Hello,

Please help!!!! I started by creating like a spreadsheet, general ledger spreadsheet with information of the transaction. Ive posted the instructions below.. please help. thank you

I am stuck, idk what to do, and im screaming at the laptop lol .

The Fashion Rack is a retail merchandising business that sells brand-name clothing at discount prices. The firm is owned and managed by Teresa Lojay, who started the business on April 1, 2020. This project will give you an opportunity to put your knowledge of accounting into practice as you handle the accounting work of The Fashion Rack during the month of October 2020. INTRODUCTION The Fashion Rack has a monthly accounting period. The firm's chart of accounts is shown below. The journals used to record transactions is the general journal. The employees are paid at the end of the month. A computerized payroll service prepares all payroll records and checks. INSTRUCTIONS

1. Analyze the transactions for October and record each transaction in the General journal. (Use 16 as the number for the first page of the general journal.)

2. Post the transactions to the general ledger accounts.

3. Check the accuracy of the subsidiary ledgers by preparing a schedule of accounts receivable and a schedule of accounts payable as of October 31, 2020. Compare the totals with the balances of the Accounts Receivable account and the Accounts Payable account in the general ledger

4. Check the accuracy of the general ledger by preparing a trial balance in the first two columns of a 10- column worksheet. Make sure that the total debits and the total credits are equal.

5. Complete the Adjustments section of the worksheet. Use the following data. Identify each adjustment with the appropriate letter. Round to the nearest whole dollar. a. During October, the firm only had net credit sales. From experience with similar businesses, the previous accountant had estimated that 1.0 percent of the firm's net credit sales would result in uncollectible accounts. Record an adjustment for the expected loss from uncollectible accounts for the month of October. b. On October 31, an inventory of the supplies showed that items costing $3,240 were on hand. Record an adjustment for the supplies used in October. c. On September 30, 2020, the firm purchased a six-month insurance policy for $8,400. Record an adjustment for the expired insurance for October. d. On October 1, the firm signed a three-month advertising contract with a local cable television station and paid the full amount in advance. Record an adjustment for the expired advertising for October. e. On April 1, 2020, the firm purchased equipment for $83,000. The equipment was estimated to have a useful life of five years and a salvage value of $12,500. Record an adjustment for depreciation on the equipment for October. f.gBased on a physical count, ending merchandise inventory was determined to be $81,260. 6. Complete the Adjusted Trial Balance section of the worksheet.

7. Determine the net income or net loss for October and complete the worksheet.

8. Prepare a classified income statement for the month ended October 31, 2020. (The firm does not divide its operating expenses into selling and administrative expenses.)

