Skinner Sports Products, which uses the perpetual inventory system, has the following account balances (in alphabetical order) on July 31, 2020 (Click the icon to view the account balances.) Note: Fr simplicity, all operating expenses have been summarized in the account Operating Expenses. (Click the icon to view the additional data.) Required 1. Record all adjusting and closing entries that would be required on July 31, 2020 2. Prepare the multi-step income statement and statement of owner's equity for the year ended July 31, 2020, and the classified balance sheet in report format as at July 31, 2020. Requirement 1. Record all adjusting and closing entries that would be required on July 31, 2020, Start with the adjusting entries. Create the adjusting journal entry for (a) from the additional data. A physical count of items showed $15,200 of supplies on hand. (Hint Use the account Operating Expenses in the adjusting journal entry) (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry Date Accounts Debit Credit i Account balances X $ 69,000 Accounts Payable Accounts Receivable Accumulated Amortization Equipment 76,000 126,000 Cash 18,000 C. Skinner, Capital C. Skinner, Withdrawals 317.600 74,000 807.000 Cost of Goods Sold Equipment Interest Earned 354,000 a 4,200 ke Inventory 254 000 Operating Expenses 645 000 Cla Man Print Done 1 Account balances - X C. Skinner, Capital C. Skinner, Withdrawals 31600 74,000 Cost of Goods Sold 807,000 Equipment 354,000 Interest Earned 4,200 254,000 Inventory Operating Expenses Sales Discounts 545,000 46.000 Sales Returns and Allowances 62.000 Sales Revenue 1.720,000 Supplies Unearned Sales Revenue 37 000 36,200 Print Done Additional data at July 31, 2020: a. A physical count of items showed $15,200 of supplies on hand. (Hint: Use the account Operating Expenses in the adjusting journal entry.) b. An inventory count showed inventory on hand at July 31, 2020, of $249.400. C. The equipment is expected to last five years and have no value at the end of this time, (Hint: Use the account Operating Expenses in the adjusting journal entry) d. Unearned sales of $10.400 were earned by July 31, 2020 C Print Done