Please complete both 3a and 3b (that's how they're provided first b then a).

3b Required Information: On January 10, 2016, the first day of the spring semester, the cafeteria of The Defiance College purchased for cash enough paper napkins to last the entire 16-week semester. The total cost was $4,800. The information on requirement 1 is correct I have already submitted the problem I don't understand the journal entry sheet which is part b. Thanks.

Transaction list 1-4 for journal entry worksheet:

This table is correct:

3a Below are the transactions and adjustments that occurred during the first year of operations at Kissick Co

a. Issued 100,000 shares of $5-par-value common stock for $500,000 in cash.

b. Borrowed $250,000 from Oglesby National Bank and signed a 12% note due in three years.

c. Incurred and paid $190,000 in salaries for the year.

d. Purchased $320,000 of merchandise inventory on account during the year.

e. Sold inventory costing $290,000 for a total of $455,000, all on credit.

f. Paid rent of $55,000 on the sales facilities during the first 11 months of the year.

g. Purchased $75,000 of store equipment, paying $25,000 in cash and agreeing to pay the difference within 90 days.

h. Paid the entire $50,000 owed for store equipment and $310,000 of the amount due to suppliers for credit purchases previously recorded.

i. Incurred and paid utilities expense of $18,000 during the year.

j. Collected $412,000 in cash from customers during the year for credit sales previously recorded.

k. At year-end, accrued $30,000 of interest on the note due to Oglesby National Bank.

l. At year-end, accrued $5,000 of past-due December rent on the sales facilities.

Required:

a. Prepare an income statement (ignoring income taxes) for Kissick Co.'s first year of operations and a balance sheet as of the end of the year. (Hint: You may find it helpful to prepare T-accounts for each account affected by the transactions.)

1 The purchase of the paper napkins, assuming that the purchase was initially recorded as an expense. 2 At January 31, it was estimated that the cost of the paper napkins used during the first three weeks of the semester totaled $950 The purchase of the paper napkins, assuming that the purchase was initially recorded as an asset. 3 4 At January 31 if the initial purchase had been recorded as in c