I have completed the first part. I need help starting at 2-A (Prepare and post adjusting and closing entries). I have posted all the information I was given. Thank you!

1 Assume it is Monday, May 1, the first business day of the month, and you have just been hired as the accountant for Colo Company, which 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. During your first month on the job, the company experiences the following transactions and events (terms for all its credit sales are 2/10, n/30 unless stated differently): May 1 Issued Check Number 3410 to S&P Management Company in payment of the May rent for $3,900. Charge $3,006 to Rent Expense- Selling Space, and charge $894 to Rent Expense-Office Space. (Use two lines to record the transaction.) May 2 (a) sold merchandise on credit to Hensel Company, Invoice Number 8785, for $8,000 (cost is $6,000). May 2 (b) Issued an allowance (price reduction) of $270 to Knox Company for merchandise sold on April 28. The total selling price (gross) was $4,820. May 3 Issued a refund of $836 to Peyton Products for the return of merchandise purchased on April 29. Colo's accounts payable was reduced by that amount. May 4 Purchased the following on credit from Gear Supply Company: merchandise, $37,110; store supplies, $612; and office supplies, $102. Invoice dated May 4, terms n/30. May 5 Received payment from Knox Company for the balance from the April 28 ($4,550) sale less the May 2 return and the $91 discount. May 8 Issued Check Number 3411 to Peyton Products to pay for the $7,193 of merchandise purchased on April 29 less the May 3 return and the $164 discount. May 9 Sold store supplies (noninventory) to the business next door at their cost of $407 cash. Hint: Enter "Store Supplies" only in the Account Credited column. May 10 Purchased $4,188 of office equipment on credit from Gear Supply Company, terms n/30. May 11 (a) Received payment from Hensel Company for the May 2 sale less the discount of $160. May 11 (6) Purchased $10,700 of merchandise from Garcia, Incorporated, terms 2/10, n/30. May 12 Received a(n) $968 price reduction from Gear Supply Company for the return of office equipment received on May 10. Colo debited accounts payable by that amount. May 15 (a) Issued Check Number 3412, payable to Payroll, in payment of sales salaries, $5,510, and office salaries, $3,340. May 15 (b) Cash sales for the first half of the month are $59,600 (cost is $38,580). These cash sales are recorded in the cash receipts journal on May 15. May 15 (c) Post to the customer and creditor accounts. Also post individual items that are not included in column totals at the end of the month to the general ledger accounts. May 16 Sold merchandise on credit to Hensel Company, Invoice Number 8786, for $4,180 (cost is $2,080). May 17 Purchased $13,840 of merchandise from Fink Corporation, terms 2/10, n/60. May 19 Issued Check Number 3413 to Garcia, Incorporated, in payment of its May 11 purchase less the discount of $271. May 22 Sold merchandise to Lee Services, Invoice Number 8787, for $7,040 (cost is $5,180), terms 2/10, n/60. May 23 Issued Check Number 3414 to Fink Corporation in payment of its May 17 purchase less the discount of $311. May 24 Purchased the following on credit from Gear Supply Company: merchandise, $8,500; store supplies, $820; and office supplies, $660. Terms n/30. May 25 Purchased $3,460 of merchandise from Peyton Products, terms 2/10, n/30. May 26 (a) Sold merchandise on credit to Crane Corporation, Invoice Number 8788, for $14,400 (cost is $8,610). May 26 (6) Issued Check Number 3415 to Perennial Power in payment of the May electric bill, $1,321. May 29 The owner of Colo Company, Jenny Colo, used Check Number 3416 to withdraw $7,000 cash from the business for personal use. May 30 (a) Received payment from Lee Services for the May 22 sale less the discount of $156. May 30 (b) Issued Check Number 3417, payable to Payroll, in payment of sales salaries, $5,510, and office salaries, $3,340. May 31 (a) Cash sales for the last half of the month are $66,204 (cost is $42,595). These cash sales are recorded in the cash 1 May 15 (a) Issued Check Number 3412, payable to Payroll, in payment of sales salaries, $5,510, and office salaries, $3,340. May 15 (b) Cash sales for the first half of the month are $59,600 (cost is $38,580). These cash sales are recorded in the cash receipts journal on May 15. May 15 (c) Post to