On September 1, 2020, Alex T Company had an inventory of 25 backpacks at a cost of $26 each. The company uses a perpetual inventory system and using FIFO assumption method to value the ending inventory. During September 2020, the following transactions and events occurred 1. Sep. 4, purchased 70 backpacks at $27 each from Peter, terms 2/10, n/30. 2. Sep. 7, received credit of $150 for the return of 6 backpacks purchased on that were defective. 3. Sep. 9, sold 55 backpacks for $40 each to McGill Books, terms 5/10, n/30. 4. Sep.11, paid Peter in full, less discount. 5. Sep. 30, the payroll for the month consisted of salaries and wages of $60,000. All salaries and wages are subject to 7.65% FICA taxes. A total of $9,100 federal income taxes are withheld. The salaries and wages will be paid on October 1. 6. Sep. 30, employer's payroll taxes included 7.65% FICA taxes, a 5.4% state unemployment tax, and an 0.8% federal unemployment tax. 7. Sep. 30, interest expense of $250 incurred on the current maturity of long-term debt. 8. Sep. 30, the insurance fee for the year 2020 costing $36,000 was prepaid on December 31, 2019 and debited prepaid insurance for the full amount at that time. 9. Sep. 30, the equipment was acquired for $65,000 on June 1, 2019, and will be depreciated on a straight-line basis over 5 years with a $5,000 salvage value. Instructions (a) Prepare journal entries for the transactions listed above. Preapare adjusting entries and closing entries at September 30, 2020. (b) Prepare Alex T's Multiple Income Statement for the month ended September 30, 2020