In order for you to understand what accounts you will need in the company, you will complete the classification exercise on the separate Classification Word document provided. Included in this document, you will also do a trial balance to help with this classification process. Week 2: Journalization Due by the end of Week 2 at 11:59 pm, ET. Using the information from your classification, you now have figured out which accounts you will need. Using the information listed below, put the transactions in pro forma by doing the required journal entries and general ledger posting. Remember to compute account balances as you post. Excel templates are provided in blackboard. NOTE: You will determine the COGS amounts in week 3, make sure to put the entries in without the amounts. Transaction Owner invested $100,000 cash into the business. Purchased equipment on account for $10,000 plus $100 installation. It has a life of 4 years with zero residual value. Purchased 20 coats at $50 each terms 2/10, n/30. Paid $200 for the shipping of the coats on July 5th. Purchased another 10 coats at $60 each term 2/10, n/30. Date July 1 July 2 July 5 July 9 July 11 July 15 Paid the rent of $2000. July 15 July 16 July 22 July 24 July 26 July 31 Sold 2 coats to Argus at $500 each, terms 2/10, n/30. At this point remember to do the COGS entry without the dollar value (LIFO). You wil compute that amount in the next step of the project. Sold 4 coats to James at $500 each, terms 2/10, n/30. You will compute that amount in the next step of the project. Sold 7 coats to Bob at $500 each, terms 2/10, n/30. You will compute that amount in the next step of the project. Bob returned 1 coat that was damaged and we gave hin credit on his account. Could not be restocked. Bob paid his bill within the discount period. Paid electric bill $100. ok 3: Inventory