I am stuggling with how to do the adjusting and closing enteries and the worksheet for week 5: For this project, you will be using the Excel workbook provided in week 3. Deliverable items for the Portfolio Project will be required at different points during the course as indicated in the table above, and then a final submission that includes corrected versions of each of the three submissions (as needed) . Northridge LLC Trial Balance April 30, 20XX Debit Credit Cash $58,791 Accounts receivable 18,495 Merchandise inventory 85,221 Store Supplies 2250 Office Supplies' 885 Prepaid Insurance 1659 Office equipment 2500 Accumulated depreciation-Office Equipment $658 Store equipment 16580 Accumulated depreciation-Store Equipment 2,268 Accounts Payable 50921 J. Spark, Capital 132,534 Totals $186,381 $186,381 Week 1: Essential Questions Discussion Essential questions are designed to help you brainstorm prompt critical thinking as you begin working on your portfolio project. Use the information you learned about essential questions in previous classes to help you respond to the following: Select one: 1. What is the purpose of accounting in business? 2. Explain the inventory asset and cost flows of a merchandising company. 3. Discuss the financial statements companies prepare, and include the purpose behind each statement. 4. Explain the importance of utilizing appropriate technology in accounting. Now you are to create at least 1 Essential Question you think will help you with the completion of your portfolio project. Briefly discuss how your questions will guide the development of your Portfolio Project. Week 3: Journal Entries Complete this assignment using the Excel workbook provided, and submit your work by the end of Week 3, 11:59pm EST. To get you started in your new role, Mr. Jones has asked you to prepare the necessary journal entries (JEs) for the following transactions, which occurred in the month just ended. Use a perpetual inventory system. Your debits and credits should equal and the entries should have proper impact on the accounts that are being used. Your journal entries should be written in proper format. Do not abbreviate account names. Always indent the name of the accounts being credited. Every entry must have a brief description. Northridge LLC operates with monthly accounting periods. All of the company's accounting work is completed through the end of April, and its ledgers show April 30 balances. Terms for all credit sales are 2/10, n/30, unless otherwise stated. May 1 Issued Check No. 3410 to Q&R Management Co. in payment of the May rent, $3,710. (Use two lines to record the transaction. Charge 80% of the rent to Rent ExpenseSelling Space and the balance to Rent ExpenseOffice Space.) 2 Sold merchandise on credit to Cole Company, Invoice No. 8785, for $6,100 (cost is $4,100). 2 Issued a $175 credit memorandum to Mercer Co. for defective (worthless) merchandise sold on April 28 and returned for credit. The total selling price (gross) was $4,725. 3 Received a $798 credit memorandum from Preston Products for the return of merchandise purchased on April 29. 4 Purchased the following on credit from Davis Supply Co.: merchandise, $37,072; store supplies, $574; and office supplies, $83. Invoice dated May 4, terms n/10 EOM. 5 Received payment from Mercer Co. for the balance from the April 28 sale less the May 2 return and the discount. 8 Issued Check No. 3411 to Preston Products to pay for the $7,098 of merchandise purchased on April 29 less the May 3 return and a 2% discount. 9 Sold store supplies to the merchant next door at their cost of $350 cash. 10 Purchased $4,074 of office equipment on credit from Davis Supply Co., invoice dated May 10, terms n/10 EOM. 11 Received payment from Cole Company for the May 2 sale less the discount. 11 Purchased $8,800 of merchandise from Henley, Inc., invoice dated May 10, terms 2/10, n/30. 12 Received an $854 credit memorandum from Davis Supply Co. for the return of defective office equipment received on May 10. 15 Issued Check No. 3412, payable to Payroll, in payment of sales salaries, $5,320, and office salaries, $3,150. Cashed the check and paid the employees. 15 Cash sales for the first half of the month are $59,220 (cost is $38,200). (Cash sales are recorded daily but are recorded only twice here to reduce repetitive entries.) 16 Sold merchandise on credit to Cole Company, Invoice No. 8786, for $3,990 (cost is $1,890). 17 Purchased $13,650 of merchandise from Summit Corp., invoice dated May 14, terms 2/10, n/60. 19 Issued Check No. 3413 to Henley, Inc., in payment of its May 10 invoice less the discount. 22 Sold merchandise to Crane Services, Invoice No. 8787, for $6,850 (cost is $4,990), terms 2/10, n/60. 23 Issued Check No. 3414 to Summit Corp. in payment of its May 14 invoice less the discount. 24 Purchased the following on credit from Davis Supply Co.: merchandise, $8,120; store supplies, $630; and office supplies, $280. Invoice dated May 24, terms n/10 EOM. 25 Purchased $3,080 of merchandise from Preston Products, invoice dated May 23, terms 2/10, n/30. 26 Sold merchandise on credit to Crank Corp., Invoice No. 8788, for $14,210 (cost is $8,230). 26 Issued Check No. 3415 to Perennial Power in payment of the May electric bill, $1,283. 29 The owner Jenny Spark, used Check No. 3416 to withdraw $7,000 cash from the business for personal use. 30 Received payment from Crane Services for the May 22 sale less the discount. 30 Issued Check No. 3417, payable to Payroll, in payment of sales salaries, $5,320, and office salaries, $3,150. Cashed the check and paid the employees. 31 Cash sales for the last half of the month are $66,052 (cost is $42,500). Week 5: Trial Balance, Adjustments, Closing Entries submit your work by the end of Week 5, 11:59pm EST. Using the information from the Excel workbook from Week 3s submission, complete a worksheet using the following information for accounting adjustments. Complete the columns for the below adjusting entries, income statement, and balance sheet. Also, record the required closing entries. Add any lines as necessary. 1. Expired insurance, $553. 2. Ending store supplies inventory, $2,632. 3. Ending office supplies inventory, $504. 4. Depreciation of store equipment, $567. 5. Depreciation of office equipment, $329.