need transactions done, with chart of accounts attached, adjusting entries, T-Accounts

2020 ADJUSTING ENTRIES: 26. Adjust for Inventory. The physical inventory count indicated there were the following inventory items on hand: a. If your first name starts with A-G; 65 duffles & 35 backpacks b. If your first name starts with H-O; 48 duffles & 32 backpacks c. If your first name starts with P-Z; 25 duffles & 34 backpacks *Remember: Threads uses a periodic FIFO inventory method *HINT: The first adjusting entry effectively gets the inventory account balance corrected, gets the purchase and purchase returns accounts down to zero, and calculates what COGS should be. The COGS value is a plug so you should not have that value until you know the others. You want to adjust merchandise inventory to get the old balance of inventory off the books as that was "sold" according to our FIFO method. You also want to separately adjust it (one will be a credit and the other a debit) to put the inventory value that should be reflected on the quarter ending balance sheet into the account. You then want to empty out the purchase and purchase return accounts. After all of this, the COGS value is just a plug of the other values listed so that your debits equal your credits. The first calculations/ pieces of the entry identify everything we need to figure out what the COGS value should be. 27. Adjust for rent expense. 28. Equipment has a salvage value equal to $500 times the number of letters in your first name. Straight line depreciation is used, and the life of the equipment is 7 years. Frequently Asked Questions: . Please remember that the purpose of this course is to ensure you are ready to succeed in your future 300 level accounting courses. That being said, there is no help lab to help you through this project, and it is considered cheating if you accept help from anyone other than me as you complete this project. The expectation is that you understand the accounting cycle process and are able to perform this work on your own when you pass this course. Please give this project YOUR best effort and reach out to me if you run into questions. . I am more than happy to answer any specific question you have, but I do expect a specific question if you reach out to me for help. Although I truly appreciate your dedication and effort to make sure that you understand the material in this project, it is not appropriate for me to "pre-grade" or check anyone's entire project before you turn it in for grading. This is an assignment. Once you feel confident in your work, please turn your file in for grading.Baldwin Balance Sheet As of March 31, 2019 Assets Cash $625,000 Accounts Receivable $10,500 Prepaid Rent $13,500 Merchandise Inventory $33,318 Total Current Assets $682,318 Equipment $112,000 Less: Accumulated Depreciation $33,600 Net Equipment $78,400 Total Assets $760,718 Liabilities and Stockholders' Equity Accounts Payable $58,000 Wages Payable $2,160 Interest Payable $0 Notes Payable $100,000 Total Liabilities $160, 160 Retained Earnings $600,558 Total Liabilities and Stockholders' Equity $760,718A Chart of Accounts Cash Accounts Receivable Prepaid Rent Merchandise Inventory Equipment Accumulated Depreciation Accounts Payable Wages Payable Interest Payable Notes Payable Retained Earnings Income Summary Sales Sales Returns Purchases Purchase Returns Cost of Goods Sold Wage Expense Rent Expense Interest Expense Depreciation ExpenseBEGINNING BALANCES: I The inventory layers at 3/ 31 /1 9 were as follows: 0 Duffels I 45 gm;@ $150 each = $6,750 (rst in] ' 72 dum@ $130 each = $9,360 I 12 m@ $165 each = $1 ,900 (last in] 0 Backpacks ' 92 backpacks @ $79 each = $7,268 [first in} I 60 backpacks @ $75 each = $4,500 ' 8 backpacks @ $100 each = $800 ' 3B backpacks @ $70 each = $2,660 [last in} I An annual [1 2 month} rent payment of $54,000 was made on July 1, 2013. I A note payable of $100,000 was taken out on January 1, 2018, and is due on Jute 30, 2019. 2019-2020 TRANSACTIONS: 1. On April 22nd, Baldwin purchased 35 duffle bags at $180 per bag on account. 2. On April 23"", Baldwin collected the cash for a receivable totaling a. If your first name starts with A-G; $4,000 b. If your first name starts with H-O; $5,500 c. If your first name starts with P-Z; $7,000 3. On May 7'\11. On July 19th, Baldwin purchased 35 duffles at $210 per bag on account. 12. On August 2nd, Baldwin made a large order sale for 100 backpacks on account. 13. On August 15th, Baldwin paid off an account payable totaling a. If your birth month lies within January-April; $30,000 b. If your birth month lies within May-August; $40,000 c. If your birth month lies within September-December; $50,000 14. On September 8th, Baldwin purchased and paid for 90 backpacks at $79 per bag. 15. On September 30th, Baldwin recorded the individual in-store sales for 70 duffles, and 45 backpacks during the 2nd quarter. All in-store sales were cash sales. 16. On September 30th, Baldwin paid wages for the quarter of $14,280. 17. On Oct. 10th, Baldwin purchased 250 duffles at $160 per bag and 200 backpacks at $75 per bag on account. 18. On December 31 st, Baldwin recorded the individual in-store sales for 230 duffles and 195 backpacks during the 3rd quarter. All in-store sales were cash sales. 19. Baldwin's return policy allows returns with the receipt. During the 3rd quarter (Oct.-Dec.), customers made sales returns as follows: a. If your birth date lies within 1-10; 50 duffles b. If your birth date lies within 11-20; 30 duftles c. If your birth date lies within 21-31; 10 duffles *Customers were given a cash refund for returned merchandise. 20. On December 31 st, Baldwin paid wages for the quarter of $14,280. 21. On Jan. 18th, Baldwin purchased 100 duffles at $175 per bag and 80 backpacks at $85 per bag for cash. 22. On Feb. 10th, Baldwin paid off an account payable totaling a. If your birth month lies within January-April; $60,000 b. If your birth month lies within May-August; $40,000 c. If your birth month lies within September-December; $20,000 23. On March 1, Baldwin collected on the receivable from the August 2nd sale. 24. On March 31 st, Baldwin recorded the individual in-store sales for 140 duffles and 90 backpacks during the 4th quarter. All in-store sales were cash sales. 25. On March 31 st, Baldwin paid wages for the quarter of $14,280