I Journalize the following transactions for McNabb Company: May 1: Purchased $4000 of merchandise on account from Romo Company, terms 2/10, n/30 2: Purchased $5000 of merchandise on account from Brees, Inc., terms 1/10, n/30 3: Sold $1500 of merchandise on account to Brady Company, terms 2/10, n/30; cost of merchandise sold: $625 6: Returned $400 of merchandise to Romo Company for credit (May 1 transaction) 6: Returned $2000 of merchandise to Brees, Inc. (May 2 transaction) 8: Brady Company returned $50 of merchandise; cost of merchandise returned: $29 8: Purchased merchandise on account from Manning Company totaling $2,000, terms 2/10, n/30 8: Purchased supplies on account, $350 9: Paid cash for equipment, $5000 9: Paid Romo Company in full, amount owed 11: Paid Brees, Inc. in full, amount owed 11: Granted Brady Company an allowance of $50 13: Brady Company paid McNabb in full, amount owed II. Adjusting the Inventory Account The inventory T-Account showed a balance of $42,775. An actual count of inventory on hand amounted to $41,995. Prepare the adjusting entry needed. III. Use the information below to prepare closing entries Sales Revenue: $420,000; Sales Returns & Allowances: $75,000; Sales Discounts: $42,000; Cost of Goods Sold: $160,000; Salary Expense: $48,000; Rent Expense: $17,000; Advertising Expense: $5000, Depreciation Expense: $8,000; Dividends: $12,000