IL. 20) JR Tire Store The company uses a perpetual inventory system. 1) Prepare the company's inventory record using LIFO. on October 18 and 26. reported the following October purchases and sales data for a line of tires it deals. 2) Identify cost of goods sold for the month and the profit of the month.3).Journalize the transactions Date Item Quantity (Units Unit Price $68 65 90 67 91 Oct. 1 Beginning Inventory 10 2 7 Sales 18 Purchase 26 Sales TV. (40) Journalize the following transactions according to the descriptions and requirements: 1. In March, Smith Co. completed the following transactions: July 1 Received S10,000 contribution from Bill Alone in exchange for capital. 5 Paid utilities expense of $400. 12 Purchased equipment on account, $2,400 21 The owner, Bill Alone, withdrew $500 cash from the business. 27 Performed services for a client on account, $3,400 Journalize each of the above transactions. 2. KOOL Co. purchases and installs a machine on Jan. 1, 2013 at a cost of $109,000. St 21 The owner, Bill Alone, withdrew $500 cash from the Busiless 27 Performed services for a client on account, $3,400. Journalize each of the above transactions. 2. KOOL Co. purchases and installs a machine on Jan. 1, 2013 at a cost of S109,000. Straight-line epreciation is taken each year assuming a seven-year life and a salvage cost of $4,000. The machine is disposed on Jun 29,2017. 1) Journalize the depreciation cost of the Year 2013 and 2017.2) On Jun 29, 2017 the machine is sold for $45,500 for cash. Journalize the transaction. 3. Journalize the transactions for TED Co, assuming the company uses di with the uncollectible receivables. direct write-off method to deal Sold merchandise No. 123 to a client A for $3,600 on credit term 2/10, n/30, at the cost of $3,000. Received payment from the client A. Received $1,800 which was written off on Jan. 5, from client B. Oct. 5 15 20 losing entries with the following information from the adjusted trial balance for RISE Co. Accumulated Depreciation- equipment Prepaid Insurance Unearned revenue Fees earned Wage expense Insurance expense $5,000 3,200 1,900 70,980 4,150 1,245 2,713 2,042 Utilities expense Depreciation expense