The Skate Shop, owned by Arty Fritz, sells in-line skates in the summer and ice skates in the winter. The shop has an August 31 fiscal year end and uses a perpetual inventory system and the earnings approach (ASPE). On August 31, 2021, the company had the following balances in its general ledger. Cash...... Merchandise inventory Supplies..... Equipment Accumulated depreciation-equipment. Accounts payable........ Unearned revenue - gift cards. Notes payable A. Fritz, capital A. Fritz, drawings Sales Sales returns and allowances Sales discounts Rent revenue.. Cost of goods sold Salaries expense Rent expense Insurance expense. $ 9,552 81, 108 4,095 70,800 13,275 18,745 5,205 42,000 58,400 57,600 513,510 12,595 300 1,200 317,945 74,400 19,800 4,140 The company had the following additional information: 1. A count of supplies on August 31, shows $755 on hand 2. The equipment has an estimated eight-year useful life. 3. The interest rate on the note is 5%. 4. Of the notes payable, $6,000 must be paid on September 1 each year along with any accrued interest. 5. 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. 6. A count of the merchandise inventory on August 31 shows $76,560 of inventory on hand. Instructions a) Prepare the adjusting journal entries necessary given the additional information. You may need to add account names. Any lined paper will do but if you'd prefer, journal paper is available for printing. (10 marks) b) Prepare an adjusted trial balance at August 31. To help with this, a worksheet on Excel is available. Carrying through from your work in (a), you may need to add account names. Submit as an Excel worksheet. (5 marks) The columns for the income statement and balance sheet help with the statement preparation but are optional and do not replace the formal statements required in part (c). c) Prepare a (1) multi-step statement of income, (2) statement of owner's equity, and (3) classified balance sheet. Note that the owner made no additional capital contributions in the year. May be done on Excel but submit as PDF- one statement per page. (25 marks) d) Prepare the closing journal entries. Any lined paper will do but if you'd prefer, journal paper is available for printing. (2 marks) e) Prepare a post-closing trial balance at May 31. May be done on Excel but submit as a PDF