Question: 1 I only need help with the second part please

1 10 POS Led Check Assume it is Monday, May the first business day of the month, and you have just been hired as the accountant for Colo Company which operates with monthly accounting periods. All of the company's accounting work is completed through the end of April, and its ledgers show April 30 balances. During your first month on the job, the company experiences the following transactions and events (terms for all its credit sales are 2/10, 1/30 unless stated differently: Nay Taaved Check Subur 3410 to 567 Management Company in payment of the Nay rent for $3,910. Charge $3,000 to Rent Expen-Selling Space, and charge $302 to Rent Expense-office Space. Uwe two lines to record the transaction. May 2 (-) Sold merchandise on credit to Benael Company, Invoice Subar 37as, for 58,200 (soat ia 55,100). May 2 (5) ed un allowance (pries redaction of $275 ta x Cuspany for marchandise sold on April 28. The total selling price ran) was $4,825. May : Tanud retund of Sea to Dayton Products to the return of merchandise purchased on April 29. Cola'a accounts payable was reduced by that want May 4 Parehased the following on credit from Gear Supply Company: merchandise, 537,117; atce supplies, $624; and office supplies, $103. Envie dated Nay , tomaa/30. May Received payment trc Knex Company for the balance from the April 28 (54,550) sale lean the Bay 2 return and the 591 discount. May the May return and the discount Susbar 41 to Peyton Producta to pay for the 57,198 of merchandise purchased on April 23 lesa S May Sold store supplies (noninventory) to the business next door at their coat of $420 cash. Hist: Enter Store Supplies only in the account credited column. May 10 Purchased 54,194 of office equipment on credit fece Gear Supply Caspiany, teras/30. May 11 (a) Beceived payment free Henel Company for the day 2 aale less the discount of $162. May 11 () Parchewed 510,000 of merchandise fra Garcia, Incorporated, terra 2/10, 1/30. May 12 Received (a) $974 prce reduction for Ceas Supply Copany for the return of asce equipment received on May 10. Colo debited accounts payable by that morant. May 15 (s) Saud Check Murbes 3412, payable to payroll, in payment of aslea salaria, 55,520, and attice salaries, May 15 () Caah anles to the first half of the month se 559, 620 coat sa $38,60D). These csah anles are recorded in the cash receipta carnal on May 15. May 15 (e) Pout to the customer and creditor accounta. Alue pot individual items that are not included in calea totala at the end of the month to the general ledger scegasta. May 16 Sold marchandise on credit to Tenael Company. Invece Muzber 1786, for 54,190 (coat ta $2,030). May 13 Parchnad 513,850 of merchandise zu: Tisk Corporation, tessa 2/10, 1/60. May 13 Saud Check Marbus 3413 to Garcia, Incorporated, so payzant of its May 11 purchase lean the discount of 5276. May 22 Sold marchandise to lee Bervices, Invoice Suzbe 6787, for 57,050 coat ia 55,190), tusza 2/10, 1/60. May 22 Taund Check usb 3414 to Tisk Corporation in payment of its May 17 parcha lesa the discount of $313. May 24 Purchased the following on credit to Geas Supply Company: merchandise, $3,520; atore appliea, $830; and office appliea, 5680. Deza /30. May 25 Purchased 53,40 of merchandise from. Deyton rodacta, tessa 2/10, 1/30. May 26 (A) Sold merchandise on credit to Crane Corporation, Invoice aber a78, for $14,410 (cont in 58,630). May 26 () Taand check usb 3415 to Perennial Pover in payment at the May electrie bill, S1,323. May 25 The Wee of Colo Coespany, Jenny Cole, med Check bes 3416 to withdra 57,DDD cash from the business to personal use. May 30 (E) aceived payment ce Lee Services for the May 22 asle less the discount of $157. May 30 (5) Seed Check Marbus 3417, payable to payroll, in payment of aslea salaria, 55,520, and ofte aalasses, 53,350. - May 31 (s) Caah aale for the last hals of the month are $66,212 (ecat sa 542,60D). The cash ales are recorded in the csah recepta journal on May 3. May 31 (b) Pout to the customer and creditor accounta. Alue pot individual items that are not included in calea totala at the end of the month to the general ledges Becorata. Toat and esonatot the Jornala and in the month- and postinga. 