PART 1: CLOSING ENTRIES FOR A MERCHANDISER: 10 POINTS An adjusted trial balance for a merchandiser is given below. Credit Debit $12,600 2,400 800 30,000 $4,200 1,000 800 10,000 3,800 Cash Accounts Receivable Prepaid Rent Merchandise Inventory Accounts Payable Salaries Payable Tax Payable Notes Payable Patel, Capital Patel, Withdrawals Sales Revenue Sales Discounts Forfeited Cost of Goods Sold Insurance Expense Salaries Expense Rent Expense Selling Expense Supplies Expense Total 1,000 96,000 400 23,000 2,400 21,000 14,000 8,500 500 $116,200 $116,200 Journalize the closing entries as of December 31, 2018 General Journal Date Post ref Description DR CR T The ending balance of Patel, Capital would be Open Space Furniture began June with merchandise inventory of 45 sofas that cost a total of $31,500. During the month, Open Space purchased and sold merchandise on account as follows: June 7 Purchase 14Sale 18 Purchase 27 Sale 25 sofas @ $750 each 30 sofas @ 1,150 each 50 sofas @ $775 each 35 sofas @ $1,200 each Prepare a perpetual inventory record, using the LIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory & gross profit. Purchases | Cost of Goods Sold | Inventory on Hand Quant Unit Total Quant Unit Total Quant Unit Total Cost Cost Cost Cost Cost Cost Date Prepare the journal entries for the following petty cash transactions of Morrison Dental Supplies. Aug. 1 Established a petty cash fund with a $200 balance. The petty cash fund has $43 in cash and $154 in petty cash tickets there were issued to pay for Office Expense ($75) and Repair Expense (579). Replenished the fund Aug. 31 and recorded the expenditures. Oct. 15 Increased the balance of the petty cash fund to $250. General Journal Post Date Description ref DR CR