Journalize the following transactions for a merchandising company that uses PERIODIC INVENTORY SYSTEM. No explanations Transactions May 1 Sales Invoice Sold merchandise on account, $780.00 plus HST of $101.40. 9 Purchase Invoice Purchased merchandise on account, $900.00 plus HST of $117.00. 18 Credit Invoice Received Received an allowance for damaged merchandise that was originally purchased on account, $59.00 plus HST of $7.67, total $66.67. A different company uses the perpetual inventory system. Journalize the transaction below using the same journal page as Part A. Transaction DATE PARTICULARS PAGE 2 PR DEBIT CREDIT From the information listed below for the NHS Company, prepare the income statement to the gross profit for the year ended December 31, 2021. Use the information below. (14 marks) Sales $85000 Sales Returns and Allowances 2000 Discounts Allowed 3000 Merchandise Inventory, January 1, 2021 12 000 Merchandise Inventory, December 31, 2021 14 000 Purchases 40 000 Purchases Returns and Allowances 1000 Discounts Earned 1500 Freight-in 1200 Breakdown Calculated Cost of Goods Sold Calculated Net Purchase and Net Calculated Gross Profit Mak Breakdown Your mark 2 NHS Company Income Statement December 31, 2021 9 Calculated Goods Available for sale 1 Comm 14 Newmarket Merch Company Work Sheet December 31st, 2022 Accounts Trial Balance Adjustments Income Statement Balance Sheet DR CR DR CR DR CR DR CR Bank Accounts Rec. 500.00 17,910.00 Merch. Inventory 39,600.00 Supplies 2,500.00 Prepaid Insurance 1,800.00 Equipment 27,850.00 Acc. Dep-Equipment 5,200.00 Accounts Payable HST Payable 7,400.00 1,078.00 HST Recoverable 390.00 C.Wong, Capital 64,647.00 C.Wong, Drawings 10,000.00 Sales 94,310.00 Sales Returns and Allow 1,360.00 Discounts Allowed 830.00 Purchases 41,500.00 Purchases R &A 620.00 Discounts Earned 735.00 Freight-in 950.00 Miscellaneous Exp 350.00 Rent 4,800.00 Telephone 1,500.00 Utilities 2,750.00 Wages 19,400.00 173,990.00 173,990.00 1. Ending Inventory $27000 2. Supplies on hand at the end of the fiscal period is $1000 3. Prepaid Insurance at the end of the fiscal period is $800 4. Depreciation for Equipment is 20% (Declining Balance) Adjustment done correctly (6 marks) End. and Beg. inventory put in the correct spot (2 marks) Net Income calculated (I mark) Balance Sheet in balanced (2 marks) Income Statement in balanced (2 marks) Additional Information 13 MARKS Formula for Depreciation: Equipment- Acc Dep'n Equipment x 20%