Prepare the origination, accrual and settlement journal entries for JackJoe, Inc (5 points) and Lizzie Inc. (5 points), 6 entries in total, assuming the note is paid on time: On December 1, 20x5, JackJoe, Inc. received an X% (select an interest rate between 7% and 9%), 90 day.note receivable from Lizzie, Inc. This note was issued in settlement of a $100,000 outstanding account receivable. Test 2: Question 3 Criteria Ratings Pts JackJoc Inc. journal entries 5 pts Lizzie Inc. journal entries 5 pts Total Points: 10 JackJoe, Inc. sells toy mice to high-end toy stores. JackJoe's accounting policy for inventory is periodic LIFO inventory. Following is JackJoe's inventory activity for January. The toy mice on hand at January 1 had a unit cost of $1. Select a variable (X) for the units sold on January 27th, a number between 21 and 41. Units on Purchases Sales Hand 1.Jan 50 5-Jan 150 units @ $2 each Date 200 16-Jan 120 units @ $100 each 80 23-Jan 50 units @ $3 each 130 27-Jan X units @ $100 each 2 a) (b) Prepare the inventory analysis for January and write the adjusting journal entry for inventory. (5 points) How much is gross profit for January (5 points) If JackJoe used FIFO, would gross profit be greater, equal or less than gross profit using LIFO? Why? (5 points) What is inventory? What increases the balance of the account and what decreases it? What would be presented on the balance sheet if JackJoe Inc. estimated the market value of the mice at the end of January to be 0? (all three questions, 5 points) c) Test 2 #4 inventory Criteria Ratings Pts 5 pts 5 pts A) Prepare the inventory analysis for January and write the adjusting journal entry for inventory (5 points) A) How much is gross profit for January? (5 points) B) If JackJoe used FIFO, would gross profit be greater, equal or less than gross profit using LIFO? Why? (5 points) C) What is inventory? What increases the balance of the account and what decreases it? What would be presented on the balance sheet if JackJoe Inc. estimated the market value of the mice at the end of January to be 0? (all three questions, 5 points) 5 pts 5 pts