display the balance sheet. 6. Save the data file