Outcome 2: Prepare adjusting journal entries for merchandising company transactions, Prepare a detailed balance sheet and income statement, Prepare adjusting and closing entries, and Understand the various internal control issues and procedures for inventory Graduate attributes covered: Scholastic rigor & practical competence: creative thinking, problem solving, analytical thinking, time management, dexterousness and knowledgeability The following data from the adjusted trial balance of Al Muna Market LLC Al Muna Market LLC - Trial balance for the year ended 31" December 2018 Account Debit Credit Sales discounts 6,000 Sales retums 2,000 Sales 790.000 Gain on sale of land 15,800 Interest expense 12,000 Salesman salary 2,200 Bad debts expense 1500 Cost of Goods sold 680,000 Office expense 22.500 Depreciation office equipment 5000 Utilities expense 6500 Advertising expense 15000 Insurance expense 5,500 Additional Information: 1. Retained earnings as on 1" January 2018 is RO 30,000 2. Dividends paid during the year RO 7,000 Required: 1. Find out Net Income by using Multi-step and simple step income statement 2. Find out Gross Profit Margin Ratio? 3. Prepare Closing adjusting entries. 4. Statement of Retained earnings account for the year ended 31" December 2018 rastia. Na 2