NEED HELP WITH WHATS WRONG IN THE TABLE VS THE JOURNAL ENTRIES $..$To get you started in your new role, Pat Simons has asked you to review necessary journal entries $($JEs$)$ and T account postings for the following transactions, which occurred in the month just ended. Use a perpetual inventory system. The debits and credits should equal and the entries should have proper impact on the accounts that are being used. The journal entries should be written in proper format. The accounts should not be abbreviated. Ensure that the entries are properly formatted with the names of the credited accounts indented and the proper description shown. Review the associated T accounts and ensure that the journal entries are properly posted to the T accounts. During this week, you are correcting any errors in the journal entries and T account postings. Please use the provided Excel spreadsheet to review the journal entries, T account postings, correct any errors and submit the corrected spreadsheet to BlackBoard. You are not creating correcting entries, you are changing $($correcting$)$ the entries that Pat created.

All the accounts that should be used during this project have a T account, if there is no T account, do not create one.

Fitchtown, Inc. operates with monthly accounting periods. All of the company's accounting work is completed through the end of April, and its ledgers show April $30$ balances. Terms for all credit sales are $2/10,$ n$/30,$ unless otherwise stated.

My $1$ Issued Check No$.3410$ to Q&R Management Co$.$ in payment of the May rent, $$3,710.($Use two lines to record the transaction. Charge $80\%$ of the rent to Rent Expense$$Selling Space and the balance to Rent Expense$$Office Space.$)$

$2$ Sold merchandise on credit to Cole Company, Invoice No$.8785,$ for $$6,100($cost is $$4,100).$

$2$ Issued a $$175$ credit memorandum to Mercer Co$.$ for defective $($worthless$)$ merchandise sold on April $28$ and returned for credit. The total selling price $($gross$)$ was $$4,725.$ NOTE: The $$175$ is the amount to credit and is the $100\%$ amount of the item returned.

$3$ Received a $$798$ credit memorandum from Preston Products for the return of merchandise purchased on April $29.$

$4$ Purchased the following on credit from Davis Supply Co$.$: merchandise, $$37,072$; store supplies, $$574$; and office supplies, $$83.$ Invoice dated May $4,$ terms n$/10$ EOM.

$5$ Received payment from Mercer Co$.$ for the balance from the April $28$ sale less the May $2$ return and the discount.

$8$ Issued Check No$.3411$ to Preston Products to pay for the $$7,098$ of merchandise purchased on April $29$ less the May $3$ return and a $2\%$ discount.

$9$ Sold store supplies to the merchant next door at their cost of $$350$ cash.

$10$ Purchased $$4,074$ of office equipment on credit from Davis Supply Co$.,$ invoice dated May $10,$ terms n$/10$ EOM.

$11$ Received payment from Cole Company for the May $2$ sale less the discount.

$11$ Purchased $$8,800$ of merchandise from Henley, Inc., invoice dated May $10,$ terms $2/10,$ n$/30.$

$12$ Received an $$854$ credit memorandum from Davis Supply Co$.$ for the return of defective office equipment received on May $10.$

$15$ Issued Check No$.3412,$ payable to Payroll, in payment of sales salaries, $$5,320,$ and office salaries, $$3,150.$ Cashed the check and paid the employees.

$15$ Cash sales for the first half of the month are $$71,620($cost is $$38,200).($Cash sales are recorded daily but are recorded only twice here to reduce repetitive entries.$)$

$16$ Sold merchandise on credit to Cole Company, Invoice No$.8786,$ for $$3,990($cost is $$1,890).$

$17$ Purchased $$13,650$ of merchandise from Summit Corp., invoice dated May $14,$ terms $2/10,$ n$/60.$

$19$ Issued Check No$.3413$ to Henley, Inc., in payment of its May $10$ invoice less the discount.

$22$ Sold merchandise to Crane Services, Invoice No$.8787,$ for $$6,850($cost is $$4,990),$ terms $2/10,$ n$/60.$

$23$ Issued Check No$.3414$ to Summit Corp. in payment of its May $14$ invoice less the discount.

$24$ Purchased the following on credit from Davis Supply Co$.$: merchandise, $$8,120$; store supplies, $$630$; and office supplies, $$280.$ Invoice dated May $24,$ terms n$/10$ EOM.

$25$ Purchased $$3,080$ of merchandise from Preston Products, invoice dated May $23,$ terms $2/10,$ n$/30.$

$26$ Sold merchandise on credit to Crank Corp., Invoice No$.8788,$ for $$14,210($cost is $$8,230).$

$26$ Issued Check No$.3415$ to Perennial Power in payment of the May electric bill, $$1,283.$

$29$ The company voted to issue and pay dividends today, in the amount of $$7\mathrm{.}000.$

$30$ Received payment from Crane Services for the May $22$ sale less the discount.

$30$ Issued Check No$.3417,$ payable to Payroll, in payment of sales salaries, $$5,320,$ and office salaries, $$3,150.$ Cashed the check and paid the employees.

$31$ Cash sales for the last half of the month are $$66,052($cost is $$42,500)$NEED