Please help! I am struggling with this problem and have posted the question twice. I would greatly appreciate a response.

ACC 121 Project transactions Spring 2020 (Use the workdng papers provided by your instructor to work this project.) Sun Fun Company uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledger for the company are indicated in the working papers. Below are a series of transactions for Sun&Fun Co. for the month of January. Credit sales terms are 2/10,n/30. The cost of all merchandise sold was 56% of the sales Jan. 3 Sell merchandise on account to M. Knast $2,900, invoice no. 825, and to C. Ryder $1,800, invoice no. 826. 5 Purchase merchandise from R. Drifter 55,000 and N. Sava 52,200, terms /30. 7 Receive checks from V. Amold 54,000 and I. Tan $2,000 afer discount period has lapsed. 8 Pay freight on merchandise purchased $235. 9 Send checks to K. Xerxes for balance currently due less 2% cash discount, and to T. Caper for balance currently due less 1% cash discount 9 Issue credit of $300 to C. Ryder for merchandise returned. 10 Summary daily cash sales total $15,500. 11 Sell merchandise on account to D. Gallagher $1,600, invoice no. 827, and to V. Amold S900, invoice no. 12 Pay rent of $1,000 for January. 13 Receive payment in full from M. Knast and C. Ryder less cash discounts. 15 Withdrawal of $800 cash by J. Sandy for personal use. 15 Post all entries to the subsidiary ledgers. 16 Purchase-merchandise from T. Caper $18,000, terms 1/10, 1/30; K. Xerxes $14,200, terms 2/10, 1/30; and R. Drifter $1,500, terms 1/30. 17 Pay S400 cash for office supplies. 18 Return $450 of merchandise to K. Xerxes and receive credit. 20 Summary daily cash sales total $20,100. 21 Issue $15,000 note, maturing in 90 days, to M. Griffen in payment of balance due. 21 Receive payment in full from V. Amold less cash discount. 22 Sell merchandise on account to M. Knast $2,700, invoice no. 829, and to D. Gallagher $1,300, invoice no. 22 Post all entries to the subsidiary ledgers. 23 Send checks to T. Caper and K. Xerxes in full payment less cash discounts. 25 Sell merchandise on account to I. Tan 53,500, invoice no. 831, and to C. Ryder $6,100, invoice no. 832. 27 Purchase merchandise from T. Caper S14,500, terms 1/10, /30; N. Sova $1,200, terms 1/30; and R. Drifter 53,800, terms 130. (continued) page 2 of 19 27 Post all entries to the subsidiary ledgers. 28 Pay $200 cash for office supplies. 31 Summary daily cash sales total 521,300. 31 Pay salaries and wages of $8,100. INSTRUCTIONS: (2) Record the January transactions in a sales journal, a single-column purchases journal, a cash receipts journal, a cash payments journal, and a two-column general journal. (b) Post the journals to the general ledger. (e) Prepare a trial balance at January 31, 2020, in the trial balance columns of the worksheet Complete the worksheet using the following additional information: 1) Office supplies at January 31 total 5850. 2) Insurance coverage expires on October 31, 2020 3) Annual depreciation on the equipment is $1,500. 4) Interest of $50 has accrued on the note payable. (d) Prepare a multiple-step income statement and an owner's equity statement for January and a classified balance sheet at the end of January. (e) Prepare and post adjusting and closing entries. (1) Prepare a post-closing trial balance and determine whether the subsidiary ledgers agree with the control accounts in the general ledger. (Calculate the following ratios. Include the written formula in words in addition to your calculations and your final answers: 1) Inventory Turnover 2) Days in Inventory 3) Gross Profit Rate 4) Working Capital Name Section Sun Fun Id(Continued Sun&Fun Company Owner's Equity Statement For the Month Ended January 31, 2020 Sun&Fun Company Balance Sheet January 31, 2020 22 of 27 Name Section Date Sun&Fun Co. Sun&Fun Company Post-Closing Trial Balance January 31, 2020 Debit Credit Cash Accounts Receivable Notes Receivable Inventory Office Supplies Prepaid Insurance Equipment Accumulated Depreciation - Equipment Notes Payable Accounts Payable Interest Payable J. Sandy, Capital Accounts Receivable balance: Subsidiary account balances D. Gallagher C. Ryder Total subsidiary accounts T Accounts Payable balance: Subsidiary account balances: N. Sova R. Drifter Total subsidiary acccounts 25 of 27 Sun&Fun Co. Ratios Calculate the following ratos for the month of January. Include the written formula in words, as well as your calculations and final answers. Round your final answer to one decimal place. 