Main Street Casuals, Inc. Career Green colunll accantly paper Main Street Casuals, Inc. (MSC), is a retail merchandiser that sells clothing to purchases merchandise from numerous manufacturers, all on account, and sens for cash (cash, checks and credit cards), but also has corporate customers (restaurants, etc.) who purchase specialty items. These specialty items are usually matching embroidered with the customers' name and logo on the garments. These commercial pay MSC within 30 - 60 days after delivery of the garments. ce numerous MSC was incorporated on January 2, 20XX by Walter White. Mr. White was able to convince numer relatives to invest in the business entity. ells clothing to both men and women. It ccount, and sells to the public, generally ustomers (restaurants, doctors' offices, usually matching shirts and pants These commercial clients generally The following transactions occurred during the month of January 20XX. January 4 -Walter White deposited $200,000 from his investors into a bank account in the name of MSCS January 6 -The company purchased a building at 300 Main Street, Flushing New York. Walter, as president of the company signed a promissory note for $350,000 and used $50,000 of the company's money for the balance. The building had an appraised value of $300,000 and the land had an appraised value of $100,000. The note was an interest only note at 6% per vear. The note principal was due on January 6, 203X. January 8 The company purchased, for cash, $40,000 of Furniture and Fixtures from another store owner who no longer needed them. January 18 -The first employee of MSC was hired for a salary of $500 per week. Payday was to be each Friday. (No journal entry is required) January 20 -The company purchased in advance 4 months newspaper advertisements from the Flushing Tribune. The ads were to run beginning February 1, 20XX. Total cost paid in advance - $4,000. January 22 -Employee number 1 was paid for the week January 25 - MSC signed a lease with a tenant who was to sell jewelry out of 300 Main Street. The lease was to begin February 1 for $2,000 per month. MSC received on January 25, five months' rent in advance. $10,000 January 26 The company purchased $90,000 of inventory from various manufacturers. Each manufacturer ofte MSCS 30 day open account credit terms. January 29 -Employee number 1 was paid for the week January 31 -Accrued interest for 25 days was paid to the bank on the $350,000 promissory note. Accrued int . Accrued interest $1,438.00 awr -Utility expense for January was paid- $650 On Monday February 1, 20XX MSC opened its doors for business February 5 Weekly Sales were deposited. Total cash and credit card receipts- $28,000 -Employee number 1 was paid for the week -Inventory purchased on January 26 was partially paid - $15,000 February 12 -Weekly Sales were deposited. Total cash and credit card receipts- $31,000 Employee number 1 was paid for the week Inventory purchased on January 21 was partially paid - $19,000 February 19 -Weekly Sales were deposited. Total cash and credit card receipts- $35,000 -Employee number 1 was paid for the week - Inventory purchased on January 26 was partially paid - $31,000 February 26 - Weekly Sales were deposited. Total cash and credit card receipts- $32,000 -Employee number 1 was paid for the week -Balance of inventory purchased on January 26 was paid in full February 27 -The company purchased $100,000 of inventory from various manufacturers. Each manufacturer offered MSC 30 day open account credit terms. Required: 1. Prepare in general journal format all transactions that occurred from business inception thru February 27" 2. Post journal entries to the general ledger 3. Prepare a trial balance as of February 28