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The Cullumber Shop owned by Andrew Sohn, sellis skateboards in the summer and snowboards in the winter. The shop has an August 31 fiscal year end and uses a perpetual inventory system and the earnings approach. On August 1, 2021, the company had the following balances in its general ledger Cash $21.385 A. John, Drawings $52,800 Merchandise inventory 64.125 Sales 485,500 Supplies 3.750 Rent revenue 1.200 Equipment 70.800 Sales returns and allowances 11.420 Accumulated depreciation 13,275 equipment 301.010 Cost of goods sold Accounts payable 12,650 Salaries expense 68.200 Unearned revenue 4680 Rent expense 18.150 Notes payable 42.000 Insurance expense 4.140 A John, capital 58.400 Interest expense 1.925 2 4 5 5 8 9 10 During August, the last month of the fiscal year, the company had the following transactions: Aug. 1 Paid $1,650 for August's rent Paid $6,500 of the amount included in Accounts Payable Sold merchandise costing $7,900 for $12430 cash Purchased merchandise on account from Orange Line Co.130. FOB shipping point, for 324.000. Pald treight charges of $720 on merchandise purchased from Orange Line Co. Purchased supplies on account for $360. Refunded a customer 5425 cash for returned merchandise. The merchandise had cost $267 and was returned to inventory Sold merchandise on account to Spider Company for $15.700, terms 2/10, 1/30, FOB shipping point. The merchandise had a cost of $9.775. Pald Orange Line Ca for half of the merchandise purchased on August S. Spider Company returned $750 of the merchandise it purchased. Cullumber Shop issued Spider a credit to its account. The merchandise had a cost of 5469 and was returned to inventory Pald salaries $3.900 Spider Company paid the amount owing. Purchased $9,800 of merchandise from Rainbow Option Co. on account terms 2/10, 1/30, FOB destination Returned $800 of the merchandise to Rainbow Option Co and received a credit on the account. Received $526 cash in advance from customers for merchandise to be delivered in September Paid salaries $3.100 11 12 15 19 21 23 24 30 30 Pald Rainbow Option Co. the amount owing 31 Andrew John withdrew $4.800 cash Adjustment and additional data: 1. 2. 3. 4. A count of supplies on August 31 shows $755 on hand. The equipment has an estimated eight-year useful life. Remember that adjusting entries are done annually, not monthly. of the notes payable, $6,000 must be paid on September 1 each year. (1) An analysis of the Unearned Revenue account shows that $3,750 has been earned by August 31. (2) A corresponding entry of $2,325 for Cost of Goods Sold will also need to be recorded for these sales. Interest accrued on the note payable to August 31 was $175. A count of the merchandise inventory on August 31 shows 76.560 of inventory on hand. S. 6. Record closing entries. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts. Round answers to decimal places, eg. 5,275.) Date Account Titles and Explanation Debit Credit Aug. 31 (To dose revenue accounts) Aug. 31 (To dose expense accounts) Aug 31 >