INTRODUCTION TO ACCOUNTINGNAMESECTIONPROBLEM $1$Instructions:The Adco Manufacturing CompanyYou have been given five journals. Listed below are selected transactions of the Adco Manufacturing Company. Record the transactions in the appropriate journal. The terms of all sales on account are FOB shipping point. BE NEAT.April $1$ Issued Check #$593$ for April rent, $$4002$ Purchased Merchandise on account from the sloan Company, $$2,3503$ Purchased Equipment on account from the Long Equipment Company, $$1,3504$ Issued Invoice #$815$ to Mr$.$ James owl for $$940$ for the sale of merchandise$4$ Received a Credit Memo from the sloan Company for defective merchandise returned to them, $$1505$ Received a check for $$1,552$ from Kentucky Fried Chicken Company in payment of $$1,600$ invoice, less discount$8$ Issued Invoice #$816$ to the Price Company in amount of $$1,4508$ Issued Check #$594$ in payment of miscellaneous selling expenses, $$1759$ Issued Check #$595$ for $$3,069$ to Allans Supply Company in payment of $$3,100$balance less $18$ discount$9$ Received a check from Norbert Corporation on account $$850,$ no discount$10$ Issued Check #$596$ to the Hatchers Company in payment of invoice of $$810,$ no discountReceived a check from Mr$.$ James Owl on account $$690--$ no discount Issued check #$597$ to Wade Company in payment of account $$1,450.-$ no discountIssued Invoice #$817$ to Kentucky Fried Chicken Company in amount of $$2,740$Issued Check #$598$ for $$2,156$ to the sloan Company in payment of $$2,200$ balance less $2\%$ discountIssued Check #$599$ for $$610$ for cash purchase of merchandise Cash sales for April$1-15,$ $$5,499$Issued Credit Memo to Kentucky Fried Chicken Company for damaged merchandise, $$140$PROBLEM $2$Based on your entries for Problem $1,$ in all the journals indicate the method of posting the individual items in the journals in the following manner:A$.$ For individual items that are to be posted to the subsidiary ledger, insert a checkmark in the posting reference column.B$.$ For individual items and totals to be posted to the general ledger, insert the letter $"$G$"$ as a substitute for specific account numbers in the posting reference column, or below where the totals would appear.C$.$ For items that will not be posted individually, and for totals that will not be posted, place a checkmark in the posting reference column or below where the totals would appear.