I need help please. Check figures are also indicated for the right answers, thanks.

Chapter 5 Accounting for Merchandising Businesses 265 July 24. Returned $5,000 of damaged merchandise purchased on July 21, receiving credit from the seller. 26. Refunded cash on sales made for cash, $12,000. The cost of the merchandise returned was $7,200. 28. Paid sales salaries of $22,800 and ofce salaries of $15,200. 29. Purchased store supplies for cash, $2,400. 50. Sold merchandise on account to Dix Co., terms 2/ 10, n/SO, FOB shipping point, $18,750. The cost of the merchandise sold was $11,250. 50. Received cash from sale of July 20, less discount, plus freight paid on July 21. 51. Paid for purchase of July 21, less return of July 24 and discount. Instructions 1. Enter the balances of each of the accounts in the appropriate balance column of a four-column account. Write Balance in the item section, and place a check mark (V) in the Posting Reference column. Journalize the transactions for July starting on page 20 of the journal. ix) . Post the journal to the general ledger, extending the month-end balances to the appr0priate balance columns after all posting is completed. In this problem, you are not required to update or post to the accounts receivable and accounts payable subsidiary ledgers. 5. Prepare an unadjusted trial balance. 4. At the end of July, the following adjustment data were assembled. Analyze and use these data to complete (5) and (6). a. Merchandise inventory on July 31 $565,000 b. Insurance expired during the year 13,400 c. Store supplies on hand on July 31 3,900 d. Depreciation for the current year 1 1,500 e. Accrued salaries on July 31: Sales salaries $3,200 Ofce salaries m 4,500 5. Optional: Enter the unadjusted trial balance on a 10-colurnn end-of-period spreadsheet (work sheet), and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on page 22 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a retained earnings statement, and a balance sheet. 9. Prepare and post the closing entries. Record the closing entries on page 23 of the journal. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. Insert the new balance in the retained earnings account. 10. Prepare a post-closing trial balance. Cases & Pro'ects CP 5-1 Ethics and professional conduct in business On March 13, 2012, Plant-Wise Company, a garden retailer, purchased $18,000 of seed, terms 2/ 10, n/30, from Premium Seed Co. Even though the discount period had expired, Brendan Morton subtracted the discount of $360 when he processed the documents for payment on March 26, 2012. Discuss whether Brendan Morton behaved in a professional manner by subtract- ing the discount, even though the discount period had expired. 264 Chapter 5 Accounting for Merchandising Businesses Com . rehensive Problem 2 V 8. Net income: Ocean Atlantic Co. is a merchandising business. The account balances for Ocean Atlantic $710,760 Co. as of July 1, 2012 (unless otherwise indicated), are as follows: 110 Cash 5 63,600 112 Accounts Receivable 153,900 115 Merchandise Inventory 602,400 116 Prepaid Insurance 16,800 117 Store Supplies 11,400 123 Store Equipment 469,500 124 Accumulated DepreciationStore Equipment 56,700 210 Accounts Payable 96,600 211 Salaries Payable 310 Capital Stock 75,000 311 Retained Earnings, August 1, 2011 480,300 312 Dividends 135,000 313 Income Summary 410 Sales 3,221,100 411 Sales Returns and Allowances 92,700 412 Sales Discounts 59,400 510 Cost of Merchandise Sold 1,623,000 520 Sales Salaries Expense 334,800 521 Advertising Expense 81,000 522 Depreciation Expense 523 Store Supplies Expense . 529 Miscellaneous Selling Expense 12,600 530 Ofce Salaries Expense 182,100 531 Rent Expense 83,700 532 Insurance Expense 539 Miscellaneous Administrative Expense 7,800 During July, the last month of the fiscal year, the following transactions were completed: July 1. 5. 4. 6. 7. IO. 13. 14. 15. 16. 19. 19. Paid rent for July, $4,000. Purchased merchandise on account from Lingard Co., terms 2/ 10, n/SO, FOB shipping point, $25,000. APaid freight on purchase of July 3, $1,000. Sold merchandise on account to Holt Co., terms 2/ 10, n/SO, FOB shipping point, $40,000. The cost of the merchandise sold was $24,000. Received $18,000 cash from Flatt Co. on account, no discount. Sold merchandise for cash, $90,000. The cost of the merchandise sold was $50,000. Paid. for merchandise purchased on July 3, less discount. Received merchandise returned on sale of July 6, $7,000. The cost of the merchandise returned was $4,500. Paid advertising expense for last half of July, $9,000. Received cash from sale of July 6, less return of July 14 and discount. Purchased merchandise for cash, $22,000. Paid ($23,100 to Carino Co. on account, no discount. Record the following transactions on Page 21 oftbejoumal. 20. 21. 21. 21. Sold merchandise on account to Reedley C0,, terms 1/ 10, n/50, FOB shipping point, $40,000. The cost of the merchandise sold was $25,000. For the convenience of the customer, paid freight 'on sale of July 20, $1,100. Received $17,600 cash from Owen Co. on account, no discount. Purchased merchandiSe on account from Mu'nson Co., terms 1/ 10, n/30, FOB destination, $32,000. CHECK FIGURES: Net Income $ 710,760 Total Assets $1,209,060 (Balance Sheet) Worksheet -total Trial Balance Column........$4,095,350 (Unadjusted) Total for the adjustments. $ 52,380 total for the Adjusted Trial Balance columns..$ 4,111,350 Post Closing Trial Balance $ 1,277 260Read the instructions on page 265 including the following information: Step 1: The forms are attached in a separate file. You will need to modify the forms to fit the information in this problem. Step 2: Prepare the journal entries for the July 1 through 31 transactions. Now post the journal entries to the general ledger accounts (don't forget the post references). Step 3: Post the journal entries to the general ledger, extending the month-end balances to the appropriate balance columns after all posting is completed (before adjusting entries are made). Step 4: Prepare the Trial Balance as of July 31 on a ten column work sheet listing all accounts, in order, from the general ledger accounts. Complete the work sheet using the adjustments shown on page 265 instruction # 4. Step 5: Prepare the financial statements from the worksheet. (Multiple-step income statement, retained earnings, and report form balance sheet.) Step 6: Journalize and post the adjusting entries. Step 7: Prepare the closing entries in journal format. Now, post the closing entries to the general ledger accounts. Indicate closed accounts by inserting a line in both balance columns opposite the closing entry. Insert the new balance in the retained earnings account. Step 8: Prepare the Post-Closing Trial Balance from the general ledger accounts. You do not have to enter accounts with a zero balance. Late outputs will not be accepted. Use "P" instead of "$&quot