Prestige Bookstore: Transactions for Month-End Closing Process - April 1. Initial Balances (as of April 1): - Cash: $20,000 - Accounts Receivable: $5,500 - Inventory: $15,000 - Prepaid Rent: $4,000 (for April and May)| - PPE (net): $10,000 - Accounts Payable: $6,500 - Loan Payable: $10,000 - Owner's Equity: $27,500 - Retained Earnings: $10,500 2. Transactions during April: a. Purchased new books from various publishers, costing $8,000 on credit. b. Made sales (all books) worth $12,000, of which $8,000 were cash sales and the remaining $4,000 were credit sales. c. Paid staff salaries for April, amounting to $4,500. d. Paid $2,500 to publishers for past dues. e. Received a power bill for April, amounting to $600, payable in May. f. Received $3,500 from customers for previously billed sales (accounts receivable). g. Paid interest of $200 on the outstanding loan. h. Paid a marketing agency $800 for promoting the bookstore, which will run ads over the next 8 months. 3. Adjustments needed at the end of April: a. The prepaid rent covers both April and May, so half of it has been used up. b. A physical count of the inventory shows only $11,500 worth of books left. c. Depreciation on fixtures and furniture in the store is $300 for the month. d. $750 of hourly wages were earned during April, but not yet paid. e. The marketing campaign is expected to benefit the business for the next 8 months. This month's portion needs to be recognized. Prestige Bookstore: Transactions for Month-End Closing Process - April 1. Initial Balances (as of April 1): - Cash: $20,000 - Accounts Receivable: $5,500 - Inventory: $15,000 - Prepaid Rent: $4,000 (for April and May)| - PPE (net): $10,000 - Accounts Payable: $6,500 - Loan Payable: $10,000 - Owner's Equity: $27,500 - Retained Earnings: $10,500 2. Transactions during April: a. Purchased new books from various publishers, costing $8,000 on credit. b. Made sales (all books) worth $12,000, of which $8,000 were cash sales and the remaining $4,000 were credit sales. c. Paid staff salaries for April, amounting to $4,500. d. Paid $2,500 to publishers for past dues. e. Received a power bill for April, amounting to $600, payable in May. f. Received $3,500 from customers for previously billed sales (accounts receivable). g. Paid interest of $200 on the outstanding loan. h. Paid a marketing agency $800 for promoting the bookstore, which will run ads over the next 8 months. 3. Adjustments needed at the end of April: a. The prepaid rent covers both April and May, so half of it has been used up. b. A physical count of the inventory shows only $11,500 worth of books left. c. Depreciation on fixtures and furniture in the store is $300 for the month. d. $750 of hourly wages were earned during April, but not yet paid. e. The marketing campaign is expected to benefit the business for the next 8 months. This month's portion needs to be recognized