The Hike and Bike Outlet is a retail store. Transactions involving purchases and cash payments for the firm during June 201 are listed below, as are the general ledger accounts used to record these transactions. GENERAL LEDGER ACCOUNTS DATE TRANSACTIONS June 1 Issued Check 1101 for $3,700 to pay the monthly rent. 3 Purchased merchandise for $4,100 from Perfect Fit Shoe Shop, Invoice 746 , dated June 1 ; the terms are 2/10,n/30. 5 Purchased new store equipment for $5,700 from Bigtown Company, Invoice 9067 dated June 4 , net payable in 30 days. 7 Issued Check 1102 for $1,570 to Take a Break Clothing Company, a creditor, in payment of Invoice 3342 of May 9. 8 Issued Check 1103 for $4,018 to Perfect Fit Shoe Shop, a creditor, in payment of Invoice 746 dated June 1($4,100), less a cash discount ($82). 12 Purchased merchandise for $2,500 from Jim's Sweat Shop, Invoice 9922, dated 12 June 9 , net due and payable in 30 days. 15 Issued Check 1104 for $438 to pay the monthly telephone bill. Received Credit Memorandum 203 for $700 from Jim's Sweat Shop for defective 18 goods that were returned; the original purchase was made on Invoice 9922 dated June 9. 21 Purchased new store equipment for $10,750 from LA Sports Equipment Company; issued a three-month promissory note with interest at 12 percent. 23 Purchased merchandise for $6,200 from Beautiful trails, Invoice 1927, dated June 20; terms of 2/10,n/30. 25 Issued Check 1105 for $1,600 to Jim's Sweat Shop, a creditor, as payment on account, Invoice 7416 dated May 28. 28 Issued Check 1106 for $6,076 to Beautiful Trails, a creditor, in payment of 28 Invoice 1927 of June 20($6,200), less a cash discount ($124). 30 Purchased merchandise for $2,180 from The Jogging Shoe LLC, Invoice 4713 , dated June 26; the terms are 1/10,n/30. 30 Issued Check 1107 for $6,800 to pay the monthly salaries of the employees. Required: 1. Open the general ledger accounts and enter the balances as of June 1, 201. 2. Record the transactions in a purchases journal, a cash payments journal, and a general journal. 3. Post the entries from the general journal and from the Other Accounts Debit section of the cash payments journal to the proper general ledger accounts. 4. Post the column totals from the special journals to the general ledger. 5. Show how the firm's net cost of purchases would be reported on its income statement for the month ended June 30. Complete this question by entering your answers in the tabs below