the customer and creditor accounts. Also post individual items that are not included in column totals at the end of the month to the general ledger accounts. May 16 Sold merchandise on credit to Hensel Company, Invoice Number 8786, for $4,180 (cost is $2,080). May 17 Purchased $13,840 of merchandise from Fink Corporation, terms 2/10, n/60. May 19 Issued Check Number 3413 to Garcia, Incorporated, in payment of its May 11 purchase less the discount of $271. May 22 Sold merchandise to Lee Services, Invoice Number 8787, for $7,040 (cost is $5,180), terms 2/10, n/60. May 23 Issued Check Number 3414 to Fink Corporation in payment of its May 17 purchase less the discount of $311. May 24 Purchased the following on credit from Gear Supply Company: merchandise, $8,500; store supplies, $820; and office supplies, $660. Terms n/30. May 25 Purchased $3,460 of merchandise from Peyton Products, terms 2/10, n/30. May 26 (a) Sold merchandise on credit to Crane Corporation, Invoice Number 8788, for $14,400 (cost is $8,610). May 26 (b) Issued Check Number 3415 to Perennial Power in payment of the May electric bill, $1,321. May 29 The owner of Colo Company, Jenny Colo, used Check Number 3416 to withdraw $7,000 cash from the business for personal May 30 (a) Received payment from Lee Services for the May 22 sale less the discount of $156. May 30 (b) Issued Check Number 3417, payable to Payroll, in payment of sales salaries, $5,510, and office salaries, $3,340. May 31 (a) Cash sales for the last half of the month are $66,204 (cost is $42,595). These cash sales are recorded in the cash receipts journal on May 31. May 31 (b) Post to the customer and creditor accounts. Also post individual items that are not included in column totals at the end of the month to the general ledger accounts. Foot and crossfoot the journals and make the month-end postings. Required: 1-a. Enter the transactions in a sales journal. 1-b. Enter the transactions in a purchases journal. 1-c. Enter the transactions in a cash receipts journal. 1-d. Enter the transactions in a cash payments journal. 1-e. Enter the transactions in a general journal. Assume a perpetual inventory system. use. 1 Required: 1-a. Enter the transactions in a sales journal. 1-b. Enter the transactions in a purchases journal. 1-c. Enter the transactions in a cash receipts journal. 1-d. Enter the transactions in a cash payments journal. 1-e. Enter the transactions in a general journal. Assume a perpetual inventory system. Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Reg 10 Req 1D Reg 1E Enter the transactions in a sales journal. SALES JOURNAL Date Account Debited Invoice Number Accounts Cost of Goods Receivable Sold Debit Debit Sales Inventory Credit Credit S 8,000 $ 6,000 Hensel Company Hensel Company 4,180 2,080 May 04 May 16 May 22 May 26 8785 8786 8787 8788 Lee services 7,040 5.180 Crane Corporation 14,400 8,610 May 31 Totals $ 33,620 $ 21,870 1 Required: 1-a. Enter the transactions in a sales journal. 1-b. Enter the transactions in a purchases journal. 1-c. Enter the transactions in a cash receipts journal. 1-d. Enter the transactions a cash payments journal. 1-e. Enter the transactions in a general journal. Assume a perpetual inventory system. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Reg 1C Req 1D Reg 1E Enter the transactions in a purchases journal. PURCHASES JOURNAL Date Account Date of Invoice Terms Accounts Payable Credit $ 37,824 Inventory Debit Office Other Supplies Accounts Debit Debit $ 102 $ 612 514 n/30 $ 37,110 5/10 n/30 4,188 4,188 5/11 10,700 May 04 May 10 May 11 May 17 May 24 May 25 Store supplies/Gear Supply Office equipment/Gear Supply Garcia, Incorporated Fink Corporation Store supplies/Gear Supply Peyton products 2/10, n/30 2/10, n/60 n/30 10,700 13,840 5/17 13,840 5/24 9.980 8,500 660 820 5/25 2/10, n/30 3.460 3,460 May 31 Totals $ 79,992 $ 73,610 $ 762 $ 5,620 of the month to the general ledger accounts. Foot and crosstoot the journals and make the month-end postings. 1 Required: 1-a. Enter the transactions in a sales journal. 1-b. Enter the transactions in a purchases journal. 1-c. Enter the transactions in a cash receipts journal. 1-d. Enter the transactions in a cash payments journal. 1-e. Enter the transactions in a general journal. Assume a perpetual inventory system. Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Reg 1C Reg 1D Reg 1E Enter the transactions in a cash receipts journal. CASH RECEIPTS JOURNAL Date Account Credited Cash Debit Sales Discount Debit Accounts Other Receivable Sales Credit Accounts Credit Credit Cost of Goods Sold Debit Inventory Credit $ 4,459 $ 91 $ 4,550 407 407 Knox, Incorporated Store supplies/Gear Supply Hensel Company S and P Management Company 160 May 05 May 09 May 11 May 15 May 30 May 31 8,000 7,840 59,600 59,600 38,580 Lee services 6,884 156 7,040 Sales 66,204 66,204 42,595 May 31 Totals $ 145,394 $ 407 $ 19,590 $ 125,804 $ 407 S 81,175 1 Required: 1-a. Enter the transactions in a sales journal. 1-b. Enter the transactions in a purchases journal. 1-c. Enter the transactions in a cash receipts journal. 1-d. Enter the transactions in a cash payments journal. 1-e. Enter the transactions in a general journal. Assume a perpetual inventory system. Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Req 1C Req 1D Req 1E Enter the transactions in a cash payments journal. (Enter the transactions in chronological order.) CASH PAYMENTS JOURNAL Date Check Number Payee Account Debited Cash Credit Inventory Credit Other Accounts Debit Accounts Payable Debit $ 3,006 May 01 3410 S and P Management Company Rent expense - Selling space Rent expense - Office space Peyton products 894 3,900 7,029 May 08 3411 Peyton products 164 7,193 Sales salaries expense 5,510 May 15 3412 Payroll 8,850 3,340 3413 3,917 271 4,188 3414 Garcia, Incorporated Fink Corporation Perennial power 311 May 19 May 23 May 26 May 29 13,840 Office salaries expense Garcia, Incorporated Fink Corporation Perennial power Jenny Colo Sales salaries expense Office salaries expense 13,529 1,321 3415 3416 1,321 Jenny Colo 7,000 7.000 5,510 May 30 3417 Payroll 3,340 2,170 47,716 May 31 Totals $ S 746 $ 29,921 $ 25,221 1 Required: 1-a. Enter the transactions in a sales journal. 1-b. Enter the transactions in a purchases journal. 1-c. Enter the transactions in a cash receipts journal. 1-d. Enter the transactions in a cash payments journal. 1-e. Enter the transactions in a general journal. Assume a perpetual inventory system. Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Reg 10 Req 1D Reg 1E Enter the transactions in a general journal. View transaction list View journal entry worksheet X No Date General Journal Debit Credit 1 May 02 Sales returns and allowance 270 Accounts receivable-Knox, Incorporated 270 2 May 03 836 Accounts payable-Peyton products Inventory 836 May 12 968 Accounts payable-Gear Supply Company Office equipment 968 1 2-a. Complete the work sheet using the following information for accounting adjustments. Prepare and post adjusting and closing entries. a. Expired insurance, $572. b. Ending store supplies inventory, $2,651. c. Ending office supplies inventory, $523. d. Depreciation of store equipment, $586. e. Depreciation of office equipment, $348. 2-b. Prepare all necessary ledgers for accounting adjustments. 2-c. Prepare a work sheet for the month ended May 31. 3-a. Prepare a May multiple-step income statement. 3-b. Prepare a May statement of owner's equity. 3-c. Prepare a May 31 classified balance sheet. 4-a. Prepare a post-closing trial balance. 4-b1. Prove the accuracy of subsidiary ledgers by preparing schedules of accounts receivable. 4-b2. Prove the accuracy of subsidiary ledgers by preparing schedules of accounts payable. Complete this question by entering your answers in the tabs below. Req 2A Req 2B Reg 20 Reg 3A Req 3B Reg 3C Req 4A Req 481 Req 4B2 Prepare and post adjusting and closing entries. View transaction list View journal entry worksheet No Date General Journal Debit Credit Reg 2A Req 2B Reg 2C Reg Reg 3B Reg 3C Req 4A Reg 4B1 Reg 4B2 Prepare and post adjusting and closing entries. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 > Record the expired insurance, $572. Note: Enter debits before credits. Date General Journal Debit Credit May 31 Insurance expense 572 Prepaid insurance 572 Record entry Clear entry View general journal ( Req 2A Req 2B> Reg 2A Reg 2B Req 2C Req Req 3B Req 3C Req 4A Req 481 Reg 4B2 1 Prepare and post adjusting and closing entries. View transaction list Journal entry worksheet 2 3 5 6 7 8 9 Record the ending store supplies inventory, $2,651. Note: Enter debits before credits. Date General Journal Debit Credit May 31 2,651 Store supplies expense Store supplies 2,651 Record entry Clear entry View general journal Req 2A Req 2B> Req 2A Req 2B Reg 2c Req Reg 3B Reg 3C Req 4A Req 4B1 Req 4B2 1 Prepare and post adjusting and closing entries. View transaction list Journal entry worksheet Record the ending office supplies inventory, $523. Note: Enter debits before credits. Date General Journal Debit Credit May 31 523 Office supplies expense Office supplies 523 523 Income summary Office supplies expense 523 Record entry Clear entry View general journal Req 2A Req 2B> Reg 2A Reg 2B Req 20 Reg 3A Req 3B Reg 3C Req 4A Req 481 Req 4B2 1 Prepare and post adjusting and closing entries. