Save the file with your name and project in the title. Example: crawfordwproject 1. Enter beginning balances in the T-accounts from the Beginning Balance Sheet, all accounts have normal balances. Common Stock has 200,000 shares issued and outstanding. 2. Additional information: Company uses a perpetual inventory system (discounts and freight are recorded in the inventory account). Suppliers offer a 2% discount; company does not offer discounts to customers. No adjustment for inventory is needed. 3. Record the following summarized August transactions using the general journal provided. Use a blank line between transactions. Use the account titles as shown in the T-accounts, do not add any accounts. a. Purchased inventory on account, $35,000 b. Paid $3,200 freight fees c. Sold inventory on account, $25,000, cogs $12,500 d. Paid Wages and Salaries, $10,000, includes the amount due from previous month e. Received payments from customers on account, $35,000 f. Cash sales, $110,000, cogs $55,000 g. Paid for 6 months of business insurance, $6,000 h. Paid for 1 years rent, $12,000 i. Received cash advance payments from customers $6,000 j. Paid outstanding accounts payable within the discount period, $38,300 k. Completed $2,000 of work for customers that paid in advance (use Sales Account) 4. Post the transactions to the T-accounts; use reference numbers when posting, calculate balance in each account after all posting is complete. See T-account page for additional instructions. 5. Prepare a trial balance. Note: All trial balances are located in the same tab 6. Journalize and post any necessary adjusting entries; continue using the journal to record the entries. Hint: There are 3 entries. After adjusting entries have been posted all accounts will be used and have normal balances. 7. Additional adjusting entry: Wages earned but not paid totaled $1,000 8. Prepare an adjusted trial balance 9. Prepare a multiple-step Income Statement, a Retained Earnings Statement, and a Classified Balance Sheet 10. Journalize and post your closing entries 11. Prepare a post-closing Trial Balance 12. Remember to include your name and project in the name of the file before submitting! 13. Your instructor is available to answer GENERAL questions. The instructor will NOT give you the account names for a transaction. 14. Check Figures: Trial balance before adjustment: $391,750 dr/cr Net Income: $57,200 I am working on this project and I need help with Question #6