I'm kind of having a problem with this assignment, can anyone help me with this. Thanks so much

Midterm Exam Problem 1 The following trial balance pertains to Ingalls Supermarket as of January 1, 2012: Hint: Ingalls Supermarket uses the preptual Inventory system. Ingalls Supermarket Trial Balance As of January 1, 2012 Account Title Cash Accounts Receivable Merchandise Inventory Accounts Payable Common Stock Retained Earnings Totals $ Debit 26,000 4,000 50,000 Credit $ $ 4,000 43,000 33,000 80,000 $ 80,000 The following events occurred in 2012. 1. 2. Cash paid for land purchase Merchandise purchased on account Terms: 1/10 n/45, FOB Shipping Point 3. Freight paid in cash for merchandise purchase above 4. Defective Merchandise returned purchased in event 2 5. Merchandise costing $60,356 sold for cash 6. Merchandise costing 84,220 sold on account Terms: 1/20 n/30 7. Paid cash on accounts payable with discount (event 2) 8. Paid Selling expenses 9. A/R collected within discount period 10. A/R collected after discount period 11. Paid other operating expenses $ 20,000 $ 126,000 $ 1,000 $ 3,600 $ 86,000 $ 120,000 $ $ $ $ ? 11,600 50,000 60,000 6,400 Required: a. Record these transaction in the general journal provided b. Post the transactions to ledger T accounts provided c. Prepare a before closing trial balance provided d. Prepare an income statement, a retained earnings statement, and balance sheet. Proper format such as heading, rulings etc. is important and will be part of your grade. You may use your text book for examples. There are no check figures provided. You are not required to prepare the closing entries for this problem. Problem 1 Requirement A The first entry is done for you. Explanations are not required. Ingalls Supermarket GENERAL JOURNAL Date 2012 1 2 3 4 Account Titles and Explanation Land Cash Purchase Account payable 7 8 9 10 11 Credit 20,000 20,000 126,000 126,000 1,000 Account payable Purchase returns 3,600 5b Account receivable Sales revenue 6b Debit Transportation Cash 5a Cash Sales revenue 6a Post. Ref. 1,000 3,600 86,000 86,000 Requirement B: Balance account after each transaction Ingalls Supermarket GENERAL LEDGER Some of the Beginning balances have been inserted for y The first transaction has been posted Cash Date 2012 Jan 1 1 Account No. 100 Post. Ref. Explanation Debit Balance Acquired Land for Cash 20,000 Accounts Receivable Date 2012 Jan 1 Explanation Debit Debit Acquired Land for Cash Debit Explanation Balance 20,000 Account No. 200 Post. Ref Debit Credit Balance Balance 4,000 Explanation Account No. 300 Post. Ref Debit Credit 1 Balance Balance 43,000 Retained Earnings Explanation Account No. 310 Post. Ref Debit Credit 1 Balance Balance 33,000 Sales Revenue Explanation Account No. 400 Post. Ref Debit Sales Discount Date 2012 Credit 20,000 Common Stock Date 2012 Balance Account No. 160 Post. Ref Accounts Payable Date 2012 Jan Credit 50,000 Explanation Date 2012 Jan 1 Balance Account No. 150 Balance 1 26,000 6,000 4,000 Land Date 2012 Jan Credit Balance Date 2012 Balance Account No. 103 Post. Ref Merchandise Inventory Post. Explanation Ref Date 2012 1-Jan Credit Explanation Credit Balance Account No. 505 Post. Ref Debit Credit Balance Cost of Goods Sold Date 2012 Explanation Account No. 518 Post. Ref Debit Selling Expenses Date 2012 Explanation Credit Balance Account No. 531 Post. Ref Debit Credit Balance Requirement C Ingalls Supermarket Trial Balance December 31, 2012 Account Title Debit Credit 0 Use this Trial Balance to prepare the financials 0 Requirement D: Use Last Two Columns (B&C) for $ amounts. Use the first three lines of each shaded area for the financial statement heading Prepare the income statement Ingalls Supermarket Income Statement For the year Ended December 31, 2012 Prepare the Statement of Retained Earnings Prepare the Balance Sheet with proper headings and format: Midterm Exam Problem 2: Journal Entries The following events pertain to Turner Company for January 2011: The company uses the perpetual inventory method. Record the following events in the general journal. Jan3. Purchased $20,000 of merchandise inventory from a supplier, Kelly Distributors, Inc. The terms of the purchase: 2/10, n/30 and FOB shipping point. Jan 5. Paid $450 cash for freight to trucking company to have goods shipped from Kelly Distributors, Inc. Jan 7. (a) Sold merchandise for $4,000 to a customer on account. (b) The merchandise had cost Turner $2,800. Jan 10. Returned $2,500 of defective merchandise to Kelly Distributors, Inc. Jan. 11. Paid amount due on account to Kelly Distributors for merchandise purchased on January 3. Jan. 12. a) Accepted a return of $750 of the goods sold on January 7. b) The cost of these goods was $550. Date Jan 3 Cash 5 7a 7b 10 11 12a 12b Debit Account Titles 20,000 Credit Problem 4: Preparing Closing Entries SANCHEZ DELIVERY SERVICE COMPANY Adjusted Trial Balance FOR THE MONTH ENDED JUNE 30, 2012 ACCOUNT TITLE 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 100 103 107 108 112 140 141 150 151 200 206 310 320 400 507 511 568 520 521 206 518 23 512 24 515 Cash Accounts Receivable Supplies on Hand Prepaid Insurance Prepaid Rent Buildings Accumulated Depreciation-Buildings Trucks Accumulated Depreciation-Trucks Accounts Payable Capital Stock Retained Earnings,May 31,2012 Dividends Service Revenue Salaries Expense Utilities Expense Miscellaneous Expense Depreciation Expense--Buildings Depreciation Expense--Trucks Salaries Payable Supplies Expense Insurance Expense Rent Expense ADJ TRIAL BALANCE DEBIT CREDIT 58,200 80,000 12,000 4,600 11,000 320,000 36,800 100,000 30,400 32,000 300,000 134,400 10,000 104,000 32,000 1,200 600 800 400 400 6,000 200 1,000 25 26 27 28 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Totals 638,000 638,000 26 27 28 Required: Prepare the closing entries using Journal that follows Problm 4 SANCHEZ DELIVERY SERVICE COMPANY GENERAL JOURNAL DATE ACCOUNT TITLES AND EXPLANATION Closing Entries POST. REF. DEBIT CREDIT