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Question 1 (4 Marks) Bonita Pro Shop showed following transactions during April. April 5. Purchased golf bags, clubs, and balls on account from Hardee Co. $2,700, FOB shipping point, terms 2/10,n/60. April 7 Paid freight on Hardee Co. purchases $80. April 9 Received credit from Hardee Co. for merchandise returned $200. April 10 Sold merchandise on account to members $950, terms n/30. April 12 Purchased golf shoes, sweaters, and other accessories on account from Arrow Sportswear $460, terms 1/10, n/30. April 14 Paid Hardee Co, in full. April 17 Received credit from Arrow Sportswear for merchandise returned $60. April 20 Made sales on account to members $1,400, terms n/30. April 21 Paid Arrow Sportswear in full. April 27 Granted credit to members for clothing that did not fit properly $75. April 30 Received payments on account from members $1,100. Instructions Journalize the April transactions using a periodic inventory system Question 2: (3 Marks) The trial balance for Pioneer Advertising Agency Inc. is shown below. Credit Debit $ 15,200 2,500 600 5,000 Cash Supplies Prepaid Insurance Equipment Notes Payable Accounts Payable Unearned Service Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries and Wages Expense Rent Expense $ 5,000 2,500 1,200 10,000 -0- 500 10,000 4,000 900 $28,700 $28,700 An analysis of the accounts shows the following, 1. Supplies on hand at October 31 total $500. 2. Expired insurance for the month is $100. 3. Depreciation for the month is $50. 4. Services related to unearned service revenue in October worth $600 were performed. 5. Services performed but not recorded at October 31 are $300. 6. Interest accrued at October 31 is $95. 7. Accrued salaries at October 31 are $1,625. Instructions Prepare the adjusting entries for the items above