Sailing Corporation REQUIRED: Prepare end-of-period closing entries using Income Summary method Accounts Receivable Accumulated Depreciation Boat Sales Cash Common Stock Cost of Goods Sold Depreciation Expense Dividends Merchandise Inventory Office Equipment Prepaid Insurance Retained Earnings Sales Discounts Supplies Uneamed Revenue Wages Expense 22,720 3,395 30,853 55,845 4,000 13,052 1.650 4,800 704 28,000 1,935 109,148 1,000 2,005 875 16,560 Prepare end-of-period closing entries using Retained Earnings method On March 1st, Forge borrowed $200,000 from the bank. The note requires principal and interest at 6% to be paid on June 1st. * Assuming no reversing entry is made, prepare the journal entry for the payment of the note on June 1st. * Assuming reversing entry is made, prepare the journal entry for the payment of the note on June 1st. Forge's weekly wages for a 5-day work week total $1,225, payable on Fridays. March 31st is Thursday. * Assuming no reversing entry is made, prepare the journal entry for the April 1st payment of wages. Assuming reversing entry is made, prepare the journal entry for the April 1st payment of wages