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 > Record the depreciation of store equipment, $586. Note: Enter debits before credits. Date General Journal Debit Credit May 31 586 Depreciation expenseStore equipment Accumulated depreciationStore equipment 586 Record entry Clear entry View general journal Accounting Project i Saved Help Save & Exit Submit Reg 2A Req 2B Reg 2c Req 3A Reg 3B Req 3C Req 4A Req 4B1 Req 4B2 1 Prepare and post adjusting and closing entries. View transaction list Journal entry worksheet 2 3 4 5 6 7 8 9 > Record the depreciation of office equipment, $348. Note: Enter debits before credits. Date General Journal Debit Credit May 31 348 Depreciation expense-Office equipment Accumulated depreciationOffice equipment 348 Record entry Clear entry View general journal Reg 2A Reg 2B Req 20 Reg 3A Req 3B Reg 3C Req 4A Reg 4B1 Reg 4B2 1 Prepare and post adjusting and closing entries. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 > Record the closing of temporary accounts with credit balances. Note: Enter debits before credits. Date General Journal Debit Credit May 31 4,680 523 2,651 Income summary Office supplies expense Store supplies expense Depreciation expense-Office equipment Depreciation expenseStore equipment Insurance expense 348 586 572 Record entry Clear entry View general journal Req 2A Req 2B Req 2c Req 3A Reg 3B Reg 3C Reg 4A Req 481 Req 4B2 1 Prepare and post adjusting and closing entries. View transaction list Journal entry worksheet Record the closing of temporary accounts with debit balances. Note: Enter debits before credits. Date General Journal Debit Credit May 31 * Req 2A Req 2B Req 20 Reg 3A Reg 3B Reg 30 Reg 4A Req 4B1 Reg 4B2 1 Prepare and post adjusting and closing entries. View transaction list Journal entry worksheet Record the closing of income summary to owner's capital. Note: Enter debits before credits. Date General Journal Debit Credit May 31 Record entry Clear entry View general journal Reg 2A Req 2B Req 2c Req 3A Reg 3B Reg 3C Req 4A Req 4B1 Req 4B2 1 Prepare and post adjusting and closing entries. View transaction list Journal entry worksheet Req 2A Req 2B Reg 20 Req Req 3B Reg 3C Req 4A Req 4B1 Reg 4B2 1 Post all entries from regs. 1a), 1b), 1c), 1d) and 1e) along with adjusting and closing entries from reg. 2a). GENERAL LEDGER Cash Accounts Receivable Date Debit Credit Date Debit Credit Balance 50,665 April 30 Balance 4,820 April 30 May 01 May 31 (c) Cash Receipts Journal May 31 (c) Cash Payments Journal 145,394 145,394 97,678 47,716 Merchandise Inventory Debit Office Supplies Debit Date Credit Balance Date Credit Balance 220,270 April 30 525 836 April 30 May 01 May 03 May 31 (c) Sales Journal May 31 (C) Purchases Journal May 31 (C) Cash Receipts Journal 21,870 (836) (22,706) 50,904 (30,271) 73,610 81,175 Store Supplies Debit Prepaid Insurance Debit Date Credit Balance Date Credit Balance 3,546 2,504 April 30 April 30 May 01 May 04 612 612 1 Office Equipment Debit Accumulated Depreciation Office Equipment Date Debit Credit Date Credit Balance Balance 22.660 April 30 9,955 April 30 May 01 May 10 May 12 Store Equipment Debit Accumulated Depreciation-Store Equipment Date Debit Credit Date Credit Balance Balance 39,300 April 30 17,784 April 30 May 01 Accounts Payable Debit Jenny Colo, Capital Debit Date Credit Date Credit Balance 7,193 Balance 309,358 April 30 April 30 May 01 May 10 May 12 Jenny Colo, Withdrawals Sales Date Debit Credit Balance Date Debit Credit Balance May 01 May 29 May 31 Sales Returns and Allowances Sales Discounts 1 Sales Returns and Allowances Debit Sales Discounts Debit Date Credit Balance Date Credit Balance May 01 May 02 (a) May 31 Cost of Goods Sold Depreciation Expense-Office Equipment Debit Credit Date Debit Credit Balance Date Balance May 01 May 31 (C) Sales Journal May 31 (c) Cash Receipts Journal May 31 Depreciation Expense-Store Equipment Debit Credit Office Salaries