9. Prepare a statement of owner's equity for the month ended October 31, 2020.

10. Prepare a classified balance sheet as of October 31, 2020.

11. Journalize and post the adjusting entries using general journal page 20.

12. Prepare and post the closing entries using general journal page 21.

13. Prepare a post-closing trial balance.

101 111 The Fashion Rack Chart of Accounts Liabilities 203 Accounts Payable 221 Social Security Tax Payable 222 Medicare Tax Payable 223 Employee Income Tax Payable 225 Federal Unemployment Tax Payable 227 State Unemployment Tax Payable 229 Salaries Payable 231 Sales Tax Payable 142 Assets Cash Accounts Receivable 112 Allowance for Doubtful Accounts 121 Merchandise Inventory 131 Supplies 133 Prepaid Insurance 135 Prepaid Advertising 141 Equipment Accumulated Depreciation --- Equipment Owner's Equity 301 Teresa Lojay, Capital 302 Teresa Lojay, Drawing Income Summary Revenues 401 Sales 402 Sales Returns and Allowances Cost of Goods Sold 501 Purchases Freight In 503 Purchases Returns and Allowances Purchases Discounts 399 Expenses 611 Advertising Expense 614 Depreciation Expense - Equipment 617 Insurance Expense 620 Uncollectible Accounts Expense 623 Janitorial Services Expense 626 Payroll Taxes Expense 629 Rent Expense 632 Salaries Expense 635 Supplies Expense 638 Telephone Expense 644 Utilities Expense 502 504 Transactions for 2020 Date Oct 1 $ 5,100.00 5,600.00 1 S 2 $ 415.00 2 $ 17,894.00 2 Issued Ck 601 to pay City Properties for monthly rent Signed a three-month radio advertising contract with Cable Station KOTU, issued Ck 602 to pay the full amount in advance. Received payment from Magen Greenly, a credit customer, in payment of her account. issued Ck 603 to remit the sales tax owed for July through September to the State Tax Commission. Issued Ck 604 to A Fashion Statement, a creditor, in payment of invoice 9387, less a cash discount. Sold Merchandise on credit to Dimitri Sayegh plus tax, sales slip 241. Issued Ck 605 to BMX Supply Co. for supplies. Issued Ck 606 to Today's Woman, a creditor, in payment of invoice 5671, less a cash discount Collected on account from Emily Tran, a credit customer. Accepted a return of merchandise from Dimitri Sayegh. The merchandise was originally sold on sales slip 241, dated October 3; issued credit memo which included tax. Issued Ck 607 to Classy Threads, a creditor, in payment of invoice 3292, less a cash discount. Had cash sales plus tax during October 1-6. Invoice Amount Cash Discount Sales Slip Tax 3 $ $ $ $ $ 4 9,167.00 183.34 1,747.00 103.00 1,440.00 7,440.00 148.80 1,584.00 651.00 42.00 4 $ Invoice Amount Cash Discount $ 5 5 Credit Memo Tax $ $ $ 5 Invoice Amount 6 Cash Discount Sales Tax $ 1,349.00 $ 26.98 $ 18,645.00 $ 945.00 $ 712.00 8 Received a check from James Helmer, a credit customer, to pay the balance he owes. Issued Ck 608 to deposit Social Security, Medicare and employee income tax from the September payroll. 00 $ Social Security Medicare Employee Income Tax Sales Slip Tax 530.00 261.00 987.00 2,330.00 170.00 1,704.00 $ $ $ $ 9 10 11 $ 4,317.00 Sold Merchandise on credit to Emma Maldonado plus tax, sales slip 242 Issued Ck 609 to pay The City Daily for a newspaper advertisement that appeared in October Purchased merchandise from A Fashion Statement, Invoice 9422, dated October 8; terms are 2/10, n/30. Issued Ck 610 to pay freight charges to Ace Freight Company, the trucking company that delivered merchandise from A Fashion Statement on September 27 and October 11. Had cash sales plus tax during October 8-13. 12 $ 536.00 13 Sales Tax Sales Slip Tax 15 $ 11,914.00 $ 689.00 $ 1,675.00 $ 71.00 $ 6,602.00 16 16 Sold Merchandise on credit to James Helmer plus tax, sales slip 243 Purchased discontinued merchandise from Acme Jobbers; paid for it immediately with Ck 611. Received payment on account from Dimitri Sayegh, a credit customer. Issued Ck 612 to A Fashion Statement, a creditor, in payment of invoice 9422, less a cash discount. Issued Ck 613 to Teresa Lajay as a withdrawal for personal use. $ 562.00 16 Invoice Amount Cash Discount S $ $ 4,317.00 86.34 7,328.00 18 20 Had cash sales plus tax during October 15-20. Sales Tax 22 $ 12,982.00 $ 614.00 $ 1,307.00 $ 792.00 $ 41.00 $ 3,972.00 24 Sales Slip Tax Issued Ck 614 to City Utilities to pay monthly electric bill. Sold Merchandise on credit to Magen Greening plus tax, sales slip 244. Purchased merchandise from Classy Threads, Invoice 3418, dated October 23; terms are 2/10, n/30. Issued Ck 615 to Regional Telephone to pay monthly telephone bill. Had cash sales plus tax during October 22-27. 25 26 $ 825.00 27 Sales Tax $ 14,710.00 $ 705.00 $ 455.00 29 29 Received Credit Memo 175 from Classy Threads for defective good that were returned. The original purchase was recorded on October 25. Sold Merchandise on credit to Emily Tran plus tax, sales slip 245. Recorded the October payroll. The records prepared by the payroll service are as follows: Sales Slip Tax Earnings $ 4,922.00 $ 177.00 $ 10,200.00 29 $ 654.00 Social Security Medicare Employee Income Tax Net Pay Social Security $ $ $ $ 136.00 1,108.00 8,302.00 654.00 29 Recorded the employer's payroll taxes, which are calculated by the payroll service are as follows: Medicare FUTA SUTA $ $ $ $ 136.00 130.00 642.00 3,254.00 30 31 $ 8,302.00 Purchased merchandise from Today's Woman, Invoice 5821, dated October 26; terms are 1/10,n/30. Issued Cks 616 through 619 to employees to pay October payroll. For the sake of simpllicity, enter the total of the checks on a single line in the general journal. Issued Ck 620 to Handy Janitors for October Janitorial services. Had cash sales plus tax during October 29-31. 