Home work 5 Following is the year-end adjusted trial balance for Printing Plus company for the year end: Requirement: Prepare the closing entries at January 31st for the current year. 1 Part 2 Isaq stationary store entered into the transactions listed below. In the journal provided, March 1 Purchased $2000 of merchandise on credit, terms 4/20, n/60. 4 Returned $300 of the items purchased on March 1st. 8 Paid freight charges of $110 cash on the items purchased March 1st. 20 Sold merchandise on credit for $6000, terms 3/10, n/30. The merchandise had an inventory cost of $ 1500. 25 Of the merchandise sold on March 20, $2000 of it was returned. The items had cost the store $500. 28 Received payment in full from the customer of March 20th. 31 Paid for the merchandise purchased on March 1st. Requirement Prepare the journal entries to record the transactions assuming the company uses a perpetual inventory system. 2 Part 3 Zoom company uses Perpetual Inventory System. During the month of August, Zoom purchased and sold merchandise on account as follows: August 1 6 15 20 30 Beginning inventory Purchase Sale Purchase Sale 35units @ $10 each 30 units @ $20 each 40 units @ $60each 60 units @ $ 25 each 85 units @ $40 each Requirement Using perpetual inventory record for Panda calculate Cost of goods sold using LIFO inventory costing method? Part 4 On September 30, Riyadh Real Estate Company acquired a land by paying $150,000 in cash. An old warehouse on the property was demolished at a cost of $10,000; the scrap materials were sold for $5,000. Additional expenditures before construction began included $2,500 attorney's fee for work concerning the land purchases, $9000 real estate broker's fee 3 Part 5 Elite Company purchased a machine on June 1, 2017. The cost of the machine is SR 30,000. The company estimated that the machine will have a scrap value of SR2700. It has a useful life of 3 years. Requirement: Compute Book Value using the Straight-Line method for all machine's useful life 4