53,380. Required: 1 a. Enter the transactions in a sales journal 16. Enter the transactions in a purchases journal. 1. Enter the transactions in a cash receipts journal 1d. Enter the transactions in a cash payments journal 1e. Enter the transactions in a general Journal Assume a perpetual Inventory system. Required: 1a. Enter the transactions in a sales journal 16. Enter the transactions in a purchases Journal. 1 c. Enter the transactions in a cash receipts journal 1.d. Enter the transactions in a cash payments journal 1e. Enter the transactions in a general Journal Assume a perpetual inventory system. Answer is complete and correct. Complete this question by entering your answers in the tabs below. Reg 14 Reg 18 Reg 10 RID Req Enter the transactions in a sales journal. SALES JOURNAL Date Account Debited Invoice Number May 02 May 16 May 22 May 26 Hensel Company Hensel Company Lee services Care Corporation 8786 2786 8787 8788 OOOO Accounts Cost of Receivable Goods Sold Debit Debit Sales Inventory Credit Credit IS 8,100s 6,100 4,100 2,000 7,060 5,190 14,410 8,630 May 31 Totais IS 32,750 22,010 Req1A Reg 1B > Required: 1 a. Enter the transactions in a sales ournal 1b. Enter the transactions in a purchases journal. 1 c. Enter the transactions in a cash receipts journal 1.d. Enter the transactions in a cash payments journal 1e. Enter the transactions in a general Journal Assume a perpetual Inventory system. Answer is complete and correct. Complete this question by entering your answers in the tabs below. Reg 14 Reg 13 Rec RD RE Enter the transactions in a purchases journal. PURCHASES JOURNAL Other Date Account Date of Inveice Terms 516 Olrice Supplies Accounts Debit Debit 103s 614 0 4.194 o O 5/10 5/11 May 04 May 10 May 11 May 17 May 24 May 25 Store supplies Gear Supply omice equipment Gear Supply Garcia, Incorporated Fink Corporation Store Supplies Gear Supply Peyton products NO 11:30 12/10, 130 12110, no 11/30 2010, 130 Accounts Payable Inventory Credit Debit $ 37,829 37,112 4.194 0 10.800 10.800 13.850 13,850 10.030 8.520 3.480 3,480 OOOOOO 5/17 5:24 5/25 680 0 830 0 May 31 Totals 80.183 $ 79,762 IS 783 IS 5.638 Required: 1-a. Enter the transactions in a sales journal 1-b. Enter the transactions in a purchases journal. 1 c. Enter the transactions in a cash receipts journal 1.d. Enter the transactions in a cash payments journal 1e. Enter the transactions in a general Journal Assume a perpetual inventory system. Answer is complete and correct. Complete this question by entering your answers in the tabs below. Red 1A Reg 13 Reg 10 Req1D Regle Enter the transactions in a cash receipts journal CASH RECEIPTS JOURNAL Dute Account Credited Cash Debit Sales Discount Debit Accounts Receivable Credit Sales Credit Other Accounts Credit Cost of Goods Sold Debit Inventory Credit 91s 4550 410 162 8.100 May 05 Knox, Incorporated May 09 Store supplies Gear Supply May 11 Horse Company May 15 Sales May 30 Loe services May 31 Sales ololololols s 4,469S 410 7,938 59,620 6,893 66.242 59,620 38,000 157 7.050 68,212 42,000 May 31 15 145,522 410 IS 19.700 S 125,632 IS B1,200 Required: 1-a. Enter the transactions in a sales journal 1-b. Enter the transactions in a purchases journal. 1. Enter the transactions in a cash receipts journal 1.d. Enter the transactions in a cash payments journal 1e. Enter the transactions in a general Journal Assume a perpetual inventory system. Answer is complete and correct. Complete this question by entering your answers in the tabs below. Req1A Reg 13 Req1c Req1D ReqE Enter the transactions in a cash payments journal. (Enter the transactions in chronciogical order.) CASH PAYMENTS JOURNAL Date Check Number Payee Account Debited S and Management Company May 01 3410 May 08 3411 May 15 3412 Peytor products Payrol Garcia, incorporated Fink Corporation Perennial power Lenny Colo May 19 