please solve the sales journal, cash reciepts journal page only thanks

aughing Lavender is a retail company that provides lavender decorated products (gadgets pots, coveralls, dried Illowers The opening Classified Balance sheet for September 2020 is shown below. 146 marka Laughing Lavender Classified Belence Sheet Asa August 31, 2000 ASS Current Assets Cash 28.400 Accounts Receivable 2000 Merchandise very 21.500 Prepadert 12000 Tot un Property, Plant & Equipment Equipment 42.000 Accumulated Depreciation 10000 Total Property, PW & Equipment Total Assets 63.900 22.000 96.900 $ 20.500 12.000 5000 bis Current Liabilities Accounts Payable Uneamed Revenue Bank Loan, Current Portion Total Current Liabilities Long Termine Bank Loan Long Term Ponton Total Long Term Lisbites Total Libilities 37.500 48.000 65.000 BE00 Owner's Equity Fred. Capital Tot Owner's Elly Total Libes and Owner's Equity 3,400 3400 96900 3 The company uses the following chart of accounts to implementits accounting system Accesorption Account Account Description Account FEMBLE 101 40 ADES Oth Account Prepaid for Merventory Equipment Acum Decreto LOUP mm Alwarem Sales Discount 150 T- CO UUS Acours Interest Payable Salary Payne ed ever Dark Loan 200 21 200 EXDEES Conto Cross Bod Advertising Experte Depreciation Lxperise inerne Expense rest Expense Mirage porte Orice Supplies Expense Por perse 500 16 510 515 520 & Clea E. OVERSEOUNTY Pred. Capel Fred. Withdrawal Income stry 10 310 56 Shipping Expert is Expense For the month of September 2020, Laughing Lavender had the following transactions: Sept 5 Sept 14 Sept 14 Sept 15 Sept 16 Sept 17 Sept 18 Sept 20 Purchased 100 gadgets at $24.50 each on account with terms 210.30) Sold merchandise on credit to Bee Kind rives for $825115 gidgets for $56 each)terms 4/15,730; cost of goods sold was $2.713.55 (115 gidgets for $23.60 each) Laughing Lavender paid $120 to ship the goods to Bee-Kind Hives (FOB destination) Paid wages of $2.500 Bee-Kind Hives retumed $1,100 (sales price) worth of merchandise purchased on Sept 14; cost of goods sold for the 20 retumed gidgets (use your inventory schedule for amount); goods were returned to inventory Received payment from Bee Kind Hives for Sept 14 sale Purchased 175 gidgets at $25.50 each on account Incurred $1,000 in utilities exponses to be paid next month Sold $17.875 worth of merchandise for cash (325 gidgets for $55 each); inventory cost use your inventory schedule for amount) Paid the balance owed to the supplier for gidgets purchased on Sept 5 Paid the balance owed to the supplier for gidgets purchased on Sept 18 Received $2,000 cash from sales previously made on account Sept 22 Sept 25 Sept 25 Sept 29 At the end of September, the following adjustments need to be joumalized to properly report the balances of the company's accounts Sept 30 Prepaid rent represents one year of retail space rent one month of prepaid rent has been used Sept 30 Monthly depreciation on equipment $450 Sept 30 Uneamed revenue worn $1.200 has now been camed Sept 30 Interest of 575 has accrued on the bank loan Sept 30 Accrued salary expense of $500 for an employee Note: of the remaining balance of the bank loan $5,000 will be paid within the next year. Laughing Lavender uses the perpetual inventory system and the Weighted Average system. Septembers opening inventory was 915 gidgets The opening balance in Accounts receivable is all for Alpaca Farms d) Required a) Enter the balances from the September 2020 Classified Balance Sheet into the Trial Balance Worksheet (6 marks) b) Create an inventory schedule using the above transactions Calculate Ending Inventory, COCS, Revenue & Gross Profit Hint this schedule should equw your Cost of Goods Soid on your fri Statements (80 marks) Prepare the joumal entries for the transactions that took place during the month of September and post them to the appropriate general ledger accounts on the Trial Balance Worksheet. 