Record the Elijah's Home Furnishings transactions in its general journal. The company uses a perpetual inventory system. June 1 Started business by issuing common stock for $100,000. June 1 Paid $9,000 to rent store space for the months of June, July and August June 1 Purchased $8,000 of display equipment by paying $3,500 cash and promising to pay the balance due by July 11. June 3 Purchased $30,000 of merchandise on account, terms n/30, FOB destination. June 9 Paid $3,500 to advertise the business for June and July. June 17 Sold merchandise on credit for $25,000 (cost $15,000), terms 2/10,n/30, FOB shipping point. June 23 Paid $800 for store supplies. June 26 Paid June telephone bill of $150. June 27 Received payment in full from the customer for sale of merchandise on June 17, less the sales discount. June 29 Sold merchandise on credit for $15,000 (cost $8,500), terms 2/10, n/30, FOB shipping point. June 30 Store supplies on hand were $300. June 30 Salaries paid to employees in June were $7,500. June 30 Display equipment has an economical life of 60 months and a salvage value of $2,000. Required: i) Journalize the transactions (explanations are not required). ii) Set up T-accounts and post the journal entries to T- accounts. iii) Close all revenue/expense accounts to the income summary and then close the income summary to the retained earnings. iv) Prepare a multi-step income statement. All operating expenses are selling expenses. v) Prepare a classified balance sheet