Expense Debit Date Balance Date Credit Balance Sales Salaries Expense Debit Insurance Expense Debit Date Credit Balance Date Credit Balance Rent Expense, Office Space Debit Rent Expense, Selling Space Debit Date Credit Balance Date Credit Balance 1 Rent Expense, Office Space Debit Rent Expense, Selling Space Debit Date Credit Balance Date Credit Balance Office Supplies Expense Debit Store Supplies Expense Debit Date Credit Balance Date Credit Balance Utilities Expense Debit Income Summary Debit Date Credit Balance Date Credit Balance ACCOUNTS RECEIVABLE LEDGER Crane Corporation Debit Hensel Company Debit Date Credit Balance Date Credit Balance Knox, Incorporated Debit Lee Services Debit Date Credit Date Credit Balance Balance 4,820 April 28 Lee Services Knox, Incorporated Debit Date Credit Date Debit Credit Balance Balance 4,820 April 28 ACCOUNTS PAYABLE LEDGER Fink Corporation Debit Garcia, Incorporated Debit Date Credit Balance Date Credit Balance Gear Supply Company Debit Peyton Products Debit Date Credit Balance Date Credit Balance April 29 7,193 COLO COMPANY Work Sheet for Month Ended May 31 1 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet & Statement of Equity Account Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash Accounts receivable Merchandise inventory Office supplies Store supplies Prepaid insurance Office equipment Accumulated depreciation - Office equipment Store equipment Accumulated depreciation - Store equipment Accounts payable Jenny Colo, Capital Jenny Colo, Withdrawals Sales Sales discounts Sales returns and allowances Sales returns and allowances Cost of goods sold Depreciation Expense-Office equipment Depreciation Expense-Store equipment Office salaries expense Sales salaries expense Insurance expense Rent expense, office space Rent expense, selling space Office supplies expense Store supplies expense Utilities expense Totals $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Net income Totals $ 0 $ 0 $ 0 $ 0 Prepare a May multiple-step income statement. 1 COLO COMPANY Income Statement For Month Ended May 31 Revenues 0 Net sales 0 0 Operating expenses Selling expenses Total selling expenses General and administrative expenses 0 Total general and administrative expenses Total operatina expenses 0 Complete this question by entering your answers in the tabs below. Reg 2A Req 2B Req 2C Req Reg 3B Req 3C Req 4A Req 4B1 Req 4B2 Prepare a May statement of owner's equity. COLO COMPANY Statement of Owner's Equity For Month Ended May 31 0 $ 0 Complete this question by entering your answers in the tabs below. Req 2A Reg 2B Req 2c Reg Req 3B Reg 3C Req 4A Reg 4B1 Req 402 Prepare a May 31 classified balance sheet. COLO COMPANY Balance Sheet May 31 Assets Current assets Total current assets 0 Plant assets Reg 2A Reg 2B Req 2c Req Req 3B Reg 3C Req 4A Req 4B1 Reg 4B2 Prepare a post-closing trial balance. COLO COMPANY Post-Closing Trial Balance May 31 Debit Credit Complete this question by entering your answers in the tabs below. Reg 2A Reg 2B Req 2c Reg 3A Req 3B Reg 3C Reg 4A Reg 4B1 Req 4B2 Prove the accuracy of subsidiary ledgers by preparing schedules of accounts receivable. COLO COMPANY Schedule of Accounts Receivable May 31 Crane Corporation Hensel Company Knox, Incorporated Lee Services Total accounts receivable $ 0 Complete this question by entering your answers in the tabs below. Reg 2A Reg 2B Req 2c Req 3A Reg 3B Reg 3C Req 4A Reg 4B1 Reg 4B2 Prove the accuracy of subsidiary ledgers by preparing schedules of accounts payable. COLO COMPANY Schedule of Accounts Payable May 31 Peyton Products Gear Supply Company Fink Corporation Garcia, Incorporated Total accounts payable $ 0 1 Required: 1-a. Enter the transactions in a sales journal. 1-b. Enter the transactions in a purchases journal. 1-c. Enter the transactions in a cash receipts journal. 1-d. Enter the transactions a cash payments journal. 1-e. Enter the transactions in a general journal. Assume a perpetual inventory system. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Reg 1C Req 1D Reg 1E Enter the transactions in a purchases journal. PURCHASES JOURNAL Date Account Date of Invoice Terms Accounts Payable Credit $ 37,824 Inventory Debit Office Other Supplies Accounts Debit Debit $ 102 $ 612 514 n/30 $ 37,110 5/10 n/30 4,188 4,188 5/11 10,700 May 04 May 10 May 11 May 17 May 24 May 25 Store supplies/Gear Supply Office equipment/Gear Supply Garcia, Incorporated Fink Corporation Store supplies/Gear Supply Peyton products 2/10, n/30 2/10, n/60 n/30 10,700 13,840 5/17 13,840 5/24 9.980 8,500 660 820 5/25 2/10, n/30 3.460 3,460 May 31 Totals $ 79,992 $ 73,610 $ 762 $ 5,620 of the month to the general ledger accounts. Foot and crosstoot the journals and make the month-end postings. 