Question 5 of 6 0.26/1 Sheffield Corp.completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Sheffield Corp. showed Cash of $7,600 and Common Stock of $8,800. May 1 Purchased merchandise on account from Black Wholesale Supply for $8,000, terms 1/10,n/30. 2 Sold merchandise on account $4,800, terms 2/10, 1/30. The cost of the merchandise sold was $3,300. 5 Received credit from Black Wholesale Supply for merchandise returned $300. 9 Received collections in full, less discounts, from customers billed on May 2. 10 Paid Black Wholesale Supply in full less discount 11 Purchased supplies for cash $1,000. 12 Purchased merchandise for cash $3,400. 15 Received $230 refund for return of poor quality merchandise from supplier on cash purchase. 17 Purchased merchandise on account from Wilhelm Distributors for $2,300, terms 2/10, 1/30. 19 Paid freight on May 17 purchase $250. 24 Sold merchandise for cash $6,000. The merchandise sold had a cost of $4,400. 25 Purchased merchandise on account from Clasps, Inc. For $800, terms 3/10, n/30. 27 Paid Wilhelm Distributors in full, less discount. 29 Made refunds to cash customers for returned merchandise $134. The returned merchandise cost $9. 31 Sold merchandise on account for $1.280 terms n/30. The cost of the merchandise sold was $810. Sheffield Corp's chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 126 Supplies, No. 201 Accounts Payable, No. 311 Common Stock, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, and No. 505 Cost of Goods Sold. Question 5 of 6 0.26/1 Prepare an income statement through gross profit for the month of May 2022. Sheffield Corp. Income Statement (Partial) $ $ Question 6 of 6 0.5/1 The Pina Colada Corp. is located in midtown Madison. During the past several years, net income has been declining because of suburban shopping centers. At the end of the company's fiscal year on November 30, 2022, the following accounts appeared in two of its trial balances. All accounts balances are normal. Unadjusted $28,500 35,500 10.100 Accounts Payable Accounts Receivable Accumulated Depr.-Equipment Cash Common Stock Cost of Goods Sold Dividends Freight-Out Equipment Depreciation Expense Insurance Expense Interest Expense Interest Revenue Unadjusted $25.100 30,400 33,000 27,000 9.900 502,000 10,500 5.300 147,000 Adjusted $25,100 30,400 44.000 27.000 9.900 502,000 10,500 5.300 147,000 111000 7,600 6,300 12,000 Inventory Notes payable Prepaid Insurance Property Tax Expense Property Taxes Payable Rent Expense Retained Earnings Salaries and Wages Expense Sales Commissions Expense Sales Commissions Payable Sales Returns and Allowances Sales Revenue Utilities Expense 14,600 61,700 92,800 6,500 Adjusted $28,500 35,500 2.500 2,500 2,500 14,600 61,700 92,800 11.000 4,500 7.300 720.000 8.900 7.300 720,000 8.900 6,300 12.000 Question 6 of 6 0.5/1 Journalize the adjusting entries that were made. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Nov. 30 (To adjust depreciation on equipment) Nov. 30 (To adjust insurance expense) Nov. 30 (To adjust property tax expense) Nov. 30 (To adjust sales commissions expense)