Purchased merchandise on account from Chloe Co$.,$ terms $\frac{2}{10},\frac{n}{30},$ FOB destination, $$88,000.$

Returned damaged merchandise purchased on October $21,$ receiving a credit memo from the seller for $$5,000.$

Refunded cash on sales made for cash, $$7,500.$ The cost of the merchandise returned was $$4,800.$

Paid sales salaries of $$56,000$ and office salaries of $$29,000.$

Purchased store supplies for cash, $$2,400.$

Sold merchandise on account to Turner Co$.,$ terms $\frac{2}{10},\frac{n}{30},$ FOB shipping point, $$78,750.$ The cost of the goods sold was $$57,000.$

Received cash from sale of October $20$ plus freight paid on October $21.$

Paid for purchase of October $21,$ less return of October $24.$

Complete the following:

Prepare journal entries for all October transactions

Post journal entries to appropriate ledgers $(t-$charts$)-$ remember there are starting balances above!

Prepare an unadjusted trial balance.

Prepare $($and post$)$ the adjusting journal entries given the following information:

a$.$ Inventory on October $31=$$$592,000$

b$.$ Insurance expired during the year $=$$$18,000$

c$.$ Store supplies on hand on October $31=$$$5,800$

d$.$ Depreciation for the current year $=$$$14,000$

e$.$ Accrued salaries on October $31$:

Sales salaries $$8,600$

Office salaries $,5,600$

$14,200$

f$.$ The adjustment for customer returns and allowances is $$60,000$ for sales and $$35,000$ for cost of goods sold.

$5.$ Prepare an adjusted trial balance.

$6.$ Prepare an Income Statement, Statement of Stockholder's Equity, and Balance Sheet.

$7.$ Prepare and post the closing journal entries.

$8.$ Prepare a post$-$closing trial balance.