please answer the questions and thank you:)
Classified Balance Sheet As at May 31, 2023 Assets \begin{tabular}{|l|r|r|} \hline Cash & $72,560 & \\ \hline Accounts Receivable & 25,480 & \\ \hline Merchandise Inventory & 38,000 & \\ \hline Prepaid Insurance & 7,200 & \\ \hline Total Current Assets & & 143,240 \\ \hline Long-Term Assets & & \\ \hline Equipment & 166,000 & \\ \hline Accumulated Depreciation & 81,000 & 85,000 \\ \hline Total Assets & & $228,240 \\ \hline \end{tabular} Liabilities Current Liabilities \begin{tabular}{|l|r|} \hline Accounts Payable & $30,790 \\ \hline Unearned Revenue & $14,500 \\ \hline Salaries Payable & $8,250 \\ \hline Current Portion of Bank Loan & 19,980 \\ \hline Total Current Liabilities & \\ \hline Non-Current Liabilities & $73,520 \\ \hline Non-Current Portion of Bank Loan & \\ \hline Total Liabilities & $9,970 \\ \hline & $103,490 \\ \hline Shareholders' Equity & \\ \hline Common Shares & \\ \hline Retained Earnings & 81,600 \\ \hline Total Shareholders' Equity & 43,150 \\ \hline Total Liabilities \& Equity & 124,750 \\ \hline Notes Relating to Balances & $228,240 \\ \hline \end{tabular} I he Dank loan has an annual interest rate of 9% and has monthly principal payment of $1.665. The Chart of Accounts Required: a) Prepare the journal entries for the month of June. You will also need to update the inventory in the table for each purchase and sale, return or allowance, found under the Inventory Valuation tab of this workbook. b) Enter the opening balances of the accounts from the opening balance sheet and post the above iournal entries to the account. c) Complete the bank reconciliation report. d) Record the journal entries from the bank reconciliation and post amounts to general ledger accounts. e) Complete the 10-column worksheet. f) Post the adjusting entries to the accounts. g) Journalize and post the adiustments. h) Prepare the multistep income statement, calculation of retained earnings, classified balance sheet found under the financial statements tab of this workbook. i) Answer the analysis questions from ' a ' to 'i' found under the financial statements tab of this workbook. i) Answer all the questions in the Quiz Questions Solution tab General Journal Account Title and Explanation Classified Balance Sheet As at May 31, 2023 Assets \begin{tabular}{|l|r|r|} \hline Cash & $72,560 & \\ \hline Accounts Receivable & 25,480 & \\ \hline Merchandise Inventory & 38,000 & \\ \hline Prepaid Insurance & 7,200 & \\ \hline Total Current Assets & & 143,240 \\ \hline Long-Term Assets & & \\ \hline Equipment & 166,000 & \\ \hline Accumulated Depreciation & 81,000 & 85,000 \\ \hline Total Assets & & $228,240 \\ \hline \end{tabular} Liabilities Current Liabilities \begin{tabular}{|l|r|} \hline Accounts Payable & $30,790 \\ \hline Unearned Revenue & $14,500 \\ \hline Salaries Payable & $8,250 \\ \hline Current Portion of Bank Loan & 19,980 \\ \hline Total Current Liabilities & \\ \hline Non-Current Liabilities & $73,520 \\ \hline Non-Current Portion of Bank Loan & \\ \hline Total Liabilities & $9,970 \\ \hline & $103,490 \\ \hline Shareholders' Equity & \\ \hline Common Shares & \\ \hline Retained Earnings & 81,600 \\ \hline Total Shareholders' Equity & 43,150 \\ \hline Total Liabilities \& Equity & 124,750 \\ \hline Notes Relating to Balances & $228,240 \\ \hline \end{tabular} I he Dank loan has an annual interest rate of 9% and has monthly principal payment of $1.665. The Chart of Accounts Required: a) Prepare the journal entries for the month of June. You will also need to update the inventory in the table for each purchase and sale, return or allowance, found under the Inventory Valuation tab of this workbook. b) Enter the opening balances of the accounts from the opening balance sheet and post the above iournal entries to the account. c) Complete the bank reconciliation report. d) Record the journal entries from the bank reconciliation and post amounts to general ledger accounts. e) Complete the 10-column worksheet. f) Post the adjusting entries to the accounts. g) Journalize and post the adiustments. h) Prepare the multistep income statement, calculation of retained earnings, classified balance sheet found under the financial statements tab of this workbook. i) Answer the analysis questions from ' a ' to 'i' found under the financial statements tab of this workbook. i) Answer all the questions in the Quiz Questions Solution tab General Journal Account Title and Explanation
