How to solve case e: Hike Awav $-$ Student ConvHike Away sells outdoor sporting equipment. You have been working for the company since its inception a few vears ago and have been promoted to be their accounting manager. They use the perpetual inventorysystem and use the weigted average method to determine value for the inventory.The opening balances for the month of September are as follows:Hike AwayBalance SheetAssetsCashAccounts ReceivableMerchandise InventorylEquipmentAccumulated DepreciationAs at September $30,2023$Liabilities$$9,480$ Accounts Payable$16,000$ Bank Loan$15\mathrm{.}000$ Total Liabilities$160,000$ Shareholders' Equity$-18\mathrm{.}000$ Common SharesRetained Earnings$$182,480$ Total Liabilities & Shareholders' EquityThe inventory figure includes $300$ units purchased at $$50$ each.The Chart of Accounts $($GL no$.$ is shown below:Account escriotionAccount #Account DescriptionASSETSREVENUESales RevenuePetty CashAccounts Receivable$105$Sales Discounts$110$Sales Returns and AllowancesMerchandise InventoryPrepaid InsuranceEquipmeInterest Revenue$125$EXPENSES$140$Cost of Goods SoldAccumulate Depreciati$145$LIABILITIESAccounts PavableInterest PayableCPP PayableEl Payable$205220225$Income Tax PayableSalaries PayablelUnearned Revenue$235240245$Employee Benefits ExpensDepreciation ExpenseInsurance ExpenseInterest ExpenseOffice Supplies ExpenseRent ExpeSalaries ExpenseBank Charges ExpenseMaintenance ExpenseEntertainment ExpenseSHAREHOLDERS' EQUITYCommon Shares$300$Required:$1.$ Record transactions in the general journal$2.$ Post journal entries to the ledger accounts$3.)$ Using the journal entries from part $1,$ complete the inventory valuation page$4.$ complete the bank reconciliation and related journal entries$5.$ Prepare the income statement. statement of retained earnings and balance sheet$6.)$ Calculate ratios and answer related questions$$10,50018,000$$$28,50050,000103,980$$$182,480$Account #$400410420500$AssaasadasTransactions for the month of October:Oct $1$Oct $2$OctOct $5$Oct $7$Oct $8$Oct $10$Oct $31$Bought inventory from Outdoor T$-$Shirts on account. invoice #$5455$: $700$ units at $$60$ each. Terms of the purchase were $4/10,$ net $30.$ Update the inventory table after each purchase.Sold goods to Outback Karen, $500$ units at $$90$ each with invoice #$4565.$ The invoice terms were $5/10.$ net $30.$ Update the inventory table after each salePaid $$500$ with cheque #$145$ to Outdoor T$-$Shirts for an amount owing from last monthBought inventory from Camping Retailers with cheque #$146,500$ units at $$55$ per unitReturned $100$ defective units to Camping Retailers and received cash.Received $$500$ from Woodsman Bill for a sale on account last monthOutback Karen paid invoice #$4565012$ and took advantage of the early payment discountPrepared the pavroll for October. Gross pay is $>/\mathrm{.}200,$ CPP Is $3356,$ Elis s$135$ and income tax Is S$1,440.$ The employer matches CP contributions and pays $1\mathrm{.}4$ times the El deduction. Use the general journal to record this. The cheque will be