The Hammer Shop, owned by Joe Smith, sells skateboards in the summer and snowboards in the winter. The shop has an August 31 fiscal year end and uses a perpetual inventory system and the earnings approach. On August 1, 2024, the company had the following balances in its general ledger: During August, the last month of the fiscal year, the company had the following transactions: Adjustment and additional data: 1. A count of supplies on August 31 shows $755 on hand. 2. The equipment has an estimated eight-year useful life. Remember that adjusting entries are done annually, not monthly. 3. Of the notes payable, $6,000 must be paid on September 1 each year. 4. An analysis of the Unearned Revenue account shows that $3,750 has been earned by August 31 . A corresponding entry of $2,325 for Cost of Goods Sold will also need to be recorded for these sales. 5. Interest accrued on the note payable to August 31 was $175. 6. A count of the merchandise inventory on August 31 shows $76,560 of inventory on hand. Instructions . Create a general ledger account for each of the above accounts and enter the August 1 balances. b. Record and post the August transactions. Update the balances in the general ledger accounts. c. Prepare a trial balance at August 31, 2024. d. Record and post the adjustments required at August 31, 2024 , and update the account balances as required. c. Prepare an adjusted trial balance at August 31, 2024. i. Prepare a multiple-step income statement, statement of owner's equity, and classified balance sheet. The owner made no capital contributions in the year. g. Record and post closing entries. . Prepare a post-closing trial balance at August 31, 2024. Complete your assignment in the excel spreadshect