Wicked Wild Company is a service based company that rents canoes for use on focal lakes and rivers. At the beginning of the new year, Wicked Wad Company decided to carry and sell T-ghirts with its logo printed on them. Wicked Wild Company uses the perpetual inventory system to account for the inventory. During January 2025, Wicked Wild Company completed these merchandising transactions, and posted the merchandising transactions to the ledger accounts. Wicked Wild Company does not typically prepare adjusting and closing entries each month, but the comparyy is surprised at how popular the shirts are and wishes to know the net income for January and would also like to understand how to prepare the closing entries for a merchandising company. During January 2025, Wicked Wild Company completed the following non-merchandising transactions: (i. (Cick the icon to view the non-merchandising transactions.) Read the requirements. 1. Journalize and post the January transactions. Omit explanations. Use the ledger provided for posting. 2. Journalize and post the adjusting entries for the month of January. Omit explanations. Denote each adjustment as Adj. Compute each account balance, and denote the balance as Bal. In addition, Wicked Wild Company provides this data: a. A physical count of the inventory at the end of the month revealed the cost was $1,188. b. The company estimated sales returns will be $120 with a cost of $60. c. Office supplies used, $40. d. The Unearned Revenue has now been earned. e. Interest expense accrued on the notes payable, $90. f. Rent of one month has been used. (On December 1 , the company prepaid $5,400 for three months' rent on the warehouse where the company stores the canoes. On December 31 , the company recorded one month's worth of rent expense for the month of December in the amount of $1,800.) g. Monthy depreciation on the building amounts to $1,200. h. Monthy depreciation on the canoes amounts to $150. 3. Prepare the month ended January 31,2025 , single step income statement of Wicked Wild Company. 4. Journalize and post the closing entries. Omit explanations. Denote each closing amount as Clo. and each balance as Bal. After posting all closing entries, prove the equality of debits and credits in the ledger by preparing a post-closing trial balance. 5. Compute the gross profit percentage for January for Wicked Wild Company. Merchandising Transactions Jan. 1 Purchased 9 T-shirts at $5 each and paid cash. Jan. 2 Sold 2 T-shirts for $24 each, total cost of $10. Received cash. Jan. 3 Purchased 130 T-shirts on account at $7 each. Terms 3/10,n/30. Jan. 7 Paid the supplier for the T-shirts purchased on January 3 , less discount. Jan. 8 Realized 7 T-shirts from the January 1 order were printed wrong and returned them for a cash refund. Jan. 10 Sold 50 T-shirts on account for $24 each, total cost of $350. Terms 1/15,n/45. Jan. 12 Received payment for the T-shirts sold on account on January 10 , less discount. Jan. 14 Purchased 120T-shirts on account at $5 each. Terms 3/15,n/30. Jan. 18 Wicked Wild Company called the supplier from the January 14 purchase and told them that some of the T-shirts were the wrong color. The supplier offered a $20 purchase allowance. Jan. 20 Paid the supplier for the T-shirts purchased on January 14 , less the allowance and discount. Jan. 21 Sold 90 T-shirts on account for $24 each, total cost of $581. Terms 4/20,n/30. Jan. 23 Received a payment on account for the T-shirts sold on January 21, less discount. Jan. 25 Purchased 330 T-shirts on account at $7 each. Terms 4/10,n/30, FOB shipping point. Jan. 27 Paid freiaht associated with the Januarv 25 ourchase. $33. Jan. 27 Paid freight associated with the January 25 purchase, $33. Jan. 29 Paid for the January 25 purchase, less discount. Jan. 30 Sold 260 T-shirts on account for $24 each, total cost of $1,538. Terms 4/10,n/30. Jan. 31 Received payment for the T-shirts sold on January 30 , less discount