31 31 Sales Tax $ $ $ 491.00 1,057.00 83.00 101 111 The Fashion Rack Chart of Accounts Liabilities 203 Accounts Payable 221 Social Security Tax Payable 222 Medicare Tax Payable 223 Employee Income Tax Payable 225 Federal Unemployment Tax Payable 227 State Unemployment Tax Payable 229 Salaries Payable 231 Sales Tax Payable 142 Assets Cash Accounts Receivable 112 Allowance for Doubtful Accounts 121 Merchandise Inventory 131 Supplies 133 Prepaid Insurance 135 Prepaid Advertising 141 Equipment Accumulated Depreciation --- Equipment Owner's Equity 301 Teresa Lojay, Capital 302 Teresa Lojay, Drawing Income Summary Revenues 401 Sales 402 Sales Returns and Allowances Cost of Goods Sold 501 Purchases Freight In 503 Purchases Returns and Allowances Purchases Discounts 399 Expenses 611 Advertising Expense 614 Depreciation Expense - Equipment 617 Insurance Expense 620 Uncollectible Accounts Expense 623 Janitorial Services Expense 626 Payroll Taxes Expense 629 Rent Expense 632 Salaries Expense 635 Supplies Expense 638 Telephone Expense 644 Utilities Expense 502 504 Transactions for 2020 Date Oct 1 $ 5,100.00 5,600.00 1 S 2 $ 415.00 2 $ 17,894.00 2 Issued Ck 601 to pay City Properties for monthly rent Signed a three-month radio advertising contract with Cable Station KOTU, issued Ck 602 to pay the full amount in advance. Received payment from Magen Greenly, a credit customer, in payment of her account. issued Ck 603 to remit the sales tax owed for July through September to the State Tax Commission. Issued Ck 604 to A Fashion Statement, a creditor, in payment of invoice 9387, less a cash discount. Sold Merchandise on credit to Dimitri Sayegh plus tax, sales slip 241. Issued Ck 605 to BMX Supply Co. for supplies. Issued Ck 606 to Today's Woman, a creditor, in payment of invoice 5671, less a cash discount Collected on account from Emily Tran, a credit customer. Accepted a return of merchandise from Dimitri Sayegh. The merchandise was originally sold on sales slip 241, dated October 3; issued credit memo which included tax. Issued Ck 607 to Classy Threads, a creditor, in payment of invoice 3292, less a cash discount. Had cash sales plus tax during October 1-6. Invoice Amount Cash Discount Sales Slip Tax 3 $ $ $ $ $ 4 9,167.00 183.34 1,747.00 103.00 1,440.00 7,440.00 148.80 1,584.00 651.00 42.00 4 $ Invoice Amount Cash Discount $ 5 5 Credit Memo Tax $ $ $ 5 Invoice Amount 6 Cash Discount Sales Tax $ 1,349.00 $ 26.98 $ 18,645.00 $ 945.00 $ 712.00 8 Received a check from James Helmer, a credit customer, to pay the balance he owes. Issued Ck 608 to deposit Social Security, Medicare and employee income tax from the September payroll. 00 $ Social Security Medicare Employee Income Tax Sales Slip Tax 530.00 261.00 987.00 2,330.00 170.00 1,704.00 $ $ $ $ 9 10 11 $ 4,317.00 Sold Merchandise on credit to Emma Maldonado plus tax, sales slip 242 Issued Ck 609 to pay The City Daily for a newspaper advertisement that appeared in October Purchased merchandise from A Fashion Statement, Invoice 9422, dated October 8; terms are 2/10, n/30. Issued Ck 610 to pay freight charges to Ace Freight Company, the trucking company that delivered merchandise from A Fashion Statement on September 27 and October 11. Had cash sales plus tax during October 8-13. 12 $ 536.00 13 Sales Tax Sales Slip Tax 15 $ 11,914.00 $ 689.00 $ 1,675.00 $ 71.00 $ 6,602.00 16 16 Sold Merchandise on credit to James Helmer plus tax, sales slip 243 Purchased discontinued merchandise from Acme Jobbers; paid for it immediately with Ck 611. Received payment on account from Dimitri Sayegh, a credit customer. Issued Ck 612 to A Fashion Statement, a creditor, in payment of invoice 9422, less a cash discount. Issued Ck 613 to Teresa Lajay as a withdrawal for personal use. $ 562.00 16 Invoice Amount Cash Discount S $ $ 4,317.00 86.34 7,328.00 18 20 Had cash sales plus tax during October 15-20. Sales Tax 22 $ 12,982.00 $ 614.00 $ 1,307.00 $ 792.00 $ 41.00 $ 3,972.00 24 Sales Slip Tax Issued Ck 614 to City Utilities to pay monthly electric bill. Sold Merchandise on credit to Magen Greening plus tax, sales slip 244. Purchased merchandise from Classy Threads, Invoice 3418, dated October 23; terms are 2/10, n/30. Issued Ck 615 to Regional Telephone to pay monthly telephone bill. Had cash sales plus tax during October 22-27. 25 26 $ 825.00 27 Sales Tax $ 14,710.00 $ 705.00 $ 455.00 29 29 Received Credit Memo 175 from Classy Threads for defective good that were returned. The original purchase was recorded on October 25. Sold Merchandise on credit to Emily Tran plus tax, sales slip 245. Recorded the October payroll. The records prepared by the payroll service are as follows: Sales Slip Tax Earnings $ 4,922.00 $ 177.00 $ 10,200.00 29 $ 654.00 Social Security Medicare Employee Income Tax Net Pay Social Security $ $ $ $ 136.00 1,108.00 8,302.00 654.00 29 Recorded the employer's payroll taxes, which are calculated by the payroll service are as follows: Medicare FUTA SUTA $ $ $ $ 136.00 130.00 642.00 3,254.00 30 31 $ 8,302.00 Purchased merchandise from Today's Woman, Invoice 5821, dated October 26; terms are 1/10,n/30. Issued Cks 616 through 619 to employees to pay October payroll. For the sake of simpllicity, enter the total of the checks on a single line in the general journal. Issued Ck 620 to Handy Janitors for October Janitorial services. Had cash sales plus tax during October 29-31. 31 31 Sales Tax $ $ $ 491.00 1,057.00 83.00