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Hulk Corporation is a small private corporation that sells desktop printers to local businesses and schools. On May 1, 2022, the folowing were the account balances of Hulk Corporation: Cash Accounts Receivable Inventory (750 units) Van Furniture & Fixtures Debits 75750 30000 142500 67500 22500 Allowance for Doubtful Accounts Accumulated Depreciation (Van) Accumulated Depreciation (Furniture & Fixtures) Accounts Payable Common Shares Retained Earnings Total Credits Credits 4500 60000 7500 18750 30000 217500 338250 Total Debits 338250 a During May 2022, the following transactions took place: May 1: Bought 240 desktop printers for $240 each on account. May 1: Bought a van, paying $12000 cash as a down payment and signed a 7 month $67500, 6% note payable for the balance. The company paid $1050 to have its company logo painted on the side of the van. The residual value is $8250. The old van was sold for $12750; it cost $67500 and acculumated depreciation up to the date of disposal was $60000 May 10: Sold 270 printers to Star Lord Inc. on account. May 12: Marvel Corporation agreed to sign a 60-day note receivable to replace a $3450 accounts receivable due that day. The interest rate on the note is 12.75% May 20: Sold 5 printers to Thor Inc. using a VISA card to pay for the transaction. A 7.5% service fee is charged by VISA. May 22: Sold 135 printers to Tony Stark Public School on account. May 24: Returned for credit 6 damaged printers from Star Lord Inc., costing $225 each. May 28: Received payment in full from Star Lord Inc. for tha balance owing, May 28: Wrote off as uncolectable $7500 of accounts receivable. May 29: Paid accounts payable, $16500. May 30: Recovered an accounts receivable that was writer off in April, 1275. May 31: Paid operating expenses totalling $68250. May 31: Recorded depreciation on the van and the furniture & fixtures. The company uses straight-line depreciation for the van. The van is estimated to be used for 7 years. The furniture & fixtures are depreciated using the straight-ine method over 6 years. There is no residual value on the furniture and fixtures. May 31: Recorded interest on the note payable. May 31: Recorded interest on the notes receivable May 31: The company records the bad debt expense based on the aging of accounts receivables, which follows: Number of Days Outstanding 0-30 days 31-60 days 61-90 days 90+ days Accounts Receivable $42000 $15750 $4125 $1350 Estinated Percentage Uncollectable 3% 7.5% 15% 30% Other Information: 1) The selling price for each of the printers is $675. 2) Hulk Corporation uses the FIFO method under the perpetual inventory system to account for inventory. 3) In the past, Huk Corporation has used the following accounts on their financial statements: Bad Debt Expense, Cost of Goods Sold, Credit Card Fee, Depreciation Expense, Gain on Sale, Interest Expense, Interest Payable, Interest Receivable, Interest Revenue, Loss on Sale, Notes Payable, Notes Receivable, Operating Expenses, Sales Returns, Sales Revenue. Not al accounts have been used each period. Required: 1) Prepare the journal entries for the transactions including any adjusting journal entries for the month of May 31, 2022. Place your answer under "Requirement 1" in the "Answer" tab. A reminder to round all final numbers to the nearest dolar. Do not round during calculations. Ensure your spelling s accurate. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use the accounts given in the question. 2) Prepare an adjusted trial balance as at May 31, 2022. Place your answer under "Requirement in the "Answer" tab. Place your account titles in column H. debits in column land credits in column J. Ensure your speling is accurate. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use the accounts given in the question 3) Prepare the multi-step Income Statement for the month of May 2022. Ignore income taxes. Place your answer under Requirement 3' in the "Answer tab. Ensure your speling is accurate. Do not use abbreviations for your accounts. Spel them out in their entirety. A reminder to only use the accounts given in the question 4) Prepare a classified Balance Sheet at at May 31, 2022. Place your answer under "Requirement 4* in the "Answer" tab. Ensure your speling is accurate. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use the accounts given in the question. 5) Assume Hulk Corporation overstated its ending inventory by $2850. How does this affect cost of goods sold, gross profit, and net income in the year it was discovered? If the error is undetected, what is the impact on cost of goods sold, gross proft, and net income for the following year. Place your answer under "Requirement 5 in the "Answer" tab using the drop down menus. Enter any type responses in the designated spots. 6) Assume that Hulk Corporation used the LCNRV to report inventory on the balance sheet. The NRV of $750 is less than the FIFO cost. Prepare the journal entry Place your answer under "Requirement 6" in the Answer tab. Ensure your speling is accurate. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use the accounts given in the question Hulk Corporation is a small private corporation that sells desktop printers to local businesses and schools. On May 1, 2022, the folowing were the account balances of Hulk Corporation: Cash Accounts Receivable Inventory (750 units) Van Furniture & Fixtures Debits 75750 30000 142500 67500 22500 Allowance for Doubtful Accounts Accumulated Depreciation (Van) Accumulated Depreciation (Furniture & Fixtures) Accounts Payable Common Shares Retained Earnings Total Credits Credits 4500 60000 7500 18750 30000 217500 338250 Total Debits 338250 a During May 2022, the following transactions took place: May 1: Bought 240 desktop printers for $240 each on account. May 1: Bought a van, paying $12000 cash as a down payment and signed a 7 month $67500, 6% note payable for the balance. The company paid $1050 to have its company logo painted on the side of the van. The residual value is $8250. The old van was sold for $12750; it cost $67500 and acculumated depreciation up to the date of disposal was $60000 May 10: Sold 270 printers to Star Lord Inc. on account. May 12: Marvel Corporation agreed to sign a 60-day note receivable to replace a $3450 accounts receivable due that day. The interest rate on the note is 12.75% May 20: Sold 5 printers to Thor Inc. using a VISA card to pay for the transaction. A 7.5% service fee is charged by VISA. May 22: Sold 135 printers to Tony Stark Public School on account. May 24: Returned for credit 6 damaged printers from Star Lord Inc., costing $225 each. May 28: Received payment in full from Star Lord Inc. for tha balance owing, May 28: Wrote off as uncolectable $7500 of accounts receivable. May 29: Paid accounts payable, $16500. May 30: Recovered an accounts receivable that was writer off in April, 1275. May 31: Paid operating expenses totalling $68250. May 31: Recorded depreciation on the van and the furniture & fixtures. The company uses straight-line depreciation for the van. The van is estimated to be used for 7 years. The furniture & fixtures are depreciated using the straight-ine method over 6 years. There is no residual value on the furniture and fixtures. May 31: Recorded interest on the note payable. May 31: Recorded interest on the notes receivable May 31: The company records the bad debt expense based on the aging of accounts receivables, which follows: Number of Days Outstanding 0-30 days 31-60 days 61-90 days 90+ days Accounts Receivable $42000 $15750 $4125 $1350 Estinated Percentage Uncollectable 3% 7.5% 15% 30% Other Information: 1) The selling price for each of the printers is $675. 2) Hulk Corporation uses the FIFO method under the perpetual inventory system to account for inventory. 3) In the past, Huk Corporation has used the following accounts on their financial statements: Bad Debt Expense, Cost of Goods Sold, Credit Card Fee, Depreciation Expense, Gain on Sale, Interest Expense, Interest Payable, Interest Receivable, Interest Revenue, Loss on Sale, Notes Payable, Notes Receivable, Operating Expenses, Sales Returns, Sales Revenue. Not al accounts have been used each period. Required: 1) Prepare the journal entries for the transactions including any adjusting journal entries for the month of May 31, 2022. Place your answer under "Requirement 1" in the "Answer" tab. A reminder to round all final numbers to the nearest dolar. Do not round during calculations. Ensure your spelling s accurate. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use the accounts given in the question. 2) Prepare an adjusted trial balance as at May 31, 2022. Place your answer under "Requirement in the "Answer" tab. Place your account titles in column H. debits in column land credits in column J. Ensure your speling is accurate. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use the accounts given in the question 3) Prepare the multi-step Income Statement for the month of May 2022. Ignore income taxes. Place your answer under Requirement 3' in the "Answer tab. Ensure your speling is accurate. Do not use abbreviations for your accounts. Spel them out in their entirety. A reminder to only use the accounts given in the question 4) Prepare a classified Balance Sheet at at May 31, 2022. Place your answer under "Requirement 4* in the "Answer" tab. Ensure your speling is accurate. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use the accounts given in the question. 5) Assume Hulk Corporation overstated its ending inventory by $2850. How does this affect cost of goods sold, gross profit, and net income in the year it was discovered? If the error is undetected, what is the impact on cost of goods sold, gross proft, and net income for the following year. Place your answer under "Requirement 5 in the "Answer" tab using the drop down menus. Enter any type responses in the designated spots. 6) Assume that Hulk Corporation used the LCNRV to report inventory on the balance sheet. The NRV of $750 is less than the FIFO cost. Prepare the journal entry Place your answer under "Requirement 6" in the Answer tab. Ensure your speling is accurate. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use the accounts given in the