25 marks) Create the following Specialized Journals: Sales Jouma, Cash Receipts Joumal and update with transactions from above. Post the amounts into the Accounts Receivable Control and Subsidiary ledger accounts. (20 marks) Prepare the month ond journal entries for the month of September and post them to the appropriate general ledger accounts on the Trial Balance Worksheet (11 marks) Prepare the journal entries to dose the books for the month of September 2020 (use the income summary account and post them to the appropriate general ledger accounts on the Trial Balance Worksheet (13 marks) 9 Prepare a Multstep Income Statement. Al expenses are allocated as follows - Retal 65% and Office 35% (12 mans) 1) Prepare the statement of owner's equity. (marks) 0 Prepare the classified balance sheet. (11 marks DI Laughing Lavender used the FIFO inventory valuation method, instead of the Weighted Average Method what would be the cost of Goods Sold, Ending Inventory and Gross Profit amounts? (marks) Answer 1 of 1 Done 1. Journal Entries Laughintavender Journal Date Accounts Title Debit Sept5 Merchandise inventory S2.450 Accounts Payable To record inventory purchased to 5 2.450 Sept. 14 Accounts Receivable IS 3 Sales Revenue To record revenue and on 152 Sept 14 Cost of Goods Sold S 2.714 Merchandise ventory To record cost of goods sold incurred $2.736 Sept 14 Freight Out s 120 Cash 15 120 Tordret har inte Sept 15 Satanes Expense IS 2.300 cash $ 2.500 To record sales Expense und Sept 16 Sales Belum Allowance 15 1.300 Accounts Receivable IES LO To record sales returned Sept 16 Merchandisinventory 5 42 Cost of Goods Sold (To record cost of rood sold revered $ Sept 17 cash S 3.06 Sales Dit $ Account 53.2 To record amount received one Sept 18 Merchandise inventory 144 Accounts Payable Torcord Inventor purchased on is Sept.20 units Expense S2000 Accounts Payable 152.000 To record utilities aptitud Sept 22 h S1 Sales Revende Te record vene emedan Sept 22 Cost of Goods Sold IS 2.0 Merchandise entory (forecendo el podio incurred Sept Accounts Payable $ 2.450 ch S250 To record payment made Sept.25 Accounts Payable S 446 Cash To record payment made on kunt Sept 29 Cash IS 2.000 Account create 132.000 Terecord amount recent 2. Adjusting Entries - Laughing Lavender Adjusting Entries Date Accounts Title Debit Sept 30 Rent Expense $ 1,000 Prepaid Rent (To record rent expense incurred) Credit $ 1,000 Sept 30 Depreciation Expense $ 450 Accumulated Depreciation $ (To record depreciation Expense incurred) 450 Sept 30 Unearned Revenue $ 1,200 Sales Revenue (To record sales revenue earned) $ 1,200 Sept 30 Interest Expense $ 75 Interest Payable (To record interest Expense incurred) $ 75 Sept 30 Salaries Expense $ 500 Salaries Payable (To record salaries Expense incurred) $ 500 3. Worksheet - uus 500 8 Accounts Title Cash Accounts Receivable Merchandise Inventory Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Interest Payable Salaries Payable Unearned Revenue Bank Loan, Current Portion Bank Loan, Long Term Portion Fred, Capital Sales Revenue Cost of Goods Sold Freight Out Salaries Expense Sales Return & Allowance Sales Discount Utilities Expense Rent Expense Depreciation Expense Interest Expense Laughing