I need help with the Journal Entries for 5, 6, and 7.

I also need help with adjusting journal entries for the end of the year.

I need help preparing the balance sheet, statement of retained earnings, and an income statement for the year ended in December 31st, 2017.

Finally, I need to know how to do the closing entries for the company

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el Amazon 1/10 100'3 Harriet's Hats, Inc. Harriet's Hats is a fictional company. The following information includes the balance sheet as of December 31, 2016, and the details of the transactions that occurred during 2017, Background: Harriet's Hats is a hat retailer (in other words, Harriet's buys hats from a hat manufacturer and then sells them in their stores). Transactions for 2017 are representative of such a company's business activities. HINT: Read through the entire assignment at least twice before beginning to do any work. This will help you familiarize yourself with all of the important facts. 2. Transactions for 2017: 1. Sales and Accounts Receivable a. Harriet's hats during 2017 had a sales price of $80 per hat. All sales were made on account. b. Cash collections on account amounted to $980,000 c. On July 1, 2017, Harriet's identified $40,250 of receivables as being uncollectible and wrote them off. d. Harriet's follows a percentage-of-receivables approach to estimate their accounts receivable that will become uncollectible. As of the end of 2017, Harriet's estimates that 10% of their receivables will be uncollectible. Inventory a. Harriet's began 2017 with 1,900 hats which had a cost of S40 each. Employees physically counted 2.690 hats remaining in the warehouse at the end of 2017. Harriet's uses a periodic LIFO inventory system to cost their inventory. The following purchases (all on account) were made during 2017: i January 15 -4,250 hats $43.00 each ii. March 22- 2,900 hats $45.00 each iiiAugust 5 -3,420 hats @ $47.00 each iv. October 26 -6,020 hats @ $50.00 each b. During 2017, Harriet's made cash payments to inventory suppliers on the following dates: i. January 29th - 5146,200 1. April 16 - $156,600 ill. October 201 - 5160,740 iv. November 30-$270,900 3. Property, Plant and Equipment a. Harriet's uses straight-line depreciation for all of its store fixtures and office equipment. b. Below is a schedule of the store fixtures and office equipment Harriet's had in place at the end of 2017 FIXTURES AND EQUIPMENT (as of December 31, 2017) ID # Historical Estimated Estimated Date acquired Cost Ussful Life Salong Value 1256 $60,000 SO Jan. 1. 2007 1876 $100,000 10 years $15.000 Jan 1, 2008 4299 $92,000 15 years $5,000 Jan 1, 2009 On April 1, 2017 new store fixtures were purchased for $12,000 in cash. Harriet's expects the fixtures to have a 10 year useful life and a $4,000 salvage value. d. On October 1, 2017 office equipment (ID#1876) was sold for $16,825 12 years C Amazon 2 / 10 100% 4. 5. Debt a. On August 1, 2017, Harriet's paid off the note payable that was outstanding at the beginning of the period. The note had an 10% interest rate, had been issued on August 1, 2016, and required semiannual interest payments on Jan 31, 2017 and July 31, 2017 b. On October 1, 2017, Harriet's borrowed $120,000 on a new note payable. The new note carries a 6% interest rate with semiannual interest payments required on March 31, 2018 and September 30, 2018 Operations a Harriet's made a rent payment of $51,000 on August 1, 2017. The payment was for rent on the store building and was prepaid for one year. The balance in the prepaid account at the end of 2016 represents the rent for January through July 31, 2017 that was paid for on August 1, 2016. b. Cash paid out during 2017 for wages totaled $142,000. Records indicate that salaries for the last week of December 2017 amounted to $25,000 and will be paid at the end of the first week in January 2018 (a two-week pay period). c. Other expenses (paid in cash) totaled $38,000 Income Taxes a. On March 15, 2017, Harriet's paid their 2016 income taxes. Harriet's will pay their 2017 income taxes on March 15, 2018. Harriet's has 40% income tax rate for both 2016 and 2017 Common Stock a. On December 1, 2017, dividends of $35,000 were declared and paid. b. On January 1, 2017, Harriet's issued 10,000 additional shares of common stock for $10 per share. 6. 7. Required: 1. Using the journal and T-accounts provided, record the transactions that occurred during 2017 If no specific date is provided for a transaction, leave the date column blank. IMPORTANT: Since there are several transactions for which no date is given, the journal entries do NOT need to be in chronological order. All adjusting and closing entries should have December 31, 2017 as the date. Prepare the balance sheet, statement of retained earnings and income statement for Harriet's Hats, Inc. for the year ended December 31, 2017 Record the closing entries for the company (this step is often skipped, don't lose these points). 2. 3. Check Figures 2017 Gross Profit Percentage: 41.375 2017 Current Ratio: 1.9799 2017 Profit Margin: 9.376% Amazon 3 / 10 100% $ 64,000 Harriet's Hats Balance Sheet For the Year Ended December 31, 2016 Assels Cash Accounts Receivable 187,000 Less: Allowance for Doubtful Accounts (18,700) Net Accounts Receivable Prepaid Rent Inventory Total Current Assets 168,300 25,200 76,000 333,500 $ Property, Plant, and Equipment Less: Accumulated Depreciation Net Property, Plant, and Equipment Total Assets 252,000 (172,900) 79,100 412,600 $ Liabilities and Owner's Equity Accounts Payable Wages Payable Interest Payable Income Taxes Payable Notes Payable Total Current Liabilities Common Stock (5,000 shares outstanding, 51 par) Additional Paid In Capital Retained Earnings Total Liabilities and Owner's Equity 54,000 18,000 3,750 32,500 90,000 198,250 5 5,000 15,000 194,350 $ 412,600 nel Amazon 8 / 10 100% H Cash 64,000 Accounts Receivable 187,000 Allowance for Doubtful Accounts 18.700 5 Prepaid Rent 25,200 Inventory 76,000 Property Plant, and Equipment 252,000 Accumulated Depreciation $ 172.900 Accounts Payable 54,000 Wages Payable 18,000 Notes Payable Interest Payable 3150 Income Taxes Payable 32,500 90,000 Common Stock SAXO Additional Paid In Capital 15,000 Retained Earning 194,350 9/10 100% Sales Revenue Purchases Cost of Goods Sold Rent Expense Interest Expense Bad Debts Expense Depreciation Expense Wases Expense Other Expenses Gain/Loss on Sale of Equipment Income Tax Expense Dividends A 10 / 10 100% Harries Hats mart To the Year Water 2017 Sales Le Cost of Good Sold Carrot Huvitats Balance Sheet As of 1 Ar Cash Acconcelle Allowance for Accounts Neivable Rent Theory Totalt Operoperas Despre Traction pre Wages Experie Opening porn Total Operating Expres Property and liquet Le Acceder Net Property Partond get Total Assets Cantonale pent before income Incones Land Owner's Iquity Ayake be table Income Table Notable Tourette Harries Hats Real Tanning For the Year Desher 3, 2017 Being Retained aming The New Ladies Share Outstanding All Capital Radio Total band Owner's Equity