The account balances in the ledger of the Jackson Company on January 31 (the end of its fiscal year), before adjustments, were as follows: .[30 Marks] Debit Balances Cash and equivalents $ 119,115 Accounts receivable 162,500 Merchandise inventory 700,680 Credit Balances Accumulated depreciation on store equipment.... Accounts payable....... .$ 37,300 118,180 Store equipment ............. 215,000 Notes payable............ 143,000 Supplies inventory......... 15,475 Prepaid insurance 38,250 Selling expense 24,900 Common stock........ Retained earnings Sales revenues 300,000 122,375 ..... 707,635 Sales salaries ..... 105,750 Miscellaneous general expenses 31,000 Sales discounts........ 6,220 Social security tax expense 9,600 Total ..$1,428,490 Total ..... ..$1,428,490 The data for the adjustments are: 1. Cost of merchandise sold, $315,990. 2. Depreciation on store equipment, $10,750. 3. Supplies inventory, January 31, $5,250. (Purchases of supplies during the year were | debited to the Supplies Inventory account.) 4. Interest accrued on notes payable, $3,730. 5. Sales salaries earned but not paid to employees, $3,575. 6. Interest earned on savings accounts, but not recorded, $410. Required: a. Set up T accounts with the balances given above. b. Post adjusting entries into T accounts as necessary. c. Journalize and post closing entries. d. Prepare an income statement for the fiscal year and a fiscal year-end balance sheet [30 Marks]