The Main Street Casuals Shoppe, Inc. (MSCS), is a retail merchandiser that sells clothing to both men and women. It purchases merchandise from numerous manufacturers, all on account, and sells to the pubilic, generally for cash (cash, checks and credit cards), but also has corpo doctors' offices, etc.) who purchase specialty items. These specialty and pants embroidered with the customers' name and logo on the garments. These commercial clients generally pay MSCS within 30- 60 days after delivery of the garments. rate customers (restaurants, items are usually matching shirts MSCS was incorporated on January 2, 20xx by Walter White. Mr. White was able to convince numerous relatives to invest in the business entity. The following transactions occurred during the month of January 20Xx. January 4 Walter White deposited $200,000 from his investors into a bank account in the name of January 6 -The company purchased a building at 300 Main Street, Flushing New York. Walter, as president company signed a promissory note for $350,000 and used $50,000 of the company's money for th balance. The building had an appraised value of $300,000 and the land had an appraised value of $100,000. The note was an interest only note at 6% per year. The note principal was due on January 6 203X. January 8 -The company purchased, for cash, $40,000 of Furniture and Fixtures from another store owner who no longer needed them. January 18 The first employee of MSCS was hired for a salary of $500 per week. Payday was to be each Friday. January 20 The company purchased in advance 4 months newspaper advertisements from the Flushing Tribune The ads were to run beginning February 1, 20XX. Total cost paid in advance $4,000. January 22 Employee number 1 was paid for the week anuary 25 MSCS signed a lease with a tenant who was to sell jewelry out of 300 Main Street. The lease was to egin February 1 for $2,000 per month. MSCS received on January 25, five months' rent in advance 10,000 anuary 26 The company purchased $90,000 of inventory from various manufacturers. Each manufacturer offere MSCS 30 day open account credit terms. anuary 29 Employee number 1 was paid for the week anuary 31 Accrued interest for 25 days was paid to the bank on the $350,000 promissory note. (25/365 day: ccrued interest-$1,438.00 Utility expense for January was paid-$650 cott Ruthizer, MBA CPA 2019 MSCS of the pg. 1 s opened its doors for busi On Monday February 1, 20XX MSCS opened its d Weekly Sales were deposited. Total cash and credit card receipts- $28,000 -Employee number 1 was paid for the week -Inventory purchased on January 26 was partially paid $15,000 February 12 February 5 iw be1s Weekly Sales were deposited. Total cash and credit card receipts-$31,000 -Employee number 1 was paid for the week -Inventory purchased on January 21 was partially paid February 19 -Weekly Sales were deposited. Total cash and credit card receipts- $35,000 -Employee number 1 was paid for the week -Inventory purchased on January 26 was partially paid-$31,000 February 26 -Weekly Sales were deposited. Total cash and credit card receipts- $32,000 -Employee number 1 was paid for the week -Balance of inventory purchased on January 26 was paid in full February 27 -The company purchased $100,000 of inventory from various manufacturers. Eac MSCS 30 day open account credit terms. nl 10 Required: Prepare in general journal format all transactions that occurred from February 27th 1. 2. Post journal entries to the general ledgeracuounes 3. Prepare a trial balance as of February 28th The Main Street Casuals Shoppe, Inc. (MSCS), is a retail merchandiser that sells clothing to both men and women. It purchases merchandise from numerous manufacturers, all on account, and sells to the pubilic, generally for cash (cash, checks and credit cards), but also has corpo doctors' offices, etc.) who purchase specialty items. These specialty and pants embroidered with the customers' name and logo on the garments. These commercial clients generally pay MSCS within 30- 60 days after delivery of the garments. rate customers (restaurants, items are usually matching shirts MSCS was incorporated on January 2, 20xx by Walter White. Mr. White was able to convince numerous relatives to invest in the business entity. The following transactions occurred during the month of January 20Xx. January 4 Walter White deposited $200,000 from his investors into a bank account in the name of January 6 -The company purchased a building at 300 Main Street, Flushing New York. Walter, as president company signed a promissory note for $350,000 and used $50,000 of the company's money for th balance. The building had an appraised value of $300,000 and the land had an appraised value of $100,000. The note was an interest only note at 6% per year. The note principal was due on January 6 203X. January 8 -The company purchased, for cash, $40,000 of Furniture and Fixtures from another store owner who no longer needed them. January 18 The first employee of MSCS was hired for a salary of $500 per week. Payday was to be each Friday. January 20 The company purchased in advance 4 months newspaper advertisements from the Flushing Tribune The ads were to run beginning February 1, 20XX. Total cost paid in advance $4,000. January 22 Employee number 1 was paid for the week anuary 25 MSCS signed a lease with a tenant who was to sell jewelry out of 300 Main Street. The lease was to egin February 1 for $2,000 per month. MSCS received on January 25, five months' rent in advance 10,000 anuary 26 The company purchased $90,000 of inventory from various manufacturers. Each manufacturer offere MSCS 30 day open account credit terms. anuary 29 Employee number 1 was paid for the week anuary 31 Accrued interest for 25 days was paid to the bank on the $350,000 promissory note. (25/365 day: ccrued interest-$1,438.00 Utility expense for January was paid-$650 cott Ruthizer, MBA CPA 2019 MSCS of the pg. 1 s opened its doors for busi On Monday February 1, 20XX MSCS opened its d Weekly Sales were deposited. Total cash and credit card receipts- $28,000 -Employee number 1 was paid for the week -Inventory purchased on January 26 was partially paid $15,000 February 12 February 5 iw be1s Weekly Sales were deposited. Total cash and credit card receipts-$31,000 -Employee number 1 was paid for the week -Inventory purchased on January 21 was partially paid February 19 -Weekly Sales were deposited. Total cash and credit card receipts- $35,000 -Employee number 1 was paid for the week -Inventory purchased on January 26 was partially paid-$31,000 February 26 -Weekly Sales were deposited. Total cash and credit card receipts- $32,000 -Employee number 1 was paid for the week -Balance of inventory purchased on January 26 was paid in full February 27 -The company purchased $100,000 of inventory from various manufacturers. Eac MSCS 30 day open account credit terms. nl 10 Required: Prepare in general journal format all transactions that occurred from February 27th 1. 2. Post journal entries to the general ledgeracuounes 3. Prepare a trial balance as of February 28th