Problems. Create all journal entries in General Journal format.

$(20$ points$)1.$ Monarch Company purchases dozens of products for resale. Prepare journal entries for these recent transactions:

a$.$ Purchased inventory with an invoice value of $$17,200.$ Monarch will pay for the inventory within $30$ days.

b$.$ Purchased new machinery for a total cost of $$107,000.$ Paid in cash at time of purchase.

c$.$ Paid wages and salaries in the amount of $$165,000.$

d$.$ Repaid a bank loan for $$205,000$ cash. $$5,000$ of this amount was for interest. The loan was originally recorded in Notes Payable.

e$.$ Sold inventory for $$52,000.$ The inventory had a cost to Monarch of $$37,000.$ The customer will pay within $20$ days.

$2.$

$(20$ points$)$ Dragon Flight provides consulting services to a broad range of Midwestern companies. Prepare adjusting journal entries for each of the following situations in preparation for the Company's May $31$ year end:

a$.$ Dragon Flight completed a major project on May $30.$ The total invoice amount will be $$58,000$ when Dragon Flight invoices the client on June $10.$

b$.$ In June $2023,$ Dragon Flight acquired a new office building for $$261,000.$ The building has an estimated useful life of $20$ years and zero salvage value. Dragon Flight uses straight$-$line depreciation.

c$.$ In January a client paid Dragon Flight $$42,000$ for a project. Because the project had not yet started, Dragon Flight credited Unearned Revenue. As of May $31,$ Dragon Flight has completed one$-$half of the work for the project.

d$.$ On June $10,$ Dragon Flight will be billed for $$8,400$ of electricity for the month of May.

$(20$ points$)3.$ Bombus is a regional distributor of personal care products. Their most recent Trial Balance is in the spreadsheet. Prepare the closing entries Bombus needs to prepare for their next fiscal year.