Journalize CoastalCoastal Products' closing entries.
2.	Compute the gross margin percentage and the rate of inventory turnover for 20172017. Inventory on hand one year ago was $ 14 comma 000$14,000. For 20162016,CoastalCoastalProducts' gross margin was 4848percent, and inventory turnover was 4.24.2times during the year. Does thetwo-year trend in these ratios suggest improvement or deterioration inprofitability?

Li ManagIImnt Consulting performs seniiees but also began selling software. Li Management uses the pIrpetual inventory system. During July 2016, the business mmpleted these transactions: a [Cllck the lean Eovlewthe tnnuctlnnl.) Regulred Requirementl. Joumalize and posttn the Tacmunts the July tmnsaotions. Reference all transactions by date. Total each Tiaocount. where applicable. and denote the balance as Bel. Start hyioumal'm'ng the transactions, beginning with the transaction on the 2nd. Completed a consulting engagement and received cash oi$8.400. [Record debihiint. than credits. Exclude explanations from journal ankles.) .loumIl Entry Dlll Gredlt Jul Choose from any list or enter any number in the input elds and mm click Check Arewer. o Dma Table .Jul 2 Completed a eonsulting engagement and reoeived cash of $3,400. 2 Prepaid three months' ofce rent. $13,300. 7 Purchased 170 units software inventory on amount. $3,470. plus owed the manufacturer freight-in M3100. 16 Pald employee salary, 83.800. (Note previous yeariend accrual of $400). 13 Sold 150 software units on acoount, $4.100 (cost $3,150). 19 Consulted with a silent for a fee of 51.100 on amount. 21 Pald on account, 53.570. 22 Purchased 240 units software lnvenmry an account. $6,240. 24 Pald utilities. $400. 23 Sold 150 units scware for cash. $4.800 (cost $3.800). 31 Rammed the following adjusting entrial Matted salary eprnsI. $1,800. Prepaid rent used. $4.600. Amortization of ofce furniture $220. and of equipment. $164. Physlcal count of lnventory. 100 units. $2.600. Print Done Check Answer Suppeu Targei usesihe perpetual inventnry system and purchases $320,000 of wurnen's sportswear on amount from Big and Beauhiful Inc. an August 1. 2017. Credit harms are: {10. netlsr Target pays eleclmnieally. and Big and Beauiful receives 'ha money on Augum 10. 2017. Journalize Target's (e) puma and (b) payment h'msaninns. What was Target\"; net 0051 afuis invenmry? I. Journaize Terget's purchase lrensecliun. (Record dlhlh at, lhln mdlh. Exclude axpllnnlnnllmmjournll Illl.)