Thor Corporation is a small private corporation that saila desktop printera to local businc3303 and school. On May 1, 2021, the following were the account balances of Thor Corporation: Cash Accounts Receivable Inventory (256 unita) Van Furnture & Foctures Dehits 24.300 9000 51000 19200 5400 Alowance fur Doubtful Accounts Accutused Depreciation (Van) Accumulated Depreciation (Furnture & Fixture Accounts Payable Common Shares Relained Earnings Total Credits Credits 900 10000 1200 4800 6000 78000 108900 Total Debits 108900 During Mey 2021, the folowing trensections took place May 1. Bought 98 desktop printers for 320 each on account. May 1. Bought a van, paying $8300 cash as a down payment and sgned a 7 month $21000.0% note payable for the balance. The company paid $360 to heve ts company logo painted on the side of the van. The resdual value is $3300. The old van was sold for 54800, it cost 919200 and accuumated deprecaton up to the date of dsposal was $18000 May 10: Sold 120 printers to Kang Inc. on account . May 12: Roxxon Corporation agreed to sign e 60-day note receivable to replace a 51200 accounts receivable due that day. The interest rate . on the note is 5.1% May 20: Sold 7 printers to Captain America Inc. using a VISA card to pay for the transaction A 1.0% service fee is charged by VISA May 22: Sold 54 printers to Bucky Bames Public School on account May 24: Returned for credit 2 damaged printers from Kang Inc., costing S138 each May 28: Recalvad payment in full from Kang Inc for tha balance owhg May 26: Wrote off as uncolectable $1200 of accounts receivable, May 29: Paid accounts payable, 55400 May 30: Recovered an accounts receivable that was written off in Apri $510 May 31: Paid operating expenses totaling $27300. May 31: Recorded depreciation on tha van and the furniture & fortures. The company was straight-fire dapreciation for the van Tha van is estimated to be used for 9 years. The furniture & fixtures are depreciated using the straight-line method over 3 years. There is no residual value on the furniture and factures. May 31. Recorded interest on the note wayable. May 31. Recorded interest on the notes receivable May 31: The company records the bed debt expense based on the aging of accounts receivables, which folows: 190 Number of Days Outstanding 0-30 daye Accounts Receivable $19200 Estinated Percentage Uncolectable 1.2% T-00 SALA $7200 $ 3% $1950 6% 90 days 5540 12% Other Information: 1) The selling price for each of the printers s $390 2) Thor Corporation uses the FF0 marhod under the perpetual inventory system to account for inventory 3) In the past, Thor Corporation has used the following accounts on their financial statements Bad Debt Expense Cost of Gands Sold Credit Card Fee, Depreciation Expense Gain on Sale interest Expense, Interest Payable, Interest Receivable, Interest Revenue oss on Sale Notes Payable Notes Receivable, Operating Expenses Sales Returns Sales Revenue Not all accounts have been , used aach period Required: 1) Prepare the journal entries for the transactions including any adjusting journal entries for the month of May 31, 2021 Place your answer under Requirement 1 in the "Answer tan A reminder to round al final numbers to the nearest delar. Do not round during calculations. Ensure your spelling is accurate. Do not use abbreviation for your accounta Spal them out in their entirety. A reminder to only usc thc accounts given in the question 2) Prepare an adjusted trial balance as at May 31 2021 Place your answer under Requirement in the Answer' tab Pace your account tites in column H debite in column land credits in column) Ensure your spaling is accurate Do not use abbreviations for your accounta. Spell them out in their entirety A reminder to only use the accounts given in the question. 3) Prepare the multi-step Income Statement for the month of May 2021. Ignore income taxes. Place your answer under "Requirement 3 in the Answer tab. Ensure your spelling is accurate. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use the accounts given in the question 4) Prepare a classified Ba ance Sheet at at May 31, 2021. Place your answer under Requrament 4" in the Answer" tab. Ensure your spelling is accurate. Do not use abbreviation for your accounta. Spel them out in their entirety. A reminder to only use the accounts given in the question 5) Assume Thor Corporation overstated its ending inventory by $660. How does this affect cost of goods sold, gross proft, and net Income in the year I was discovered? If the error s undetected, what is the impact on cost of goods sold gross profit and nat income for the following year Place your enswer under "Requirements in the answer tab using the drop down menus. Enter any type responses in the designated spots. 