please answer the exercises and be very specific. thanks

E5.2 (LO 2) Information related to Kerber Co. is presented below. Journalize purchase transactions. 1. On April 5, purchased merchandise on account from Wilkes Company for $23,000, terms 2/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of $900 on merchandise purchased from Wilkes. 3. On April 7, purchased equipment on account for $26,000. 4. On April 8, returned damaged merchandise to Wilkes Company and was granted a $3,000 credit for returned merchandise. 5. On April 15, paid the amount due to Wilkes Company in full. 5-42 CHAPTER 5 Accounting for Merchandising Operations Instructions a. Prepare the journal entries to record these transactions on the books of Kerber Co. under a perpetual inventory system. b. Assume that Kerber Co. paid the balance due to Wilkes Company on May 4 instead of April 15. Prepare the journal entry to record this payment.Journalize perpetual inventory E5.3 (LO 2, 3) On September 1, Nixa Office Supply had an inventory of 30 calculators at a cost of $18 entries. each. The company uses a perpetual inventory system. During September, the following transactions occurred. Sept. 6 Purchased 90 calculators at $22 each from York. 9 Paid freight of $90 on calculators purchased from York Co. 10 Returned 3 calculators to York Co. for $69 cash (including freight) because they did not meet specifications. 12 Sold 26 calculators costing $23 (including freight) for $31 each on account to Sura Book Store, terms n/30. 14 Granted credit of $31 to Sura Book Store for the return of one calculator that was not ordered. 20 Sold 30 calculators costing $23 for $32 each on account to Davis Card Shop, terms n/30. Instructions Journalize the September transactions. Prepare purchase and sales entries. E5.4 (LO 2, 3) On June 10, Diaz Company purchased $8,000 of merchandise on account from Taylor Company, FOB shipping point, terms 2/10, n/30. Diaz pays the freight costs of $400 on June 11. Dam- aged goods totaling $300 are returned to Taylor for credit on June 12. The fair value of these goods is $70. On June 19, Diaz pays Taylor Company in full, less the purchase discount. Both companies use a perpetual inventory system. Instructions a. Prepare separate entries for each transaction on the books of Diaz Company. b. Prepare separate entries for each transaction for Taylor Company. The merchandise purchased by Diaz on June 10 had cost Taylor $4,800.Prepare purchase and sales entries. E5.4 (LO 2, 3) On June 10, Diaz Company purchased $8,000 of merchandise on account from Taylor Company, FOB shipping point, terms 2/10, n/30. Diaz pays the freight costs of $400 on June 11. Dam- aged goods totaling $300 are returned to Taylor for credit on June 12. The fair value of these goods is $70. On June 19, Diaz pays Taylor Company in full, less the purchase discount. Both companies use a perpetual inventory system. Instructions a. Prepare separate entries for each transaction on the books of Diaz Company. b. Prepare separate entries for each transaction for Taylor Company. The merchandise purchased by Diaz on June 10 had cost Taylor $4,800. Journalize sales transactions. E5.5 (LO 3) Presented below are transactions related to R. Humphrey Company. 1. On December 3, R. Humphrey Company sold $570,000 of merchandise on account to Frazier Co., terms 1/10, n/30, FOB destination. R. Humphrey paid $400 for freight charges. The cost of the merchandise sold was $350,000. 2. On December 8, Frazier Co. was granted an allowance of $20,000 for merchandise purchased on December 3. 3. On December 13, R. Humphrey Company received the balance due from Frazier Co. Instructions a. Prepare the journal entries to record these transactions on the books of R. Humphrey Company using a perpetual inventory system. b. Assume that R. Humphrey Company received the balance due from Frazier Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2. Prepare sales section and closing E5.6 (LO 4, 5) Financial Statement The adjusted trial balance of Sang Company shows the fol- entries. lowing data pertaining to sales at the end of its fiscal year October 31, 2020: Sales Revenue $820,000, Freight-Out $16,000, Sales Returns and Allowances $25,000, and Sales Discounts $13,000. Instructions a. Prepare the sales section of the income statement. b. Prepare separate closing entries for (1) sales revenue, and (2) the contra accounts to sales revenue.Prepare adjusting and closing entries. E5.7 (L0 4) Tim Jarosz Company had the following account balances at year-end: Cost of Goods Sold $60,000, Inventory $15,000, Operating Expenses $29,000, Sales Revenue $115,000, Sales Discounts Exercises 5-43 $1,200, and Sales Returns and Allowances $1,700. A physical count of inventory determines that mer- chandise inventory on hand is $13,600. Instructions a. Prepare the adjusting entry necessary as a result of the physical count. b. Prepare closing entries. E5.8 (LO 4) Presented below is information related to Hoerl Co. for the month of January 2020. Prepare adjusting and closing entries. Ending inventory per Insurance expense $ 12,000 perpetual records $ 21,600 Rent expense 20,000 Ending inventory actually Salaries and wages expense 55,000 on hand 21,000 Sales discounts 10,000 Cost of goods sold 218,000 Sales returns and allowances 13,000 Freight-out 7,000 Sales revenue 380,000 Instructions a. Prepare the necessary adjusting entry for inventory. b. Prepare the necessary closing entries