Required information Skip to question [The following information applies to the questions displayed below.] The following transactions apply to Bobs Bike Shop for Year 1, its first year of operations: Acquired $37,700 cash from the issue of common stock. Acquired $2,700 of merchandise from Bob Hall, the owner, who had acquired the merchandise prior to opening the shop. Issued common stock to Bob in exchange for the merchandise inventory. Purchased $40,650 of inventory on account. Paid $2,580 for radio ads. Sold inventory for $75,350 cash. Paid $8,850 in salary to a part-time salesperson. Paid $33,100 on accounts payable (see Event 3). Physically counted inventory, which indicated that $7,550 of inventory was on hand at the end of the accounting period.

Required a. Record each of these transactions in general journal form using the periodic method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

d-1. Prepare the necessary closing entries at the end of Year 1, and post them to the appropriate T-accounts.

d-1. Prepare the necessary closing entries at the end of Year 1, and post them to the appropriate T-accounts.

d-2 Prepare the necessary closing entries at the end of Year 1, and post them to the appropriate T-accounts.

e. Prepare a post-closing trial balance.

\begin{tabular}{|l|l|l|} \hline Accounts Payable \\ \hline Balance before closing & & \\ \hline & & \\ \hline End. bal. & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ Inventory } \\ \hline Balance before closing & & \\ \hline & & \\ \hline End. bal. & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ Common Stock } \\ \hline Balance before closing & & \\ \hline End. bal. & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} Advertising Expense Salaries Expense Balance before closing cl \begin{tabular}{|l|l|l} \hline & & \\ \hline & & cl \end{tabular} End. bal. e. Prepare a post-closing trial balance. \begin{tabular}{|l|l|l|} \hline Accounts Payable \\ \hline Balance before closing & & \\ \hline & & \\ \hline End. bal. & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ Inventory } \\ \hline Balance before closing & & \\ \hline & & \\ \hline End. bal. & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ Common Stock } \\ \hline Balance before closing & & \\ \hline End. bal. & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} Advertising Expense Salaries Expense Balance before closing cl \begin{tabular}{|l|l|l} \hline & & \\ \hline & & cl \end{tabular} End. bal. e. Prepare a post-closing trial balance