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Question #1 Below is an adjusted trial balance for the Perfect Purple Pie Place! A small shop that sells fabulous, fruit-filled, fat-free pies in purple pastry! Prepare: a. Classified Multiple Step Income Statement b. December's Closing Entries. Perfect Purple Pie Place Trial Balance December 31, 2019 Debit Account Titles Credit Cash S119,060.00 Accounts Receivable $50,000.00 Petty Cash $300.00 Merchandise luventory $25,760.00 Office Supplies $1.568.00 Store Supplies 52.447.00 Prepaid Insurance S5-45400 Office Equipment $24.190.00 Accumulated Depreciation Office Equip $16, 171.00 Store Equipment 541.920 Accumulated Depreciation Store Equip 525 356.00 Accounts Payable S86,483.00 Peter Pie Eater, Capital S153254.00 Peter Pie Eater. Withdrawals 53.600.00 Sales S250,070.00 Sales Returns & Allowance $3.175.00 Sales Discounts 796.00 Interest Revenus 58 546.00 Cost of Goods Sold 570.050.00 Depreciation Expense, Office Equip 58.750.00 Depreciation Expense, Store Equip $12.500.00 Office Salaries Expense $41,500.00 Sales Salaries Expense $65.600.00 Insurance Expense 54.000,00 Rent Expense Store Space 54.000.00 Rent Expense Office Space $16,000.00 Bank Charges Expense 5560,00 Office Supplies Expense $7,800.00 Store Supplies Expense S550.00 Utilities Expense S500.00 Totals S540,000.00 $40,000.00 Question #2 Following are the May 2020 merchandising transactions for the Taber Corn Chip Company. Taber Corn Chip Company uses a perpetual inventory system. The terms of all sales to customers are 3/15 n 45 unless otherwise noted. Using the following general journal page, complete the journal entries for these transactions. May 1 Sold merchandise on account to the Corn Corporation, retail value of $22,500, cost value of $13,750. May 3 Purchased $36,000 of merchandise from Coaldale Co., terms 2/10 EOM. May 4 Gave the Corn Corp. a price reduction of $1,500 to keep merchandise that had been damaged in delivery. May 4 Sold merchandise on credit to IM. Reddi, retail value of $12,000, cost of $4,500. May 4 Purchased merchandise from the Southern Supply Centre, terms n 30, value of $6,750. May 10 Returned $6,000 of merchandise that was found to be faulty to the Coaldale Co. May 12 Paid for the merchandise purchased from the Coaldale Co. May 15 Received payment from P. Reddi, net of the discount. May 21 Paid Provincial Parcel $120 for having delivered the Coaldale Co. order. May 31 Cash sales for the second half of the month were $45,000 at retail, cost of $22,000. Question #3 The Kipp Canoe Company sells only one model of Canoe to local campers. During the month of September, Kipp had the following transactions involving its Canoe inventory. - Sept 1, beginning balance, 5 Canoes @ $256.50 - Sept 3, purchased 4 Canoes @ $275.00 - Sept 7, sold 7 Canoes @ $510.00 - Sept 9, purchased 11 Canoes @ $230.00 - Sept 17, sold 10 Canoes @ $510.00 - Sept 25, purchased 5 Canoes @ $312.50 - Sept 26, sold 2 Canoes @ $510.00 Calculate Kipp's Ending Inventory (in dollars) and Cost of Goods Sold using: a. Moving Weighted Average, and b. First In First Out Complete your work on the back side of this page. Method Ending Inventory s Cost of Goods Solds FIFO Moving Weighted Average