I need help with a project that I am doing for Accounting.

I have listed the information for the question, and the question is #3.

QUESTION 3:

Name: This assignment is due at the beginning of class on Thu. Oct. 31 ... late submissions (even within the class period on the due date) will be assessed a late penalty. This exercise is worth 30 points Note: This cover page must be printed with the rest of the packet and submitted as the first page of the completed exercise. Print your name (legibly) on this cover sheet. Instructions: Lawn Pro, Inc. went into business as a corporation in early 2015. For the first few years, the company provided lawn care services only (no merchandise). During 2018, the company decided to begin selling outdoor furniture and decided to use the FIFO inventory method. The attached pages include the following: Page 1. Lawn Pro's trial balance on January 1, 2018. Note: use the account names listed in the trial balance for items below. 2. A list of events that occurred during 2018. 3-4 Note: the online assignment on Canvas includes a spreadsheet with a basic accounting equation grid for you to analyze the effects of these events. 3. A worksheet to analyze the cost of inventory and the cost of goods sold. 4. A worksheet to prepare appropriate transaction and adjusting journal entries. 5-9 5. A worksheet to prepare the 2018 Adjusted Trial Balance. 10 6. Worksheets to prepare the 2018 financial statements. 11-12 7. A worksheet to prepare the 2018 closing journal entries. 13 Following is Lawn Pro's post-closing trial balance at the end of 2017 (also the start of 2018). Lawn Pro, Inc. Post-Closing Trial Balance as of December 31, 2017 Account Debit Credit Cash 14,600 Accounts receivable 2,800 Supplies 180 Prepaid rent 800 Inventory Land 4,000 Accounts payable Salaries payable 1,040 Unearned revenue 900 Common stock 8,000 Retained earnings 12,440 Dividends declared Service revenue Product sales Sales returns Cost of goods sold Supplies expense Salaries expense Rent expense Utilities expense Advertising expense Other operating expenses TOTALS 22,380 22,380 Oo Following is a list of events that occurred during 2018. a) Jan. 6, 2018 - Lawn Pro paid the salaries payable from 2017. b) Jan. 14, 2018 - The company acquired an additional $50,000 cash from the issue of common stock. c) Jan. 17, 2018 - The company paid $900 cash for supplies to be used by the business. d) Jan. 21, 2018 - Lawn Pro purchased 25 patio furniture sets for later sale at a cost of $12,120. The patio furniture sets were purchased on account with the terms 2/10, n/30. e) Jan. 29, 2018 - Lawn Pro decided to pay $6,000 of its accounts payable balance from event (d) before the discount period expired, so Lawn Pro first applied the 2% discount to the $6,000 amount so it could reduce its accounts payable balance (note: the actual payment is described in event (f) below). After applying this discount, Lawn Pro's inventory cost was $480 for each item. f) Jan. 29, 2018 - Lawn Pro paid cash to settle parts of its accounts payable balance as described in event (e). g) Feb. 12, 2018 - The company sold 20 patio furniture sets for a total price of $18,000. Sales of $13,000 were on account, while $5,000 were cash sales. Lawn Pro uses the FIFO inventory method. h) Feb. 12, 2018 The cost to Lawn Pro of each product sold in event (g) was $480. i) Feb. 17, 2018 The company paid the workers a total of $8,400 in salaries. j) Feb. 28, 2018 - The company sold $36,000 of lawn care services to begin Mar. 1. The services are billed to the customers each month. k) Mar. 1, 2018 - Lawn Pro leased a business van, paying $4,800 for one year's lease in advance. 1) Mar. 4, 2018 - Paid cash to settle additional accounts payable in the amount of $3,780. The payment was made after the discount period expired. m) Mar. 11, 2018 - Collected $38,000 of accounts receivable. n) Apr. 9, 2018 - Lawn Pro performed $14,000 worth of lawn care services for a local college; $12,000 was on account and $2,000 was for cash. 0) May 1, 2018 - Paid $7,200 for one year's rent on office space in advance. p) May. 8, 2018 - Lawn Pro purchased 10 patio furniture sets for later sale at a cost of $500 each. q) May. 17, 2018 - The company paid accounts payable of $1,440, but not within the discount period (the company uses the gross method). r) Jun. 1, 2018 Lawn Pro rented a larger building; paid $6,600 for 12 months' rent in advance. s) Jun. 5, 2018 - Lawn Pro purchased 12 patio furniture sets for later sale at a cost of $520 each. t) Jun. 12, 2018 - Lawn Pro purchased 15 patio furniture sets for later sale at a cost of $530 each. u) Jun. 23, 2018 The company sold 30 patio furniture sets for a total price of $28,000. Sales of $20,000 were on account, while $8,000 were cash sales. v) Jun. 23, 2018 - Record the cost of goods sold related to the sale from event (t) using the perpetual FIFO method. w) Jul. 1, 2018 - Made a full refund to a dissatisfied customer who returned a patio furniture set. The sale had been a cash sale for $1,100 with a cost of $520. Record the reversal of revenue. x) Jul. 1, 2018 - Made a full refund to a dissatisfied customer who returned a patio furniture set. The sale had been a cash sale for $1,100 with a cost of $520. Record the reversal of cost. y) Jul. 15, 2018 - Paid employees a total of $11,000 cash for salaries employees' earned during the current period. z) Aug. 24, 2018 - Provided $32,000 of lawn care services during the year. The services were billed to the customers. aa) Sep. 30, 2018 - Recognized $800 of service revenue earned during the first nine months of the year; it had been collected in the prior year. bb) Oct. 1, 2018 - Completed additional lawn care services worth $400 for one year's service. The customers paid cash for the full amount. cc) Nov. 13, 2018 - Collected $51,000 of accounts receivable. dd) Nov. 20, 2018 - Paid an additional $5,500 to settle some accounts payable; the payment was made after the discount period expired. ee) Dec. 27, 2018 - Paid $2,800 of advertising expense during the year. ff) Dec. 28, 2018 - Paid $4,180 of utilities expense for the year. gg) Dec. 28, 2018 - Paid $12,470 of other operating expense for the year. hh) Dec. 29, 2018 - Paid a dividend of $12,000 to the shareholders. ii) Dec 31, 2018 - There was $200 of supplies on hand at the end of the year. jj) Dec. 31, 2018 - Recognized the expired rent from the prior year, van (event (k)), office space (event (o)), and the building (event (r)) for the year. kk) Dec. 31, 2018 Recognized the revenue earned from event (z). II) Dec. 31, 2018 - Accrued salaries at December 31 were $1,200. 3. A worksheet to analyze the cost of inventory and the cost of goods sold. Remember, Lawn Pro uses the FIFO inventory method. (hint: enter purchases as positive quantities and sales as negative quantities) Event Quantity Unit Cost Value Change Qty Balance Value Balance d) 25 $484.8 $12,120 25 @$484.80 $12,120 ($120) 25 @$480.00 $12,000 (20) $480.00 ($9,600) 5 @ $480.00 $2,400 5 @$480.00 $500.00 $5,000 $7,400 10 @$500.00 e) 10