I need help with this accounting problem. Can someone help me to solve it

\\ V\\'\\V\\U \\ U u. 61 5 PART 3 Accounting for a Merchandising Buslness Comprehensive Problem 2: Accounting C with SubSIdIary Ledgers, Part 1 ' W During the second half of December 20-1, TJ's Specialty Shop engaged in the transactions: @ Dec. 16 ' R an 16 17 18 19 22 23 24 26 27 27 29 29 30 Received payment from Lucy Greene on account, $1,960. Sold merchandise on account to Kim Fields, $160, plus sales tax of: Sale No. 640. : Returned merchandise to Evans Essentials for credit, $150. Issued Check No. 813 to Evans Essentials in payment of December balance of $1,250, less the credit received on December 17. Sold merchandise on account to Lucy Greene, $620, plus taxof $- Sale No. 641. Received payment from John Dempsey on account, 31,5 60. Issued Check No. 814 for the purchase of supplies, $120. (Debit :- Supplies) Purchased merchandise on account from West Wholesalers, $1 Invoice No, 465, dated December 24, terms {1/30. ' ' Purchased merchandise on account from- Nathcn (29., ' Invoice No. 817, dated December 26, terms 2l10, n13 Issued Check No. 815 to KC Power 86 Light ( r; month of December, $630. Sold merchandise on account to John Dempsey -' $101. Sale No. 642. Received payment from Martha Boyle on a ', . Issued Check No. 816 in payment of wages (7 twoweek period ending Decentber 28, 351,1; 3' Issued Check No. 817 toiMeyers-Trophy. . merchandise, $200. As of December 16, 13's account ha Account I . A ' Cash Accounts Receivable Merchandise Inventory Supplies Prepaid Insurance Land Building Accum. Demw :, Store Equip I Accum. D Accounts Payable Wages Payable Sales Tax Payable Mortgage Payable Tom Jones, Capital Tom Jones, Drawing Income Summary Sales Sales Returns and Allowances Purchases Purchases Returns and Allowances Purchases Discounts FreightIn Wages Expense Advertising Expense Supplies Expense Telephone Expense Utilities Expense Insurance Expense Depr. ExpenseBuilding Depr. ExpenseStore Equipment Miscellaneous Expense Interest Expense $252,061 TJ's also had the following subsidiary ledger balances as of December '16 Accounts Receivable Ledger Balance Vendor , usmmer Hartford, CT 06118 John Dempsey ~ 1700 Hobbes Dr. , Avon, CT 06108 Kim Fields 200 Hamilton Ave. Hartford, CT 06117 ucy Greene 06 Bally Lane lmsbury, CT 06123 Accounts Payable Ledger Balance " Evans Essentials 34 Harry Ave. ~ $3,796 East Hartford, CT 05234 Nathen Co. 1009 Drake Rd. 2,100 Farmington, CT 06082 Owen Enterprises 43 Lucky Lane 1,560 Bristol, CT 06007 West Wholesalers 888 Anders Street Newington, CT 06789 Accounting for a Merchandising Business At the end of the year, the following adjustments (all-lg) need to hem (f) Depreciation expense on the storey I (a, b) Merchandise inventory as of December 31' the year, $450. $19 700. _ . r ) (g) Wages earned but not paid as M D, _ (c) Unused supplies on hand, $525. $330. (d) Unexpired insurance on December 31, $1,000. (e) Depreciation expense on the building for the e $800. > y a", for this problem are provided in he Requirements and working papers urnals based. Complete the version 351 General journal based and Special [0 by your instructor REQUIREDSPECIAL JOURNALS For those not using working papers: 1. If you are not using the working papers: at. Open a general ledger, an accounts racer REQUIREDGENERAL JOURNAL For those not using working papers: 1. If you are not using the working papers, open a ' d an . general ledger, an accounts receivable ledger, an 1 d and an accounts payable ledger as 1 ts a able led er as of December 16. Enter e get, . . V y, :hcgoggceib; 16 balince of each of the accounts, December 16. Enter the followmg December ' ' ' . b lances in the general ledger accounts an . Wlth a check mark to the Posting Reference column a: heck mark in the Posting Reference colm Cash $ 11,5100 Accounts Receivable 7,823 Accounts Payable 6,850 Sales Tax Payable 933 Sales 116,000 ' Purchases 60,500 Purchases Discounts 575 Enter the December 16 balances in the rest 0 _ the general ledger accounts, as indicated in trial balance, and place a check mark in the Posting Reference column. Enter the December 16 balances in the accouli receivable and accounts payable ledgers, as. ' indicated in the subsidiary ledger account listings, and place a check mark in the Posting ' Reference column. Insert Dec. 115, Cumulative Amount, an ' following amounts in the special jo columns. 0 Sales journal: Accounts Receive. Sales Cr., 4,060; Sales Tax Pa Cash Receipts Iowmal: A Cr, 1,830; Sales C134: ' CL, 242; Cash D Purchases ]0 Cr, 3,900. a r COMPREHENSIVE PROBLEM 2: or working paper users and nonusers: 2. Enter transactions for the second half of December in the general journal. Post immediately to the accounts receivable and accounts payable ledgers. Post from the journal to the general ledger. 4. Prepare schedules of accounts receivable and accounts payable. , 5. Prepare a year-end work sheet, an income statement, a statement of owner's equity, and a balance sheet. The mortgage payable includes $600 that is due within one year. 6. Journalize and post adjusting entries. '7. Journalize and post closing entries. (Hint: Close all " expense and revenue account balances listed in the Income Statement columns of the work sheet. Then, close Income Summary and Tom Jones, Drawing to , Tom Jones, Capital.) 8. Prepare a post-closing trial balance. , 9. Journalize and post reversing entries for the adjust- ments where appropriate, as of January 1, 20-2. .0, '. Alul Accouming Cycle with Subsidiary Ledgers. Ran 2 For working paper users and nonusers: 2. Enter transactions for the second half of December in the proper journals. If you are using the working papers, the cumulative amount of entries in the spe- cial journals for December 115 has been entered in these journals for you. Post immediately to the accounts receivable and accounts payable ledgers. Post from the journals to the general ledger. Post the journals in the following order: general, sales, purchases, cash receipts, and cash payments. Prepare schedules of accounts receivable and accounts payable. Prepare a year-end work sheet, an income state- ment, a statement of owner's equity, and a balance Sheet. The mortgage payable includes $600 that is due within one year, _ Journalize and post adjusting entries. Journalize and post closing entries. (Hint: Clout}. expense and revenue account balances listed in ' Income Statement columns of the work 5m. close Income Summary and Tom Jones, '1 Tom Jones, Capital.) Prepare a post-closing trial balance. Journalize and post reversing m meats where appropriate, as of ' .anmann-mah-ln Dvnln'lnm 0- A---__l_..._