Prepare inventory valuation ONLY using this chart and based on the transactions below

Date	Purchases			Sales			Balance
	Quantity	Unit Cost	Value	Quantity	Unit Cost	Value	Quantity	Unit Cost	Value
Jan 31							500	25.00	12,500.00

Note that: February 28 end balance of Merchandise Inventory should be $44,321.60 and there was a beginning balance from January 31.

Transactions for the month of February: Instructions: a) Prepare the journal entries for the following transactions for the month of February. You will also need to update the inventory in the table for each purchase and sale, return or allowance, found under the Inventory Valuation tab of this workhank Feb 1 Paid rent for February amounting to $660, Cheque #3354 Feb 1 Tees R Us decided to establish a petty cash fund for the office. A cheque #3355 of $500 was issued and cashed. Purchased merchandise from Henley on account, invoice #425; 1100 units at $28 each. Terms of Feb 5 the purchase were 4/10, net 30, FOB Destination. The seller paid the shipping cost amounting to $55. Note: Update the Inventory Valuation table after each purchase. Feb 7 Sold mechandise on accout to Arrow, 800 units at $75 each with invoice #2341. The invoice terms were 3/10, net 30, FOB Destination. Note: Update the Inventory Valuation table after each sale. Feb 9 Some of goods purchased from Henley were defective. Henley agreed to a 5% allowance on the total purchased. Note: You will need to update the Inventory Valuation table to reflect the allowance it reduces the value of the inventory. Paid total liability with a cheque #3356 to Henley for the February 5 purchase less the allowance from Feb. 9. Note: You will need to update the Merchand Inventory account to reflect any discount for early payment to supplier. The employees are paid bi-weekly. Paid the payroll for the first half of February, cheque #3357. Gross pay is $12,500, CPP is $638, El is $235 and income tax is $2,500. Use the general journal to record this. Feb 12 Feb 15 Feb 15 Record the employer's share of CPP (100%) and El (140%) of what was deducted from employees. Feb 17 Arrow paid invoice #2341 on time and took advantage of the early payment discount. Feb 18 Feb 20 Feb 20 Bought inventory from Fabrica with cheque #3358, 1400 units at $30 per unit. Note: Update Inventory Valuation table to reflect purchase Sold 600 units on account at $90 each with invoice #2342 to Martin. The invoice term 3/10, net 30, FOB shipping point. Note: Update Inventory Valuation table. Received $3,200 from Columbia for a sale on account last month. The remaining balance of the petty cash account was $150. Total expenses incurred using the petty cash fund this month amounting to $345. In this amount, it includes the shipping cost incurred on Feb 7 in the amount of $55 and the other costs are for the office supplies expense. Prepare the entry to replenish the petty cash fund with Chq#3359 Feb 25 Made monthly bank loan payment of $1,076 which includes $930 principal and $146 interest. Feb 28 Note: You need to debit the non-current portion of the bank loan for the principal payment. The current portion due will remain the same as the due date for the loan is greater than 12 months from balance sheet date. b)Enter the opening balances of the accounts from the January 31, 2021 Balance Sheet and post the above journal entries to the accounts