The following transactions of Alex Company occurred during the first month of 2020. Alex Company uses the perpetual inventory system and FIFO method of assigning cost to both inventory and cost of goods sold. Jan.1 Beginning Balance of accounts appear on Balance Sheet as at December 31, 2010 as follow: Jan.1 Paid \$ 2,475 cash to Happy Day Company for another three months's rent in advance. Jan.4 Purchased merchandise from Nice Company for 650 units, $180 per unit under credit terms of 2/10,n/45; FOB shipping point, invoice dated Jan.4. The invoice showed that at Alex's request Nice Company paid the $550 shipping charges and add that amount to the bill (Recall: Discount are not applied to freight and shipping charges) Jan.6 Purchased from Hana shop for $2,500 office equipment under credit terms of 1/10,n/30; FOB destination, invoice date Jan.6. And Hana's request, Alex Company paid \$220 cash for freight charges, reducing the amount owed to Hana Company. Jan.8 After negotiation with Nice Company concerning problems with the merchandise purchased on Jan.4. Alex Company received a credit memorandum from Nice Company granting a price reduction of $1,700 Jan.10 Sold 900 units of merchandise to Green Co. for $210 per unit under credit term 2/10. n/30, FOB shipping point, invoice Jan.10. Alex Company prepaid the $2,400 cash shipping charges and add amount to the bill. (Recall: Discount are not applied to freight and shipping charges) Jan.15 Paid the amount due to Nice Company for Jan.4 purchase after deduct the amount of price reduction on Jan. 8 and discount. 1/2 Jan.16 Green Co. returned 200 units merchandise from the Jan. 10 sales that had cost Alex $185 per unit and been sold for $210 per unit. The merchandise was restored to Inventory of Alex Company. Jan.19 Received balance due from Green Co, for Jan 10 sale less the return on Jan 16. Jan.24 Paid \$750 cash to the local newspaper for an advertising insert in Today's paper. Jan.27 Paid \$1.160 cash for minor repairs to the store's equipment. Required 1. Prepare journal entries to record these above transactions 2. Assume that. Alex Company must prepare the financial statement for the first month ended January 31,2020 . Using the following information to prepare adjusting journal entries as of January 31,2020 : a. The cost of office supplies still availahle at January 31,2020 is $2,450 b. Alex Company pays its emple on a Wednesday. As of Jan $8,250 per day for Monday thu iday. Month-end, January 31, 2020, falls the employees have earned salaries of day of the week ended 1 Feb.2019 c. Compute depreciation expense on the store equipment for the first month end of January 31, 2020. The store equipment was bought on January 10, 2017; its' estimated useful life is 6 vears. estimated salvaee value is $3000. Deoreciation purchased on Jan.4, Alex Company received a credit memorandum from Nice Company granting a price reduction of $1,700 Jan.10 Sold 900 units of merchandise to Green Co. for $210 per unit under credit term 2/10, n/30, FOB shipping point, invoice Jan.10. Alex Company prepaid the $2,400 cash shipping charges and add amount to the bill. (Recall: Discount are not applied to freight and shipping charges) Jan.15 Paid the amount due to Nice Company for Jan. 4 purchase after deduct the amount of price reduction on Jan. 8 and discount. Jan.16 Green Co, returned 200 units merchandise from the Jan. 10 sales that had cost Alex $185 per unit and been sold for $210 per unit. The merchandise was restored to Inventory of Alex Company. Jan.19 Received balance due from Green Co, for Jan 10 sale less the return on Jan 16. Jan. 24 Paid $750 cash to the local newspaper for an advertising insert in Today's paper. Jan.27 Paid \$1.160 cash for minor repairs to the store's equipment. Required 1. Prepare journal entries to record these above transactions 2. Assume that. Alex Company must prepare the financial statement for the first month ended January 31, 2020. Using the following information to prepare adjusting journal entries as of January 31,2020 : a. The cost of office supplies still available at January 31,2020 is $2,450 b. Alex Company pays its employees every Friday. Month-end, January 31,2020 , falls on a Wednesday. As of January 31,2020, the employees have earned salaries of $8,250 per day for Monday through Wednesday of the week ended 1 Feb.2019 c. Compute depreciation expense on the store equipment for the first month end of January 31, 2020. The store equipment was bought on January 10, 2017; its' estimated useful life is 6 years, estimated salvage value is $3000. Depreciation expense was computed by using Straight - line method. d. One - third of the three months' prepaid rent of Jan.1 has expired and a balf of Insurance coverage has expired. 3. Prepare and complete the entire 10 - column work sheet for Alex Company 4. Prepare necessary Closing entries at January 31,2020 5. Prepare the Income Statement, Statement of Owner's Equity, Balance Sheet of Alex Company at January 31,2020