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Tnstructor Huyck You will need to use your own paper, lined please. Part One. Periodic Journal Entries: (20 points) Demmler Corporation entered into the transactions listed below. Prepare Demmler's journal entries, assuming use of the periodic inventory system. Oct Purchased $1,500 of merchandise on credit, terms n/15. 3 Returned $300 of the goods purchased on October 3. 6 Paid freight charges of $150 on goods purchased on October 3. 7 Paid for the goods purchased on October 3. 12 Sold goods on credit for $1,000, terms n/30. 13 14 The customer of October 13 returned $200 of the goods. Received payment from the customer of October 13. 23 Purchased office supplies for $450. 25 Part Two. Perpetual Journal Entries: (15 points) Write out the journal entries required by the perpetual inventory system. Sept 1 Sept. 4 Sept. 15 Sept. 8 Sept 10 Sept. 18 Merchandise purchased on credit of $5,000. Merchandise returned of $400. Paid for the merchandise purchased on Sept. 1 Sold merchandise on account, $1500. Merchandise cost the company $950. Returned part of the merchandise, $500. The cost of this merchandise was $275 Paid the remaining bill for the merchandise sold on Sept. 8. Part Three. Using the following accounts, prepare a classified balance sheet for J & M Auto Repair, on December 31, 2016. (35 points) 10,000 40,000 30,000 20,000 70,000 90,000 80,000 100,000 20,000 70,000 N/P (due in 6 months) A/P 50,000 Cash Short-term investments 20,000 10,000 Mortgage Pay (due in 7 yrs.) 90,000 260,000 60,000 Salaries Payable N/R (due in 10 months) A/R Common Stock Merchandise Inventory Land Retained Earnings Land held for future use Building Accum. Depr-Building Trademark Part Four. Multi-Step Income Statement. Use the following information to prepare a multi-step income statement, for the Acorn and Nut Company, for the end of the fiscal period December 31, 2016. Worth 30 points. General and Admin Ex Interest Expense Income Taxes Ex 6,000 6,250 19,500 100,000 8,750 37,750 10,000 Net Sales Dividend Income Costs of Goods Sold Selling Expenses