Comprehensive Problem 2 for Part 1 2. Completing the Accounting Cycle for a Merchandiser Note: This problem can be solved with or without special journals. See Requirement 2. Azizi Distributors closes its books and prepares financial statements at the end of each month. Azizi uses the perpetual inventory system. The company completed the following transactions *Azizi Distributors sold inventory on account to R. T. Loeb on August 2 and collected in full on August 12. Loeb indicated that the shipment was incomplete and arranged with Azizi to have the goods shipped to Loeb in September. At August 31, $225 of unearned sales revenue needs to be recorded, and the cost of this merchandise ( $71 ) needs to be removed from Cost of Goods Sold and returned to Inventory. Required 1. Open the following three-column ledger accounts with their account numbers and July 31 balances in the ledgers indicated. Accounts receivable subsidiary ledger: Fullam Corp., \$2,100; R. T. Loeb, \$0; Park-Hee Inc., \$5,795; K. D. Skipper Inc., \$4,385. Accounts payable subsidiary ledger: Beaver Corporation, \$0; Fayda Corp., \$5,300; Grant Ltd., \$0; Suncrest Supply Ltd., \$0. 2. Ask your professor for directions. Journalize the August transactions either in the general journal (Page 9; explanations not required) or, as illustrated in this chapter, in a series of special journals: a sales journal (Page 4), a cash receipts journal (Page 11), a purchases journal (Page 8 ), a cash payments journal (Page 5 ), and a general journal (Page 9). Azizi makes all credit sales on terms of 2/10,n/30. 3. Post daily to the accounts receivable subsidiary ledger and the accounts payable subsidiary ledger. On August 31,2020, post to the general ledger. 4. Prepare a trial balance in the unadjusted trial balance columns of a worksheet and use the following information to complete the worksheet for the month ended August 31, 2020: a. Accrued interest revenue, $500 b. Supplies on hand, $495 c. Prepaid insurance expired, $275 d. Amortization expense, $115 c. Accrued salaries expense, $515 f. Accrued interest expense, $660 g. Unearned sales revenue, $225 (refers to August 2 transaction) h. Inventory on hand, $23,850 5. Prepare Azizi's multi-step income statement and statement of owner's equity for August 2020. Prepare the balance sheet at August 31, 2020 (account format). 6. Journalize and post the adjusting and closing entries. 7. Prepare a post-closing trial balance at August 31, 2020. Also, balance the total of the customer accounts in the accounts receivable subsidiary ledger against the Accounts Receivable balance in the general ledger. Do the same for the accounts payable subsidiary ledger and Accounts Payable in the general ledger