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The following events occur during August: a) Wetworks decides to begin seling a limited selection of inventory items related to its business. During August, Wetworks purchases specialty keyboards for $4.900 on account and flash drives for $3,200 on account with the hopes of selling them to its Web site customers or others who might be interested. Due to the limited amount of inventory, Webworks will use a periodic system. Record these purchases. b) Webworks purchases supplies worth $100 on account c) Webworks starts and completes six more Web sites and bills clients for $2,700. d) Recall that in July, Wetworks received $500 in advance to design two Web sites Webworks completes these sites during August e) Webworks collects $2,400 in accounts receivable. 1) Webworks pays Nancy $600 for her work during the first three weeks of August 9) In June, Webworks designed a site for Pauline Smith and billed her. Unfortunately, before she could finish paying the bill, Ms. Smith's business folded. It is unlikely Webworks will collect anything Record the entry to write off the $100 remaining receivable from Ms. Smith h) Webworks sells keyboards for $4,500 and flash drives for $3,000 cash. Webworks pays off its salaries payable from July 1) Webworks pays off $6,000 of its accounts payable k) Webworks receives $100 in advance to work on a Web site for a local dentist. Work will not begin on the Web site until September 1) Webworks pays Leon salary of $2,000 m) Webworks pays taxes of $475 in cash Required: A Prepare joumal entries for the above events. B. Post the journal entries to T-accounts. C Prepare an unadjusted trial balance for Webworks for August D. Prepare adjusting entries for the following and post them to your T-accounts n) Webworks owes Nancy $250 for her work during the last week of August, o) Leon's parents let him know that Webworks owes $250 toward the electricity bil. Webworks will pay them in September D) Webworks determines that it has $60 worth of supplies remaining at the end of August a) Prepaid rent should be adjusted for August's portion. 1) Wetworks is continuing to accrue bad debts at 10 percent of accounts receivable. Webworks performs a count of ending inventory and determines that $1,900 in keyboards and $1,100 in flash drives rer remain E Prepare an adjusted trial balance. F. Prepare financial statements for August Above, you prepared Webworks statements for August The following events occur during September: a) Webworks purchases supplies worth $120 on account. b) At the beginning of September, Wetworks had 19 keyboards costing $100 each and 110 flash drives costing $10 each. Webworks c) On account, Webworks purchases thirty keyboards for $105 each and fifty flash drives for $11 each. d) Webworks starts and completes five more Websites and bills clients for $3,000 e) Webworks pays Nancy $500 for her work during the first three weeks of September 1 Webworks sells 40 keyboards for $6,000 and 120 flash drives for $2.400 cash. 9) Webworks collects $2,500 in accounts receivable. h) Webworks pays off its salaries payable from August 1) Webworks pays off $5,500 of its accounts payable. i) Webworks pays off $5,000 of its outstanding note payable k) Webworks pays Leon salary of $2,000. Webworks pays taxes of $795 in cash Required: A Prepare journal entries for the above events. B. Post the journal entries to T-accounts. Prepare an unadjusted trial balance for Webworks for September Prepare adjusting entries for the following and post them to your T-accounts m) Webworks owes Nancy $300 for her work during the last week of September n) Leon's parents let him know that Webworks owes $275 toward the electricity bil. Webworks will pay them in October o) Webworks determines that it has $70 worth of supplies remaining at the end of September D) Prepaid rent should be adjusted for September's portion Webworks is continuing to accrue bad dubts so that the allowance for doubtful accounts is 10 percent of accounts receivable. E Prepare an adjusted trial balance! F. Prepare financial statements for September C D