Please provide your answers and explanations clearly and neatly (typed or laid out on a spread sheet if possible).

Ive provided an answer sheet because I am unclear of why you would prepare the four closing entries in the way that is shown in the answer key.

1.)Can you please provide a step-by-step explanation for what needs to be done for each required closing entry? (sections/ squares 1-4). Basically, refer to the provided answers I attached to this question and explain how to arrive at each answer (example: why would you debit sales, purchase discount, inventory and credit income summary, etc.)

2.) Also, if Alpha uses perpetual inventory instead of period, how would the adjustments change?

Part IIL. 20 points notes On the basis of its annual physical count of inventory at year-end, Alpha determined that its ending inventory Was 560,000. Alpha uses the periodis inventory system Using the following adjusted trial balance of Alphs, Inc., prepare the four closing entries gxactly as described in your la Cash Accounts receivable Supplies 30,000 45,000 15,000 45,000 90,000 Accum depreciation-equipment Accounts payable Salaries payable Utilities payable 30,000 40,000 15,000 12,000 8,000 80,000 28,000 Income tax payable Common stock Retained earnings Dividends 2,000 Sales discounts Purchases89,000 Purchase discounts Rent expense Salaries expense Depreciation expense15,000 6,000 3,000 25,000 96,000 Income tax expense Total $466,000 $466,000 1. Salo yo ncome summary 247000 2, inoome sum ales dis Goun rent eypend 3. 4.pivndendo retained tomingsu art III Sales Purchase discounts Inventory (or net of 15,000) 250,000 3,000 60,000 Income summary 313,000 2 Income Summary 284,000 Sales discounts Purchases Rent expense Salaries expense Depreciation expense Income tax expense Inventory 6,000 89,000 25,000 96,000 15,000 8,000 45,000 3. Income summary 29,000 Retained earnings 29,000 4. Retained earnings 2,000 Dividends 2,000