If I could please just help with the worksheet for this it would help greatly. Hint net income is to be 57,200 on august balance sheet and Trial balance before adjustment: $391,750 Enter beginning balances in the T-accounts from the Beginning Balance Sheet, all accounts have normal balances. Common Stock has 200,000 shares issued and outstanding 2. Additional information: Company uses a perpetual inventory system (discounts and freight are recorded in the inventory account. Suppliers offer a 2% discount, company does not offer discounts to customers. No adjustment for inventory is needed. Record the following summarized August transactions using the general journal provided. Use a blank line between transactions. Use the account titles as shown in the T- accounts, do not add any accounts. a. Purchased inventory on account, $35,000 b. Paid $3,200 freight fees c. Sold inventory on account, $25,000, cogs $12,500 d. Paid Wages and Salaries, $10,000, includes the amount due from previous month e. Received payments from customers on account, $35,000 f. Cash sales, $110,000, cogs $55,000 . Paid for 6 months of business insurance, $6,000 h. Paid for 1 years rent, $12,000 i. Received cash advance payments from customers $6,000 J. Paid outstanding accounts payable within the discount period, $38,300 k. Completed $2,000 of work for customers that paid in advance (use Sales Account) 4. Post the transactions to the T-accounts; use reference numbers when posting calculate balance in each account after all posting is complete. See T-account page for additional instructions. 5. Prepare a trial balance. Note: All trial balances are located in the same tab 6. Journalize and post any necessary adjusting entries; continue using the journal to record the entries. Hint: There are 3 entries. After adjusting entries have been posted all accounts will be used and have normal balances. 7. Additional adjusting entry: Wages earned but not paid totaled $1,000 8. Prepare an adjusted trial balance 9. Prepare a multiple-step Income Statement, a Retained Earnings Statement, and a Classified Balance Sheet 10. Journalize and post your closing entries

11. Prepare a post-closing Trial Balance 12. Remember to include 13. Your instructor is available to answer GENERAL questions. The instructor will NOT give you the account names for a transaction 14. Check Figures: your name and project in the name of the file before submitting! Trial balance before adjustment: Net Income: $57,200 $391,750 dr/cr Group Company, Inc. Balance Sheet July 31, 20xx Cash Accounts Receivable Inventory Fixed Assets ($6,000 per year depreciation) $142,000 Accounts Payable 13,250 Wages Payable 40,000 Common Stock $13,300 1,200 200,000 60,000 Retained Earnings 34,750 Accum. Depr.(cr. Bal) Total Assets $249.250 Equity Total Liabilities & $249.250 11. Prepare a post-closing Trial Balance 12. Remember to include 13. Your instructor is available to answer GENERAL questions. The instructor will NOT give you the account names for a transaction 14. Check Figures: your name and project in the name of the file before submitting! Trial balance before adjustment: Net Income: $57,200 $391,750 dr/cr Group Company, Inc. Balance Sheet July 31, 20xx Cash Accounts Receivable Inventory Fixed Assets ($6,000 per year depreciation) $142,000 Accounts Payable 13,250 Wages Payable 40,000 Common Stock $13,300 1,200 200,000 60,000 Retained Earnings 34,750 Accum. Depr.(cr. Bal) Total Assets $249.250 Equity Total Liabilities & $249.250