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Journalize the entries to record the transit Co., assuming that both companies use the pe unts, multiple-step income statement, clo in the ledger PR 5-10A Periodic inventory acco 2. Net income, On December 31, 2018, the balances 18, the balances of the accounts appearing as follows: s 13,500 Accounts Receivable Inventory, January 1, 2018 Estimated Returns Inventory 72,000 Sales 257,000 Purchases Purchases Returns and Allowances 6000 EXCEL TEMPLATE 35,000 Purchases Discounts January 1, 2018 Office Supplies 3,000 Freight In 4,500 Sales Salaries Expense 150,000 Advertising Expense 270,000 Delivery Expense 300,000 Prepaid Insurance Store Equipment Store Equipment Depreciation Expense- 55,900 78,500 Store Equipment Miscellaneous Selling Expense Office Salaries Expense Office Equipment Accumulated Accounts Payable Customer Refunds Payable 16,000 Rent Expense 77,800 Insurance Expense 3,000 Office Supplies Expense 50,000 Depreciation Expense- 8300 Office Equipment s0,000 Miscellaneous Administrative Expense Office Equipment Unearned Rent Notes Payablie 1,500 150,000 Rent Revenue 365,600 Interest Expense 7,000 Instructions statement for Wyman Company for the year ended Deces 31, 2018. The inventory as of December 31, 2018, was $305,000. The estimated cost d er returns inventory for December 31, 2018, is estimated to increase to $40,000 3. Prepare the closing entries for Wyman Company as of December 31, 2018 4. What would be the net income if the perpetual inventory system had been used