1. Inventory Turnover (beginning Inventory is $8,000): Inventory Turnover: 2. Days in Inventory: (note the number of days in this time period) 3. Gross Profit Rate: 4. Working Capital 27 of 27 ACC 121 Project transactions Spring 2020 (Use the workdng papers provided by your instructor to work this project.) Sun Fun Company uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledger for the company are indicated in the working papers. Below are a series of transactions for Sun&Fun Co. for the month of January. Credit sales terms are 2/10,n/30. The cost of all merchandise sold was 56% of the sales Jan. 3 Sell merchandise on account to M. Knast $2,900, invoice no. 825, and to C. Ryder $1,800, invoice no. 826. 5 Purchase merchandise from R. Drifter 55,000 and N. Sava 52,200, terms /30. 7 Receive checks from V. Amold 54,000 and I. Tan $2,000 afer discount period has lapsed. 8 Pay freight on merchandise purchased $235. 9 Send checks to K. Xerxes for balance currently due less 2% cash discount, and to T. Caper for balance currently due less 1% cash discount 9 Issue credit of $300 to C. Ryder for merchandise returned. 10 Summary daily cash sales total $15,500. 11 Sell merchandise on account to D. Gallagher $1,600, invoice no. 827, and to V. Amold S900, invoice no. 12 Pay rent of $1,000 for January. 13 Receive payment in full from M. Knast and C. Ryder less cash discounts. 15 Withdrawal of $800 cash by J. Sandy for personal use. 15 Post all entries to the subsidiary ledgers. 16 Purchase-merchandise from T. Caper $18,000, terms 1/10, 1/30; K. Xerxes $14,200, terms 2/10, 1/30; and R. Drifter $1,500, terms 1/30. 17 Pay S400 cash for office supplies. 18 Return $450 of merchandise to K. Xerxes and receive credit. 20 Summary daily cash sales total $20,100. 21 Issue $15,000 note, maturing in 90 days, to M. Griffen in payment of balance due. 21 Receive payment in full from V. Amold less cash discount. 22 Sell merchandise on account to M. Knast $2,700, invoice no. 829, and to D. Gallagher $1,300, invoice no. 22 Post all entries to the subsidiary ledgers. 23 Send checks to T. Caper and K. Xerxes in full payment less cash discounts. 25 Sell merchandise on account to I. Tan 53,500, invoice no. 831, and to C. Ryder $6,100, invoice no. 832. 27 Purchase merchandise from T. Caper S14,500, terms 1/10, /30; N. Sova $1,200, terms 1/30; and R. Drifter 53,800, terms 130. (continued) page 2 of 19 27 Post all entries to the subsidiary ledgers. 28 Pay $200 cash for office supplies. 31 Summary daily cash sales total 521,300. 31 Pay salaries and wages of $8,100. INSTRUCTIONS: (2) Record the January transactions in a sales journal, a single-column purchases journal, a cash receipts journal, a cash payments journal, and a two-column general journal. (b) Post the journals to the general ledger. (e) Prepare a trial balance at January 31, 2020, in the trial balance columns of the worksheet Complete the worksheet using the following additional information: 1) Office supplies at January 31 total 5850. 2) Insurance coverage expires on October 31, 2020 3) Annual depreciation on the equipment is $1,500. 4) Interest of $50 has accrued on the note payable. (d) Prepare a multiple-step income statement and an owner's equity statement for January and a classified balance sheet at the end of January. (e) Prepare and post adjusting and closing entries. (1) Prepare a post-closing trial balance and determine whether the subsidiary ledgers agree with the control accounts in the general ledger. (Calculate the following ratios. Include the written formula in words in addition to your calculations and your final answers: 1) Inventory Turnover 2) Days in Inventory 3) Gross Profit Rate 4) Working Capital Name Section Sun Fun Id(Continued Sun&Fun Company Owner's Equity Statement For the Month Ended January 31, 2020 Sun&Fun Company Balance Sheet January 31, 2020 22 of 27 Name Section Date Sun&Fun Co. Sun&Fun Company Post-Closing Trial Balance January 31, 2020 Debit Credit Cash Accounts Receivable Notes Receivable Inventory Office Supplies Prepaid Insurance Equipment Accumulated Depreciation - Equipment Notes Payable Accounts Payable Interest Payable J. Sandy, Capital Accounts Receivable balance: Subsidiary account balances D. Gallagher C. Ryder Total subsidiary accounts T Accounts Payable balance: Subsidiary account balances: N. Sova R. Drifter Total subsidiary acccounts 25 of 27 Sun&Fun Co. Ratios Calculate the following ratos for the month of January. Include the written formula in words, as well as your calculations and final answers. Round your final answer to one decimal place. 1. Inventory Turnover (beginning Inventory is $8,000): Inventory Turnover: 2. Days in Inventory: (note the number of days in this time period) 3. Gross Profit Rate: 4. Working Capital 27 of 27