PROBLEM 1-4 JHJ ATHLETIC SHOE STORE 2014 Set up following T- Accounts 1. Cash 2. Accounts Receivable 3. Shoe Inventory 4. Supplies 5. Auto 6. Accumulated Depreciation-Auto 7. Accounts Payable 8. JHJ Common Stock 9. JHJ Retained Earnings 10. JHJ Dividends 11. Shoe Sales 12. Cost of Shoes Sold 13. Rent Expense 14. Supplies Expense 15. Depreciation Expense Journalize the following transactions utilizing LIFO inventory valuation method. 1. Invested $100,000 in business. 2. Purchased shoes on account for inventory, 20,000 @ $20 each 3. Purchased auto for $30,000 paying $10,000 in cash with balance to be paid on account. 4. Paid rent expense, S10,000. 5. Purchased supplies, $40,000. 6. Purchased shoes on account, 30,000 pairs @ 25 each. 7. Cash sales, $500,000 (10,000 pairs of shoes). 8. Credit sales, $1,200,000 (24,000 pairs of shoes). 9. Paid on accounts payable, $600,000. 10. Received cash from credit customers, $800,000. 11. Ending supplies, $10,000. 12. Paid dividends, $20,000. 13. Journalize the adjusting entry for auto utilizing Double Declining Balance method of Depreciation, 4-year life with salvage value of $3,000. Required: 1. Journalize all entries 2. Post all entries to ledger. 3. Prepare trail balance 4. Prepare income statement 5. Prepare statement of retained earnings 6. Prepare balance sheet 7. Prepare cash flow statement 8. Prepare closing entries