1 Required: 1-a. Enter the transactions in a sales journal. 1-b. Enter the transactions in a purchases journal. 1-c. Enter the transactions in a cash receipts journal. 1-d. Enter the transactions in a cash payments journal. 1-e. Enter the transactions in a general journal. Assume a perpetual inventory system. Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Reg 1C Reg 1D Reg 1E Enter the transactions in a cash receipts journal. CASH RECEIPTS JOURNAL Date Account Credited Cash Debit Sales Discount Debit Accounts Other Receivable Sales Credit Accounts Credit Credit Cost of Goods Sold Debit Inventory Credit $ 4,459 $ 91 $ 4,550 407 407 Knox, Incorporated Store supplies/Gear Supply Hensel Company S and P Management Company 160 May 05 May 09 May 11 May 15 May 30 May 31 8,000 7,840 59,600 59,600 38,580 Lee services 6,884 156 7,040 Sales 66,204 66,204 42,595 May 31 Totals $ 145,394 $ 407 $ 19,590 $ 125,804 $ 407 S 81,175 1 Required: 1-a. Enter the transactions in a sales journal. 1-b. Enter the transactions in a purchases journal. 1-c. Enter the transactions in a cash receipts journal. 1-d. Enter the transactions in a cash payments journal. 1-e. Enter the transactions in a general journal. Assume a perpetual inventory system. Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Req 1C Req 1D Req 1E Enter the transactions in a cash payments journal. (Enter the transactions in chronological order.) CASH PAYMENTS JOURNAL Date Check Number Payee Account Debited Cash Credit Inventory Credit Other Accounts Debit Accounts Payable Debit $ 3,006 May 01 3410 S and P Management Company Rent expense - Selling space Rent expense - Office space Peyton products 894 3,900 7,029 May 08 3411 Peyton products 164 7,193 Sales salaries expense 5,510 May 15 3412 Payroll 8,850 3,340 3413 3,917 271 4,188 3414 Garcia, Incorporated Fink Corporation Perennial power 311 May 19 May 23 May 26 May 29 13,840 Office salaries expense Garcia, Incorporated Fink Corporation Perennial power Jenny Colo Sales salaries expense Office salaries expense 13,529 1,321 3415 3416 1,321 Jenny Colo 7,000 7.000 5,510 May 30 3417 Payroll 3,340 2,170 47,716 May 31 Totals $ S 746 $ 29,921 $ 25,221 1 Required: 1-a. Enter the transactions in a sales journal. 1-b. Enter the transactions in a purchases journal. 1-c. Enter the transactions in a cash receipts journal. 1-d. Enter the transactions in a cash payments journal. 1-e. Enter the transactions in a general journal. Assume a perpetual inventory system. Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Reg 10 Req 1D Reg 1E Enter the transactions in a general journal. View transaction list View journal entry worksheet X No Date General Journal Debit Credit 1 May 02 Sales returns and allowance 270 Accounts receivable-Knox, Incorporated 270 2 May 03 836 Accounts payable-Peyton products Inventory 836 May 12 968 Accounts payable-Gear Supply Company Office equipment 968 1 2-a. Complete the work sheet using the following information for accounting adjustments. Prepare and post adjusting and closing entries. a. Expired insurance, $572. b. Ending store supplies inventory, $2,651. c. Ending office supplies inventory, $523. d. Depreciation of store equipment, $586. e. Depreciation of office equipment, $348. 2-b. Prepare all necessary ledgers for accounting adjustments. 2-c. Prepare a work sheet for the month ended May 31. 3-a. Prepare a May multiple-step income statement. 3-b. Prepare a May statement of owner's equity. 3-c. Prepare a May 31 classified balance sheet. 4-a. Prepare a post-closing trial balance. 4-b1. Prove the accuracy of subsidiary ledgers by preparing schedules of accounts receivable. 4-b2. Prove the accuracy of subsidiary ledgers by preparing schedules of accounts payable. Complete this question by entering your answers in the tabs below. Req 2A Req 2B Reg 20 Reg 3A Req 3B Reg 3C Req 4A Req 481 Req 4B2 Prepare and post adjusting and closing entries. View transaction list View journal entry worksheet No Date General Journal Debit Credit Reg 2A Req 2B Reg 2C Reg Reg 3B Reg 3C Req 4A Reg 4B1 Reg 4B2 Prepare and post adjusting and closing entries. