Q1 ACCT 211-02, winter 2018 Name: ID#: P-1. Prepare any necessary journal entries for the following merchandising transactions: On 7/2, purchased inventory at $70,000 in cash. On 8/1 sold inventory costing $10,000 for $17,000 on credit, 2/20, n/60. On 9/1, received the full payment for the transaction on 8/1. P-2. The following information is the adjusted trial balance of Coyote Company for the year ended on 12/31/2017: DebitCredit Cash Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation-equipment Accounts payable Unearned service revenue Common stock Retained earnings Sales revenue Rent revenue Salaries and wages expense Utility expense S1,560 2,100 3,120 90 300 50 80 120 210 6,610 270 50 160 Total $7,390 S7.390 Instructions: Prepare 1. Income statement for the year ended on 12/31/2017, 2. Statement of retained earnings for the year ended on 12/31/2017, and 3. Balance sheet as of 12/31/2017