You are going to prepare the journal entries, trial balances, and financial statements related to the Winston Company for the year ended March 31, 2018. Based on the information below, prepare the recording of transactions for the company during the month of June, then prepare the unadjusted trial balance, then the adjusting entries, the adjusted trial balance, the financial statements (Income Statement, Statement of Stockholders' Equity, Balance Sheet and Cash Flow Statement), closing entries, and Post-closing trial balance. You will prepare the above on an Excel spreadsheet, which is attached, using different sheets for each requirement listed above. Record the following transactions in your journal, then (using t-accounts or similar) compute the ending balances in the accounts for the company and record them in the unadjusted trial balance. Purchase of inventory was made on account from Huisman Co for $21,600 Purchase of inventory was made for $500 cash Sales in the amount of $8500 were made to Hillcrest Co; cost of inventory sold March 3 March 4 March 6 was $5000 Amount due on account from Foley Co. was paid in cash $8900 Cash sales were made for $27200; cost of inventory sold was $16,000 Payment was made on March 3 purchase of inventory and 2% cash discount taken of in the amount of $432 for net payment of $21, 168 Hillcrest returned some merchandise in the amount of $1500; merchandise was returned to inventory, and had a cost of $900. Advertising costs were incurred and paid with case for $2600 Payment from Hillcrest was received for $7000 less 2% discount taken for net cash received of $6860 Inventory was purchased for $11,800 cash Payment to vendor Bakke was made with cash of $9000 March 7 March 10 March 13 March 14 March 15 March 16 March 19 March 19 March 20 Sales on Account were made to Wilts Co. for $22,300; merchandise sold cost $13,200 Wilts borrowed $1,100 on their account balance (Dr A/R; credit cash) Owen Co paid $17600 cash on their account balance March 21 March 21 Inventory was purchased on account with Nye Co. for $19,900 Merchandise inventory purchased from Nye was returned for $2000 A Customer made a sales return of merchandise for cash of $1,200. Merchandise was returned to Inventory and had a cost of $700 Sales Salaries ($7600) and Office Salaries ($4,800) were paid with cash. Store Supplies were purchased with cash for $800 Sales were made on account to Whitetail Co. in the amount of $18,750. The items sold had a cost of $11250. Payment was received from Wilts Co customer on sales of $23,400. A 196 March 21 March 24 March 26 March 28 March 29 March 30 March 30 discount of $223 was taken by Wilts for a net payment from them of $23,177 cash. Payment was made to Nye Co. for earlier purchases on account of $17900, a 1% discount of $179 was taken for a net payment in cash o f $17721 March 31 Use the following accounting from the chart of accounts to record the transactions in the journal. Explanations are not required. Cash Accounts Receivable Merchandise Inventory Store Supplies Prepaid Insurance Sales Returns and Allowances Salaries Payable Insurance Capital Stock Advertising Expense Store Equipment Depreciation Expense- Store Eqpt. Misc. Selling Expense Retained Earnings Dividends Expense Income Summary Sales Revenues Accounts Payable Misc. Admin. Expense Rent Expense Sales Salaries Expense Cost of Merchandise Sold Sales Discounts Office Salaries Expense Store Supplies Expense Prepare the Unadjusted Trial Balance for the company as of March 31, 2018. After preparing the unadjusted trial balance, 5 adjusting entries on March 31 will be needed related to the following information -The inventory count on March 31 indicated inventory shrinkage of $12000 had been incurred -Prepaid insurance in the amount of $1875 had expired over the month of March. -Store supplies used up during March $3100 -Depreciation on store equipment for March $9500 -Accrued salaries for March: Sales Salaries $1,200; Office Salaries $800 After recording the adjusting entries immediately above, the adjusted trial balance should be prepared with the ledger accounts (cash, accounts receivable, etc.) with the resulting debit or credit balances. After preparing the adjusted trial balance the financial statements should be prepared in the following order using good form (including headings, dollar signs, double underlines, etc.): Income Statement (use classified form of Income Stmt. Showing Cost of Merchandise Sold, Gross Profit, etc.) Stmt. Of Stockholder's Equity (not just the Retained Earnings STmt) Balance Sheet (classified with curent and noncurrent sections) Stmt of Cash Flows Next, prepare the closing journal entries to close any temporary revenue, expense, and dividend accounts to adjust the ending retained earnings balance. Finally prepare the post-closing Trial Balance with the remaining account balances (after closing) indicating their debit or credit balance. Winston CO Unadjusted Trial Balance March 1, 2018 Credit Balances Debit Balances 21,200 51,300 200,800 5,600 3,800 156,500 Accumulated Depreciation-Store Equipment... Accounts Payable 18,900 32,200 50,000 135,100 45,000 Sales 1,073,700 30,900 19,800 541,000 111,600 27,000 Advertising Expense.... Miscellaneous Selling Expense.. 4,200 60,700 27,900 Miscellaneous Administrative Expense 2.600 $1.309,900 $1,309900