The following events pertain to the Boardwalk Beach Shop for July 2016, its first month of operation. The company uses the perpetual inventory system. 1) July 2 Issued $45,000 of common stock for cash. 2) July 3 Purchased $8,200 of merchandise on account with terms 1/10, n/30, FOB shipping point. 3) July 3 Paid $275 cash for shipping charges on the July 3 purchase. 4) July 4 Returned $2,200 of the merchandise purchased on Jul 3. 5) July 5 Sold merchandise that cost $3,000 for $4,000 cash. 6) July 10 Recorded the discount and paid the amount due from the purchase of merchandise on July 3. 7) July 14 Purchased additional merchandise for $6,200 on account with terms 2/10, n/30, FOB destination. Required: Record the above transactions in general journal form (Remember: debits and credits must balance in a journal entry). The following is a partial list of account balances for the Fisherman's Supply at December 31, 2016: Cash 87,450 Accounts receivable 24,800 Inventory 197,450 Supplies 3,600 Land 134,800 Accounts payable 47,500 Common stock 300.000 Retained earnings 78,250 Sales 490,350 Cost of goods sold 399,250 Salaries expense 36,250 Utilities expense 9,500 Other operating expense 30,000 Gain on sale of land 7,000 A. List the temporary accounts, record the closing entries and add the results to Retained Earnings to determine the ending balance. B! From the above information, prepare a multistep income statement. Merrifield Lawn Care's bank statement at August 31, 2016 showed an ending balance of $23,916.87. The unadjusted cash account balance for Merrifield is $20,437.98. The following data were gathered by Merrifield's accountant: Check number 2143 was correctly written for $427. It was recorded in the company's books as $472 for utilities. Outstanding checks as of August 31: $7,128.71 NSF check from customer: $71.82 Debit memo related to the returned deposit: $8.00 Credit memo related to interest earned: $10.00 Deposits in transit: $3,625.00 Required: 1) Prepare a bank reconciliation for Merrifield Lawn Care at August 31, 2016. 2) Prepare the required journal entries to record the book adjustments at August 31, 2016