Step 1: P pare journal entries (Word or Excel in good form for the transactions beow are adjusting journal entries (Word or Excel) in good form (see next page these entries to the opening worksheet provided and complete it. Step 3 Note report. Use the exact account titles found in your worksheet and do This formal abbreviate. Points will be deducted for typos and spelling errors. Insert each transaction number into the post reference columns (PR) found to he left of each debit and credit column to organize your work. Record These 2016 Transactions: l sales for the year were $62,500 of which s50,000 were on credit and the remainder were cash sales (prepare a single compound entry) 2. Collected S19,500 from customers on account. 3. Accounts receivable totaling S150 were written off. Hint: Don't use Bad 4. Debt Expense! This transaction doesn't represent an estimate of bad debts. Purchases of merchandise made on account totaled $45,000. Hint: a periodic inventory system is used, use the Purchases account in your entry and remember it is a temporary account that must be removed when you record the adjusting entry for Cost of Goods Sold. 5. Record the S324 insurance payment made in 2016 for coverage affecting both 016 and 2017 6. Purchased a or cash oi s375 Purchas d computer equip inent (Computer Equipment for $4,500. To finance the purchase, a si 500 note payable due in ear was issued with the balance 8. paid in casi. Don't treat this as a direct in the statement of fows. Made payments ofS43,750 on accounts payable, S3,750 salaries expense s1.875 for selling expense, and S5,000 for administrative expense 10. Paid the amount due for 2015 taxes. Hint: F the tax amount owed Incurred a hurricane loss of S1,000 (paid cash Declared and paid dividends of $1,250 12. 2016 cash receipt of from renting out a portion of its warehouse. This receipt applies to both 2016 and 2017 occupancy by renters Record These 2016 Adjustments: bad debt expense in the amount of $160 Record the entry for Record the entry for insurance ex 2016 for amount of August 1, nourrod in 2016. In 2015, S300 insurance covering 201 uly 31, 2016. Both this