Required

a) Prepare the journal entries for the following transactions for the month of February. You will also need to update the inventory in the table for each purchase and sale, return or allowance, found under the Inventory Valuation tab of this workbook

b)Enter the opening balances of the accounts from the January 31, 2021 Balance Sheet and post the above journal entries to the accounts.

c) & d)Complete the bank reconciliation report and record/post journal entries.

e) Complete the 10-column worksheet (using information for adjustments shown below)

f) Record the adjustments in the General Journal and then post to the General Ledger accounts.

g) Prepare the multistep income statement, calculation of retained earnings, classified balance sheet

h)Answer the analysis questions from 'a' to 'i' (found at the bottom of the Financial Statements tab

The following information needs to be used first to record the adjustments on the worksheet

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Tees R Us, set up as a privately held corporation, operating as a t-shirt retailer, of which 100% of the Common Shares are owned by Tamara Green. You were hired to account for transactions for the month of February 2021, complete month endprocessing, prepare the financial statements and perform a financial ratio analysis as of the end of that month. They use perpetual inventory system and use the weigted average method to determine value for the inventory. Its balance sheet as at January 31, 2021, is presented below. Assets Cash Accounts Receivable Merchandise Inventory Tees R Us Classified Balance Sheet As at January 31, 2021 Prepaid Insurance Total Current Assets Long-Term Assets Equipment Accumulated Depreciation Total Assets Liabilities Current Liabilities Accounts Payable Unearned Revenue Salaries Payable Current Portion of Bank Loan Total Current Liabilities Non-Current Liabilities Non-Current Portion of Bank Loan Total Liabilities Shareholders' Equity Common Shares Retained Earnings Total Shareholders' Equity Total Liabilities & Equity Notes Relating to Balances: Columbia Arrow Dickies Martin Short Total Customers and balances $35,600 16,870 12,500 4.400 162,000 -52,000 $12,000 $9,000 $5,700 11.160 $3,200 $6,400 $4,250 $2,100 $920 $16,870 69,370 110,000 $179,370 $37,860 23,840 $61,700 81,000 36.670 117,670 $179,370 Henley Als Fabrica Total Suppliers and Balances. The bank loan has an annual interest rate of 5% and has monthly principal payment of $930. The inventory figure includes 500 units purchased at $25.00 each. SO $7,500 $4,500 $12,000 Tees R Us, set up as a privately held corporation, operating as a t-shirt retailer, of which 100% of the Common Shares are owned by Tamara Green. You were hired to account for transactions for the month of February 2021, complete month endprocessing, prepare the financial statements and perform a financial ratio analysis as of the end of that month. They use perpetual inventory system and use the weigted average method to determine value for the inventory. Its balance sheet as at January 31, 2021, is presented below. Assets Cash Accounts Receivable Merchandise Inventory Tees R Us Classified Balance Sheet As at January 31, 2021 Prepaid Insurance Total Current Assets Long-Term Assets Equipment Accumulated Depreciation Total Assets Liabilities Current Liabilities Accounts Payable Unearned Revenue Salaries Payable Current Portion of Bank Loan Total Current Liabilities Non-Current Liabilities Non-Current Portion of Bank Loan Total Liabilities Shareholders' Equity Common Shares Retained Earnings Total Shareholders' Equity Total Liabilities & Equity Notes Relating to Balances: Columbia Arrow Dickies Martin Short Total Customers and balances $35,600 16,870 12,500 4.400 162,000 -52,000 $12,000 $9,000 $5,700 11.160 $3,200 $6,400 $4,250 $2,100 $920 $16,870 69,370 110,000 $179,370 $37,860 23,840 $61,700 81,000 36.670 117,670 $179,370 Henley Als Fabrica Total Suppliers and Balances. The bank loan has an annual interest rate of 5% and has monthly principal payment of $930. The inventory figure includes 500 units purchased at $25.00 each. SO $7,500 $4,500 $12,000