6) Assume that Thor Corporation used the LONRV to raport inventory on the balance sheet The NRV of 5300 is ess than the FFO CORt. Prepare the journal entry. Place your answer under "Requirement 6 in the Answer' tab Ensure your spaling is accurate. Da not use abbreviations for your accounta. Spell tham out in their antirety. A reminder to only use the accounts givan in the question Thor Corporation is a small private corporation that saila desktop printera to local businc3303 and school. On May 1, 2021, the following were the account balances of Thor Corporation: Cash Accounts Receivable Inventory (256 unita) Van Furnture & Foctures Dehits 24.300 9000 51000 19200 5400 Alowance fur Doubtful Accounts Accutused Depreciation (Van) Accumulated Depreciation (Furnture & Fixture Accounts Payable Common Shares Relained Earnings Total Credits Credits 900 10000 1200 4800 6000 78000 108900 Total Debits 108900 During Mey 2021, the folowing trensections took place May 1. Bought 98 desktop printers for 320 each on account. May 1. Bought a van, paying $8300 cash as a down payment and sgned a 7 month $21000.0% note payable for the balance. The company paid $360 to heve ts company logo painted on the side of the van. The resdual value is $3300. The old van was sold for 54800, it cost 919200 and accuumated deprecaton up to the date of dsposal was $18000 May 10: Sold 120 printers to Kang Inc. on account . May 12: Roxxon Corporation agreed to sign e 60-day note receivable to replace a 51200 accounts receivable due that day. The interest rate . on the note is 5.1% May 20: Sold 7 printers to Captain America Inc. using a VISA card to pay for the transaction A 1.0% service fee is charged by VISA May 22: Sold 54 printers to Bucky Bames Public School on account May 24: Returned for credit 2 damaged printers from Kang Inc., costing S138 each May 28: Recalvad payment in full from Kang Inc for tha balance owhg May 26: Wrote off as uncolectable $1200 of accounts receivable, May 29: Paid accounts payable, 55400 May 30: Recovered an accounts receivable that was written off in Apri $510 May 31: Paid operating expenses totaling $27300. May 31: Recorded depreciation on tha van and the furniture & fortures. The company was straight-fire dapreciation for the van Tha van is estimated to be used for 9 years. The furniture & fixtures are depreciated using the straight-line method over 3 years. There is no residual value on the furniture and factures. May 31. Recorded interest on the note wayable. May 31. Recorded interest on the notes receivable May 31: The company records the bed debt expense based on the aging of accounts receivables, which folows: 190 Number of Days Outstanding 0-30 daye Accounts Receivable $19200 Estinated Percentage Uncolectable 1.2% T-00 SALA $7200 $ 3% $1950 6% 90 days 5540 12% Other Information: 1) The selling price for each of the printers s $390 2) Thor Corporation uses the FF0 marhod under the perpetual inventory system to account for inventory 3) In the past, Thor Corporation has used the following accounts on their financial statements Bad Debt Expense Cost of Gands Sold Credit Card Fee, Depreciation Expense Gain on Sale interest Expense, Interest Payable, Interest Receivable, Interest Revenue oss on Sale Notes Payable Notes Receivable, Operating Expenses Sales Returns Sales Revenue Not all accounts have been , used aach period Required: 1) Prepare the journal entries for the transactions including any adjusting journal entries for the month of May 31, 2021 Place your answer under Requirement 1 in the "Answer tan A reminder to round al final numbers to the nearest delar. Do not round during calculations. Ensure your spelling is accurate. Do not use abbreviation for your accounta Spal them out in their entirety. A reminder to only usc thc accounts given in the question 2) Prepare an adjusted trial balance as at May 31 2021 Place your answer under Requirement in the Answer' tab Pace your account tites in column H debite in column land credits in column) Ensure your spaling is accurate Do not use abbreviations for your accounta. Spell them out in their entirety A reminder to only use the accounts given in the question. 3) Prepare the multi-step Income Statement for the month of May 2021. Ignore income taxes. Place your answer under "Requirement 3 in the Answer tab. Ensure your spelling is accurate. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use the accounts given in the question 4) Prepare a classified Ba ance Sheet at at May 31, 2021. Place your answer under Requrament 4" in the Answer" tab. Ensure your spelling is accurate. Do not use abbreviation for your accounta. Spel them out in their entirety. A reminder to only use the accounts given in the question 5) Assume Thor Corporation overstated its ending inventory by $660. How does this affect cost of goods sold, gross proft, and net Income in the year I was discovered? If the error s undetected, what is the impact on cost of goods sold gross profit and nat income for the following year Place your enswer under "Requirements in the answer tab using the drop down menus. Enter any type responses in the designated spots. 6) Assume that Thor Corporation used the LONRV to raport inventory on the balance sheet The NRV of 5300 is ess than the FFO CORt. Prepare the journal entry. Place your answer under "Requirement 6 in the Answer' tab Ensure your spaling is accurate. Da not use abbreviations for your accounta. Spell tham out in their antirety. A reminder to only use the accounts givan in the