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 > Record the expired insurance, $572. Note: Enter debits before credits. Date General Journal Debit Credit May 31 Insurance expense 572 Prepaid insurance 572 Record entry Clear entry View general journal ( Req 2A Req 2B> Reg 2A Reg 2B Req 2C Req Req 3B Req 3C Req 4A Req 481 Reg 4B2 1 Prepare and post adjusting and closing entries. View transaction list Journal entry worksheet 2 3 5 6 7 8 9 Record the ending store supplies inventory, $2,651. Note: Enter debits before credits. Date General Journal Debit Credit May 31 2,651 Store supplies expense Store supplies 2,651 Record entry Clear entry View general journal Req 2A Req 2B> Req 2A Req 2B Reg 2c Req Reg 3B Reg 3C Req 4A Req 4B1 Req 4B2 1 Prepare and post adjusting and closing entries. View transaction list Journal entry worksheet Record the ending office supplies inventory, $523. Note: Enter debits before credits. Date General Journal Debit Credit May 31 523 Office supplies expense Office supplies 523 523 Income summary Office supplies expense 523 Record entry Clear entry View general journal Req 2A Req 2B> Reg 2A Reg 2B Req 20 Reg 3A Req 3B Reg 3C Req 4A Req 481 Req 4B2 1 Prepare and post adjusting and closing entries. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 > Record the depreciation of store equipment, $586. Note: Enter debits before credits. Date General Journal Debit Credit May 31 586 Depreciation expenseStore equipment Accumulated depreciationStore equipment 586 Record entry Clear entry View general journal Accounting Project i Saved Help Save & Exit Submit Reg 2A Req 2B Reg 2c Req 3A Reg 3B Req 3C Req 4A Req 4B1 Req 4B2 1 Prepare and post adjusting and closing entries. View transaction list Journal entry worksheet 2 3 4 5 6 7 8 9 > Record the depreciation of office equipment, $348. Note: Enter debits before credits. Date General Journal Debit Credit May 31 348 Depreciation expense-Office equipment Accumulated depreciationOffice equipment 348 Record entry Clear entry View general journal Reg 2A Reg 2B Req 20 Reg 3A Req 3B Reg 3C Req 4A Reg 4B1 Reg 4B2 1 Prepare and post adjusting and closing entries. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 > Record the closing of temporary accounts with credit balances. Note: Enter debits before credits. Date General Journal Debit Credit May 31 4,680 523 2,651 Income summary Office supplies expense Store supplies expense Depreciation expense-Office equipment Depreciation expenseStore equipment Insurance expense 348 586 572 Record entry Clear entry View general journal Req 2A Req 2B Req 2c Req 3A Reg 3B Reg 3C Reg 4A Req 481 Req 4B2 1 Prepare and post adjusting and closing entries. View transaction list Journal entry worksheet Record the closing of temporary accounts with debit balances. Note: Enter debits before credits. Date General Journal Debit Credit May 31 * Req 2A Req 2B Req 20 Reg 3A Reg 3B Reg 30 Reg 4A Req 4B1 Reg 4B2 1 Prepare and post adjusting and closing entries. View transaction list Journal entry worksheet Record the closing of income summary to owner's capital. Note: Enter debits before credits. Date General Journal Debit Credit May 31 Record entry Clear entry View general journal Reg 2A Req 2B Req 2c Req 3A Reg 3B Reg 3C Req 4A Req 4B1 Req 4B2 1 Prepare and post adjusting and closing entries. View transaction list Journal entry worksheet Req 2A Req 2B Reg 20 Req Req 3B Reg 3C Req 4A Req 4B1 Reg 4B2 1 Post all entries from regs. 1a), 1b), 1c), 1d) and 1e) along with adjusting and closing entries from reg. 2a). GENERAL LEDGER Cash Accounts Receivable Date Debit Credit Date Debit Credit Balance 50,665 April 30 Balance 4,820 April 30 May 01 May 31 (c) Cash Receipts Journal May 31 (c) Cash Payments Journal 145,394 145,394 97,678 47,716 Merchandise Inventory Debit Office Supplies Debit Date Credit Balance Date Credit Balance 220,270 April 30 525 836 April 30 May 01 May 03 May 31 (c) Sales Journal May 31 (C) Purchases Journal May 31 (C) Cash Receipts Journal 21,870 (836) (22,706) 50,904 (30,271) 73,610 81,175 Store Supplies Debit Prepaid Insurance Debit Date Credit Balance Date Credit Balance 3,546 2,504 April 30 April 30 May 01 May 04 612 612 1 Office Equipment Debit Accumulated Depreciation Office Equipment Date Debit Credit Date Credit Balance Balance 22.660 April 30 9,955 April 30 May 01 May 10 May 12 Store Equipment Debit Accumulated Depreciation-Store