Lavender Worksheet Trial Balance Journal Entries Trial Balance Adjustments Trial Balance Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit $ 28,400 $ 24,891 S 9,533 $ 43,759 $ 43,759 $ 2,000 $ 6,325 $ 8,325 S $ $ 21,500 $ 7,385 $ 10,482 $ 18,403 $ 18,403 $ 12,000 $ 12,000 $ 1,000 $ 11,000 $ 42,000 $ 42,000 $ 42,000 $ 10,000 $ 10,000 $ 450 $ 10,450 $ 20,500 $ 6,913 $ 7,913 $ 21,500 $ 21,500 $ 75 $ 75 $ 500 $ $ 12,000 $ 12,000 $1,200 $ 10,800 $ 5,000 $ 5,000 $ 5,000 $ 45,000 $ 45,000 $ 45,000 $ 13,400 $ 13,400 $ 13,400 $ 24,200 $ 24,200 $ 1,200 $ 25,400 $ 10,482 472 $ 10,010 $ 10,010 $ 120 $ 120 $ 120 $ 2,500 $ 2,500 $ 500 $ 3,000 $ 1,100 $ 1.100 $ 1,100 $ 209 $ 209 $ 209 $ 1,000 $ 1,000 $ 1,000 $1,000 $ 1,000 $ 450 S 450 $ 75 $ 75 Total $ 105,900 $ 105,900 $ 60,924 $ 60,924 $131,100 $131,100 $3,2253,225 $132,125 $132,125 4. Income Statement - Laughing Lavender Income Statement For the Month Ended September 2020 Sales Revenue $ 25,400 Sales Return & Allowance $ (1,100) Sales Discount $ (209) Net Sales $ 24,091 Cost of Goods Sold $ 10,010 Gross Profit $ 14,081 Operating Expenses: Freight Out Salaries Expense Utilities Expense Rent Expense Depreciation Expense Total Operating Expenses $ 120 $ 3,000 $ 1,000 $ 1,000 $ 450 $ 5,570 Operating Profit $ 8,511 Other Expenses: Interest Expense $ 75 Net Income $ 8,436 5. Statement of Owner's Equity - Laughing Lavender Statement of Owner's Equity For the Month Ended September 2020 Fred, Capital Beginning $ 13,400 Add: Net Income $ 8,436 $ 8,436 Fred, Capital Ending $ 21,836 Laughing Lavender Balance Sheet September 2020 Assets Current Assets: Cash $ 43,759 Accounts Receivable $ Merchandise Inventory $ 18,403 Prepaid Rent $ 11,000 Total Current Assets $ 73,161 Equipment Accumulated Depreciation $ 42,000 $ (10,450) $ 31,550 Total Assets $ 104,711 Liabilities and Owner's Equity Current Liabilities: Accounts Payable Interest Payable Salaries Payable Unearned Revenue Bank Loan, Current Portion Total Current Liabilities $ 21,500 $ 75 $ 500 $ 10,800 $ 5,000 $ 37,875 Long Term Liabilities: Bank Loan, Long Term Portion $ 45,000 Total Liabilitales $ 82,875 Owner's Equity Fred, Capital $ 21,836 $ 104,711 Total Liabilities and Owner's Equity 7. Weighted Average Method - 7. Weighted Average Method - Weighted Average Method Date Purchases Cost of goods sold Units Rate Cost Units Rate Cost Sept 1 Sept5 100 $ 24.502,450 Sept 14 115 $ 23.60 $ 2,714 Sept 16 -20 $ 23.60 $ (472) Sept 18 175 $ 25.50 $ 4,463 Sept 22 325 $ 23.90$ 7,768 Units 915 1015 900 920 1095 720 Balance Rate Cost $23.50 $ 21,500 $ 23.60 $ 23,950 $ 23.60 $ 21,236 $ 23.60 $ 21,708 $ 23.90 $ 26,171 $ 23.90 $ 18,403 275 $ 25.14 $ 6,913 420 $ 23.83 $10,009 770 $ 23.90 $ 18,403 8. FIFO Method - FIFO Method Cost of goods sold Units Rate Cost Purchases Rate Units Cost Date Sept 1 Sept 5 Sept 14 100 $ 24.50 $ 2,450 115 $ 23.50 $ 2,702 Sept 16 -20 $ 23.50 $ (470) Units 915 2015 800 100 820 100 820 100 175 495 100 175 Balance Rate Cost $ 23.50 $ 21,500 $ 23.60 $ 23,950 $ 23.50 $ 18,798 $24.50 $ 2,450 $ 23.50 $ 19,268 $24.50 $ 2,450 $ 23.50 $ 19,268 $24.50 $ 2.450 $ 25.504,463 $ 23.50 $ 11,631 $24.50 $ 2,450 $ 25.50 $4,463 Sept 18 175 $ 25.50 $ 4,463 Sept 22 325 $ 23.50 $ 7,637 275 $25.14 $ 6,913 420 $23.50 $ 9,869 770 $24.08 $ 18,544 9. Income Statement (FIFO Method) - Income Statement Revenue $ 25,400 Cost of Goods Sold $ (9,869) Gross Profit $ 15,531 Thank You. Pages Acte COGS Hobi Menchan Castle Acce PR Cash Het PR ICH Oh ICH 30-Sopla **** U C.0011201 Til T al Account Account DS Description DR CH GEN Balance Account Manafame Date PR CHI Balance