Week 5: Trial Balance, Adjustments, Closing Entries submit your work by the end of Week 5, 11:59pm EST. Using the information from the Excel workbook from Week 3s submission, complete a worksheet using the following information for accounting adjustments. Complete the columns for the below adjusting entries, income statement, and balance sheet. Also, record the required closing entries. Add any lines as necessary. Expired insurance, $553. Ending store supplies inventory, $2,632. Ending office supplies inventory, $504. Depreciation of store equipment, $567. Depreciation of office equipment, $329. Week 3: Journal Entries Complete this assignment using the Excel workbook provided, and submit your work by the end of Week 3, 11:59pm EST. To get you started in your new role, Mr. Jones has asked you to prepare the necessary journal entries (JEs) for the following transactions, which occurred in the month just ended. Use a perpetual inventory system. Your debits and credits should equal and the entries should have proper impact on the accounts that are being used. Your journal entries should be written in proper format. Do not abbreviate account names. Always indent the name of the accounts being credited. Every entry must have a brief description. Northridge LLC operates with monthly accounting periods. All of the company's accounting work is completed through the end of April, and its ledgers show April 30 balances. Terms for all credit sales are 2/10, n/30, unless otherwise stated. May 1 Issued Check No. 3410 to Q&R Management Co. in payment of the May rent, $3,710. (Use two lines to record the transaction. Charge 80% of the rent to Rent ExpenseSelling Space and the balance to Rent ExpenseOffice Space.) 2 Sold merchandise on credit to Cole Company, Invoice No. 8785, for $6,100 (cost is $4,100). 2 Issued a $175 credit memorandum to Mercer Co. for defective (worthless) merchandise sold on April 28 and returned for credit. The total selling price (gross) was $4,725. 3 Received a $798 credit memorandum from Preston Products for the return of merchandise purchased on April 29. 4 Purchased the following on credit from Davis Supply Co.: merchandise, $37,072; store supplies, $574; and office supplies, $83. Invoice dated May 4, terms n/10 EOM. 5 Received payment from Mercer Co. for the balance from the April 28 sale less the May 2 return and the discount. 8 Issued Check No. 3411 to Preston Products to pay for the $7,098 of merchandise purchased on April 29 less the May 3 return and a 2% discount. 9 Sold store supplies to the merchant next door at their cost of $350 cash. 10 Purchased $4,074 of office equipment on credit from Davis Supply Co., invoice dated May 10, terms n/10 EOM. 11 Received payment from Cole Company for the May 2 sale less the discount. 11 Purchased $8,800 of merchandise from Henley, Inc., invoice dated May 10, terms 2/10, n/30. 12 Received an $854 credit memorandum from Davis Supply Co. for the return of defective office equipment received on May 10. 15 Issued Check No. 3412, payable to Payroll, in payment of sales salaries, $5,320, and office salaries, $3,150. Cashed the check and paid the employees. 15 Cash sales for the first half of the month are $59,220 (cost is $38,200). (Cash sales are recorded daily but are recorded only twice here to reduce repetitive entries.) 16 Sold merchandise on credit to Cole Company, Invoice No. 8786, for $3,990 (cost is $1,890). 17 Purchased $13,650 of merchandise from Summit Corp., invoice dated May 14, terms 2/10, n/60. 19 Issued Check No. 3413 to Henley, Inc., in payment of its May 10 invoice less the discount. 22 Sold merchandise to Crane Services, Invoice No. 8787, for $6,850 (cost is $4,990), terms 2/10, n/60. 23 Issued Check No. 3414 to Summit Corp. in payment of its May 14 invoice less the discount. 24 Purchased the following on credit from Davis Supply Co.: merchandise, $8,120; store supplies, $630; and office supplies, $280. Invoice dated May 24, terms n/10 EOM. 25 Purchased $3,080 of merchandise from Preston Products, invoice dated May 23, terms 2/10, n/30. 26 Sold merchandise on credit to Crank Corp., Invoice No. 8788, for $14,210 (cost is $8,230). 26 Issued Check No. 3415 to Perennial Power in payment of the May electric bill, $1,283. 29 The owner Jenny Spark, used Check No. 3416 to withdraw $7,000 cash from the business for personal use. 30 Received payment from Crane Services for the May 22 sale less the discount. 30 Issued Check No. 3417, payable to Payroll, in payment of sales salaries, $5,320, and office salaries, $3,150. Cashed the check and paid the employees. 31 Cash sales for the last half of the month are $66,052 (cost is $42,500). Date General Journal Debit Credit $ $ May 1 Rent Expense: Selling Space 2,968 Rent Expense: Office Space 742 Cash 3,710 May 2 Accounts Receivable :Cole Company 6,100 Sales 6,100 May 2 Cost of Goods Sold 4,100 Merchandise Inventory 4,100 May 2 Sales Returns and Allowances 175 Accounts Receivable: Mercer Co. 175 May 3 Accounts Payable: Preston Products 798 Merchandise Inventory 798 May 4 Merchandise Inventory 37,072 Store Supplies 574 Office Supplies 83 Accounts Payable: Davis Supply Co. 37,729 May 5 Cash 4,459 Sales Discount 91 Accounts Receivable: Mercer Co. 4,550 May 8 Accounts Payable: Preston Products 6,300 Merchandise Inventory 126 Cash 6,174 May 9 Cash 350 Store Supplies 350 May 10 Office Equipment 4,074 Accounts Payable: Davis Supply Co. 4,074 May 11 Cash 5,978 Sales Discount 122 Accounts Receivable: Cole Company 6,100 May 11 Merchandise Inventory 8,800 Accounts Payable: Henley Inc. 8,800 May 12 Accounts Payable: Davis Supply Co. 854 Office Equipment 854 May 15 Sales Salaries Expense 5,320 Office Salaries Expense 3,150 Cash 8,470 May 15 Cash 59,220 Sales 59,220 May 15 Cost of Goods Sold 38,200 Merchandise Inventory 38,200 May 16 Accounts Receivable: Cole Company 3,990 Sales 3,990 May 16 Cost of Goods Sold 1,890 Merchandise Inventory 1,890 May 17 Merchandise Inventory 13,650 Accounts Payable: Summit Corp. 13,650 May 19 Accounts Payable: Henley Inc. 8,800 Merchandise Inventory 176 Cash 8,624 May 22 Accounts Receivable: Crane Services 6,850 Sales 6,850 May 22 Cost of Goods Sold 4,990 Merchandise Inventory 4,990 May 23 Accounts Payable: Summit Corp. 13,650 Merchandise Inventory 273 Cash 13,377 May 24 Merchandise Inventory 8,120 Store Supplies 630 Office Supplies 280 Accounts Payable: Davis Supply Co. 9,030 May 25 Merchandise Inventory 3,080 Accounts Payable: Preston Products 3,080 May 26 Accounts Receivable: Crank Corp. 14,210 Sales 14,210 May 26 Cost of Goods Sold 8,230 Merchandise Inventory 8,230 May 26 Electricity Expense 1,283 Cash 1,283 May 29 J. Spark, Withdrawals 7,000 Cash 7,000 May 30 Cash 6,713 Sales Discounts 137 Accounts Receivable: Crane Services 6,850 May 30 Sales Salaries Expense 5,320 Office Salaries Expense 3,150 Cash 8,470 May 31 Cash 66,052 Sales 66,052 May 31 Cost of Goods Sold 42,500 Merchandise Inventory 42,500