Hello,This is financial accounting. I need assistance with these problems. Multi part problem. About 3 please help me with all. I appreciate it. I always leave thumbs up.

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Prepare journal entries to record the following merchandising transactions of Lowe's, which uses the perpetual inventory system and the gross method. Hint. It will help to identify each receivable and payable for example, record the purchase on August 1 in Accounts Payable Aron Aug. 1 Purchased merchandise from Aron Company for $5,000 under credit terns of 1/10, 1/30, FOB destination, invoice dated August 1. 5 Sold merchandise to Baird Corp. for $3,5ee under credit terms of 2/10, n/60, FOB destination, Invoice dated August 5. The merchandise had cost $2,000. 8 Purchased merchandise from waters Corporation for $4,000 under credit terms of 1/10, n/45, FOB shipping point, Invoice dated August 8. 9 Pald $150 cash for shipping charges related to the August 5 sale to Baird Corp. 10 Baird returned merchandise from the August 5 sale that had cost Lowe's $500 and was sold for $1,8ee. The merchandise was restored to inventory. 12 After negotiations with waters Corporation concerning problems with the purchases on August 3, Lowe's received a price reduction from waters of $400 off the $4,000 of goods purchased. Lowe's debited accounts payable for $400. 14 At Aron's request. Lowe's paid $240 cash for freight charges on the August 1 purchase, reducing the amount owed (accounts payable) to Aron 15 Received balance due from Baird Corp. for the August 5 sale less the return on August 10. 11 Paid the amount due waters Corporation for the August purchase less the price allowance from August 12. 19 Sold merchandise to Tux Co. for $3.000 under credit terns of w/10, re shipping point, Invoice dated August 19. The merchandise had cost $1.500. 22 Tux requested price reduction on the August 19 te because the merchandise did not meet specifications. Lowe's gave a price reduction allowance) of $500 to Yux, and credited Tux's accounts receivable for that amount 29 Received Tux's cash payment for the amount due from the August 19 sale less the price allowance from August 22. 30 Data Aron Company the amount due from the August 1 purchase es View con la Journal entry worksheet 2 3 4 5 7 10 Purchased merchandise from Aron Company for 55.000 under Credit terms of 1/10, 1/30, FOB destination invoice dated August Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses sales salaries expense, rent expense-selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Credit Debit 5 38.500 154,000 5 44,468 51,825 75.256 8.000 263,340 Merchandise Inventory (ending) Other (noninventory) assets Total liabilities Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent expense-Selling space Store supplies expense Advertising expense Orice salaries expense Hent expense-office space Office Supplies expense Totals 4,029 17.380 101,850 36,078 12,327 3,160 22,384 32,910 3.160 1,052 $434,809 5 $44,889 Beginning merchandise inventory was $31070. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs Tavoice cost of this burchases Purchases oscounts received Durchases returns and allowances costs of transportation.th $113.00 2.27 5.433 3.000 Required: 1. Compute the companys not Sales for the year 2. Compute the companys total cost of merchandise purchased for the year 3. Prepare a multi-step income statement that includes separate categories for nor sales, cost of goods old. Selling expenses and general and administrative des 4. Propore a single-step income statement that includes the conse categorie cost of boods solseng expenses and general Symbaloo omaria Calen Question 11. Home tion.com/ext/map/index.html con conexternal browserunch25343 connect.education.com 23/activityuestion-grow rk Saved VIVA Rent expense-oftice space office supplies expense Totals 34. 1.100 1.053 5414, 5414,689 Beginning merchandise inventory was $31,070. Supplementary records of merchandising activities for the year ended August 3 rove the following itemized costs Invoice cont of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation in $113, 190 2.377 5.433 1.ee Required: 1. Compute the company's net sales for the year 2. Compute the company's total cost of merchandise purchased for me year 3. Prepare a multiple-step income statement that includes separate categories for net sales, cost of goods sold selling expenses, and general and administrative expenses 4. Prepare a single-step income statement that includes these expense categorie cost of goods sold, selling expenses, and general and administrative expenses Complete this question by entering your answers in the tabs below. Bem Poreda Required Required 4 Compute the company's net sales for the year. Net Sales Next > o G t Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Credit Debit $ 41,500 61.450 $ 24,100 16,888 21,100 220, 500 Merchandise Inventory (ending) Other (noninventory) assets Total liabilities Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent expense. Selling space Store supplies expense Advertising expense Office salaries expense Rant expense-office space Office Supplies expense Totals 2,200 12,090 75.000 31,000 1,200 1.700 13,500 28.000 3,000 $200,500 520.50 Beginning merchandise Inventory was $25.900 Supplementary records of merchandising activities for the year ended August 31 reveal the following itomized costs voce cost of merchandise purchases Purchases discounts received Durchase returns and allowances costs of transportation.th $92.500 2,200 4.600 1.30 Required: Prepare closing entre as ot August 31 the perpetual inventory system is used Beginning merchandise inventory was $25,900. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation in $92,500 2,200 4,6ee 4,900 Required: Prepare closing entries as of August 31 (the perpetual inventory system is used). View transaction list Journal entry worksheet