Summarized transactions for September were: x -X Data Table Miami Espresso Balance Sheet Accounts, September 1, 20X0 Cash $ 3.300 25,800 a. Acquisitions of merchandise inventory on account, $50,000. b. Sales for cash, $36,500. C. Payments to creditors, $27,500 d. Sales on account, $39,000. e. Advertising in newspapers, paid in cash, $3,400. f. Cost of goods sold, $38,000. g. Collections on account, $35,000. h. Miscellaneous expenses paid in cash, $8,500 i. Wages paid in cash, 58,900 j. Entry for rent expense. (Rent was paid quarterly in advance, $6,300 per quarter. Payments were due on February 1, May 1, August 1, and November 1.) k. Depreciation of store equipment, $600. 77,300 4.200 21,500 Accounts receivable Merchandise inventory Prepaid rent Store equipment Accumulated depreciation, store equipment Accounts payable Paid-in capital Retained earnings 4,700 48,000 29,900 49,500 Print Done $ 132,100 $ 132,100 Print Done Done Requirement 1. Prepare journal entries for each transaction. (Record debits first, then credits. Explanations are not required.) a. Acquisitions of merchandise inventory on account, $50,000. Accounts Debit Credit a. Requirement 2. Enter the September 1 balances in T-accounts in a general ledger, then post the journal entries to the ledger. Key your postings by transaction letter Cash Accounts Payable Advertising Expense Accounts Receivable Paid-in Capital Depreciation Expense Merchandise Inventory Retained Earnings Miscellaneous Expense Prepaid Rent Sales Rent Expense Store Equipment Cost of Goods Sold Wages Expense Accum. Depr., Store Equip Requirement 3. Prepare an income statement for September and a balance sheet as of September 30,20x0. Begin by preparing the income statement for September. (Leave any unused cells blank. Use a minus sign or parentheses for a net loss.) Miami Espresso Income Statement For the Month Ended September 30, 20X0 Deduct expenses Net income (loss) Prepare a balance sheet as of September 30, 20X0. Begin by preparing the assets section, then complete the balance sheet by preparing the liabilities and stockholders' equity section. (Leave any unused cells blank.) Miami Espresso Balance Sheet September 30, 20X0 Assets Liabilities and Stockholders' Equity Liabilities Total liabilities Stockholders' equity Total stockholders' equity Total assets Total liabilities and stockholders' equity