Equipment Date Debit Credit Date Credit Balance Balance 39,300 April 30 17,784 April 30 May 01 Accounts Payable Debit Jenny Colo, Capital Debit Date Credit Date Credit Balance 7,193 Balance 309,358 April 30 April 30 May 01 May 10 May 12 Jenny Colo, Withdrawals Sales Date Debit Credit Balance Date Debit Credit Balance May 01 May 29 May 31 Sales Returns and Allowances Sales Discounts 1 Sales Returns and Allowances Debit Sales Discounts Debit Date Credit Balance Date Credit Balance May 01 May 02 (a) May 31 Cost of Goods Sold Depreciation Expense-Office Equipment Debit Credit Date Debit Credit Balance Date Balance May 01 May 31 (C) Sales Journal May 31 (c) Cash Receipts Journal May 31 Depreciation Expense-Store Equipment Debit Credit Office Salaries Expense Debit Date Balance Date Credit Balance Sales Salaries Expense Debit Insurance Expense Debit Date Credit Balance Date Credit Balance Rent Expense, Office Space Debit Rent Expense, Selling Space Debit Date Credit Balance Date Credit Balance 1 Rent Expense, Office Space Debit Rent Expense, Selling Space Debit Date Credit Balance Date Credit Balance Office Supplies Expense Debit Store Supplies Expense Debit Date Credit Balance Date Credit Balance Utilities Expense Debit Income Summary Debit Date Credit Balance Date Credit Balance ACCOUNTS RECEIVABLE LEDGER Crane Corporation Debit Hensel Company Debit Date Credit Balance Date Credit Balance Knox, Incorporated Debit Lee Services Debit Date Credit Date Credit Balance Balance 4,820 April 28 Lee Services Knox, Incorporated Debit Date Credit Date Debit Credit Balance Balance 4,820 April 28 ACCOUNTS PAYABLE LEDGER Fink Corporation Debit Garcia, Incorporated Debit Date Credit Balance Date Credit Balance Gear Supply Company Debit Peyton Products Debit Date Credit Balance Date Credit Balance April 29 7,193 COLO COMPANY Work Sheet for Month Ended May 31 1 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet & Statement of Equity Account Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash Accounts receivable Merchandise inventory Office supplies Store supplies Prepaid insurance Office equipment Accumulated depreciation - Office equipment Store equipment Accumulated depreciation - Store equipment Accounts payable Jenny Colo, Capital Jenny Colo, Withdrawals Sales Sales discounts Sales returns and allowances Sales returns and allowances Cost of goods sold Depreciation Expense-Office equipment Depreciation Expense-Store equipment Office salaries expense Sales salaries expense Insurance expense Rent expense, office space Rent expense, selling space Office supplies expense Store supplies expense Utilities expense Totals $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Net income Totals $ 0 $ 0 $ 0 $ 0 Prepare a May multiple-step income statement. 1 COLO COMPANY Income Statement For Month Ended May 31 Revenues 0 Net sales 0 0 Operating expenses Selling expenses Total selling expenses General and administrative expenses 0 Total general and administrative expenses Total operatina expenses 0 Complete this question by entering your answers in the tabs below. Reg 2A Req 2B Req 2C Req Reg 3B Req 3C Req 4A Req 4B1 Req 4B2 Prepare a May statement of owner's equity. COLO COMPANY Statement of Owner's Equity For Month Ended May 31 0 $ 0 Complete this question by entering your answers in the tabs below. Req 2A Reg 2B Req 2c Reg Req 3B Reg 3C Req 4A Reg 4B1 Req 402 Prepare a May 31 classified balance sheet. COLO COMPANY Balance Sheet May 31 Assets Current assets Total current assets 0 Plant assets Reg 2A Reg 2B Req 2c Req Req 3B Reg 3C Req 4A Req 4B1 Reg 4B2 Prepare a post-closing trial balance. COLO COMPANY Post-Closing Trial Balance May 31 Debit Credit Complete this question by entering your answers in the tabs below. Reg 2A Reg 2B Req 2c Reg 3A Req 3B Reg 3C Reg 4A Reg 4B1 Req 4B2 Prove the accuracy of subsidiary ledgers by preparing schedules of accounts receivable. COLO COMPANY Schedule of Accounts Receivable May 31 Crane Corporation Hensel Company Knox, Incorporated Lee Services Total accounts receivable $ 0 Complete this question by entering your answers in the tabs below. Reg 2A Reg 2B Req 2c Req 3A Reg 3B Reg 3C Req 4A Reg 4B1 Reg 4B2 Prove the accuracy of subsidiary ledgers by preparing schedules of accounts payable. COLO COMPANY Schedule of Accounts Payable May 31 Peyton Products Gear Supply Company Fink Corporation Garcia, Incorporated Total accounts payable $ 0