Hike Away all ourdoor sportine our en$.$ You have been working torth company she is copion a te years ago and have been verme eto od to dracounting manager. The use the perei tretion, sestem and use the weigted average method to determine value for the inventose. The opening balances for the month of September are as follows: Assets Cash Accounts Receivable Merchandise Inventory Equipment Accumulated Depreciation Total Assets Hike Away Balance Sheet As at September $30,2023$ Liabilities $$9,480$ Accounts Payable $16,000$ Bank Loan $15,000$ Total Liabilities $160,000$ Shareholders' Equity $-18,000$ Common Shares Retained Earnings $$182,480$ Total Liabilities & Shareholders' Equity $$10,50018,000$ $$28,50050,000103,980$ $$182,480$ The inventory figure includes $300$ units purchased at $$50$ each. The Chart of Accounts $($GL no$.)$ is shown below: Account Description Account # Account Description Account # ASSETS REVENUE Cash $101$ Sales Revenue $400$ Petty Cash $105$ Sales Discounts $405$ Accounts Receivable $110$ Sales Returns and Allowances $410120$ Interest Revenue $420$ Merchandise Inventory $125$ EXPENSES Prepaid Insurance $140$ Cost of Goods Sold $500$ Equipment $145$ Employee Benefits Expense $510$ Accumulated Depreciation Depreciation Expense $515$ LIABILITIES $200$ Insurance Expense $520$ Accounts Payable $205$ Interest Expense $525$ Interest Payable $220$ Office Supplies Expense $530$ CPP Payable $225$ Rent Expense $535$ El Payable $230$ Salaries Expense $540$ Income Tax Payable $235$ Bank Charges Expense $545$ Salaries Payable Maintenance Expense $550$ Unearned Revenue $240245$ Entertainment Expense $555$ Bank Loan SHAREHOLDERS' EQUITY Common Shares $300$ Retained Earnings $305$ Required: $1.)$ Record transactions in the general journal $2.)$ Post journal entries to the ledger accounts $3.)$ Using the journal entries from part $1,$ complete the inventory valuation page $4.)$ Complete the bank reconciliation and related journal entries $5.)$ Prepare the income statement, statement of retained earnings and balance sheet $6.)$ Calculate ratios and answer related questions

Transactions for the month of October: Oct $1$ Bought inventory from Outdoor T$-$Shirts on account, invoice #$5455$; $700$ units at $$60$ each. Terms of the purchase were $4/10,$ net $30.$ Update the inventory table after each purchase. Oct $2$ Sold goods to Outback Karen, $500$ units at $$90$ each with invoice #$4565.$ The invoice terms were $5/10,$ net $30.$ Update the inventory table after each sale. Oct $5$ Paid $$500$ with cheque #$145$ to Outdoor T$-$Shirts for an amount owing from last month. Oct $5$ Bought inventory from Camping Retailers with cheque #$146,500$ units at $$55$ per unit. Oct $7$ Returned $100$ defective units to Camping Retailers and received cash. Oct $8$ Received $$500$ from Woodsman Bill for a sale on account last month. Oct $10$ Outback Karen paid invoice #$4565012$ and took advantage of the early payment discount. Oct $31$ Prepared the payroll for October. Gross pay is $$7,200,$ CPP is $$356,$ El is $$135$ and income tax is $$1,440.$ The employer matches CPP contributions and pays $1\mathrm{.}4$ times the El deduction. Use the general journal to record this. The cheque will be prepared later. $1)$ Record the transactions above in the general journal.

$2)$ Post journal entries to ledger account

$3)$ Using journal entries update inventory record.