1412 May 23 3414 May 26 3415 May 201416 Cash Other Inventory Accounts Credit Credit Accounts Payable Debit Debit IS OS OS 3,000S 0 3,910 0 902 0 6,194 100 0 6,360 O 0 5,520 D 8,870 0 3,350 0 10,524 278 00 10,800 13.537 313 0 13,860 1,328 0 1,323 0 7,000 0 7,000 0 O 0 5,520 0 8,870 o 2,350 D S 60 228 IS 755 $ 29,973 S 34.010 Rent expere-Seing space Rent experse - Office Space Peyton products Sales salaries expense Office so expense Garcia, incorporated Fuk Corporation Us excerse Dolo, Withdrawal Sales salaris expense Once salaries expense May 03417 Payrol May 31 Totals Required: 1 a. Enter the transactions in a sales journal 1b. Enter the transactions in a purchases journal. 1 c. Enter the transactions in a cash receipts journal 1d. Enter the transactions in a cash payments journal 1e. Enter the transactions in a general Journal Assume a perpetual inventory system. Answer is complete and correct. Complete this question by entering your answers in the tabs below. Req1A Reg 13 Reg 10 RID RE Enter the transactions in a general Journal No Credit Date May 02 General Journal Sales returns and allowance Accounts receivable Knox, Incorporated Debit 275 1 lolol 275 2 May 03 ol B38 Accounts payable Peyton products Inventory ega 3 May 12 974 Accounts payable-Gear Supply Company Office equipment OOL 974 Reg 2A Reg 23 Reg 2c Reg BA Reg 33 Rea 3 Reg 4 Req 431 Req 482 Prepare a work sheet for the month ended May 31. COLO COMPANY Werk Sheet for Month Ended May 31 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Statement of Equity Account Title Debit Credit Dabit Credit Debi Credit Debit Credit Debit Credi: 145,532 19,700 73,762 783 5,638 OOOO Cash Accounts receivable Merchandise inventory Office Supplies Store Supplies Prepaid insurance Office equipment Accumulated depreciation - Office equipment Store equipment Accumulated depreciation - Store equipment Accounts payable -erry Colo Capital Lenny Colo Windows Sales Sales discounts Sales returns and allowances Cost of goods sold Depreciation Expense-Office equipment Depreciation Expense-Store equipment Officers expense Sales salaries expense Insurance expense Rent expers, office space Rent expense, selling space Office Supplies expense Store supplies expense Usitis exer Totals 0 15 0 15 IS 0 15 15 0 IS 0 S 245411 Net income Totals 0 IS 0 IS 0 O Complete this question by entering your answers in the tabs below. Reg 2 Req2 Reg 2c Req 3A Req33 Reg 3 Reg 4 Rey 431 Prepare a May multiple-step income statement COLO COMPANY Income Statement For Month Ended May 31 Revenues 0 0 Net sales 0 Operating expenses Selling expenses 0 Total soling expenses General and administrative expenses Total general and administrative expenses Total operating expenses 0 COLO COMPANY Statement of Owner's Equity For Month Ended May 31 Reg 2A Reg 28 Reg 2c Reg BA Reg 35 Reg 30 Reg 4 Req 481 Rey 4112 Prepare a May 31 classified balance sheet. COLO COMPANY Balance Sheet May 31 Assets Current assets 0 Total current as Plantas 0 0 0 Total platser Total assets 0 Liabilities Current liabilities: Total liabilities 0 Equity Totallabies and equity O Complete this question by entering your answers in the tabs below. Reg 2 Reg 23 Reg 20 Reg 3A Req Reg 3 Reg 4 Req 482 Prepare a post-dosing trial balance. COLO COMPANY Post-Closing Trial Balance May 31 Debi. Credit Tors S 0 Complete this question by entering your answers in the tabs below. Reg 24 Reg 493 Rey 482 Reg 28 Reac Reg 3A Req3 Reg 30 Reg 4 Prove the accuracy of subsidiary ledgers by preparing schedules of accounts receivable. COLO COMPANY Schedule of Accounts Receivable May 31 Crane Corporation Hensel Company 08 Knox, incorporated Lee Services Total accounts receivable S 0 Complete this question by entering your answers in the tabs below. Reg 2A Req 23 Reg 20 Req 3A Reg 33 Reg 30 Reg 4 Rey 431 Reg 492 Prove the accuracy of subsidiary ledgers by preparing schedules of accounts payable. COLO COMPANY Schedule of Accounts Payable May 31 Peyton Products Gear Supply Company Fink Corporation Garcia, corporated Total accounts payable 5 0 0