I'm needing help all with preparing journal entries to record the information, all adjusting journal entries as necessary and the adjusted Trial Balance as of December 31, 2023?

o Northern bank 120,000, 6% interest rate, Interest is paid on June 30th of each year, principal to be repaid on June 30, 2024 0 Stock o Common Stock has a $1 par value, 500,000 shares authorized, 100,000 shares issued and outstanding at 12,2'31f2022. 0 Preferred Stock has a $10 par value, 10%, 100,000 shares authorized, there were no shares issued or outstanding at 12]\"311'2022. The followin transactions and events occurred in 2023. The estimated useful life and salvage value for the building that was purchased in 2022 was changed. It is now estimated that the building has a remaining life [as of 1f1,l"2023] of 20 years and a salvage value of $5,000. Purchased a building and land for $200,000. The building has a 25year expected useful life and a $10,000 expected salvage value. The land is valued at $80,000. 1f10 Purchased $250 of supplies for cash 1f15 Purchased inventory on account 500 Running Sneakers for $121 each and E00 Aerobic for $82 each 1315 Made a payment of $20,000 to pay off several Accounts Payable accounts 1315 Paid the cash dividend declared in November 2022 1331 Paid $3,300 for a 1year insurance policy [effective 2f1f2023 1,!31f2024] BSG repurchased 1,000 shares of its own common stock to be held as treasury stock. The price paid was $12 per share 2f1 Paid the interest on the loan from Foley Bank {Remember some of the interest was accrued at 12f31f2022 your entry should include three accounts} Paid for inventory purchased on 1f15 2320 Sold Inventory on account {sold 100 Running Sneakers for $200 and 120 Aerobic Sneakers for $150] terms 2,:'10, net 30 Received notice that a customer from 2022 declared bankruptcy and will not be able to pay the remaining balance owed on their bill, $1,000 Sold Inventory on account {sold 200 Running Sneakers for $200 and 20 Aerobic Sneakers for $150] terms 2310, net 30 Received payment for the 2120 transaction Received payment for merchandise sold on 3,.I'5 Paid income taxes owed from the 2022 fiscal year. Sold Inventory on account {sold 250 Running Sneakers for $200 and 200 Aerobic Sneakers for $150] terms 2310, net 30 Received payment for merchandise sold on til-I2 Purchased inventory on account 2'00 Running Sneakers for $123 each and 500 Aerobic for $34 each Sold Inventory on account {sold 350 Running Sneakers for $200 and 250 Aerobic Sneakers for $150] terms 2,4'10, net 30 Customer from the 5,.I'1 transaction returned inventory {50 Running Sneakers] all inventory was still in good working order Customer paid their remaining balance from the 5f1 transaction Paid for half of the inventory purchase from 4330 iii: HHHH 1: H - Hi M INJ Til I'v'lade interest payment on equipment note to Northern Bank Til Purchased $50,000 of equipment using a bank loan at 6% interest to be paid in 2 years. Interest is due on June 30 of each year. The equipment has a life of T years and a 5,000 salvage value. Tj'15 Sold Inventory on account (sold 2T5 Running Sneakers for $200 and 315 Aerobic Sneakers for $150] terms 2110, net 30 8f2 Purchased $300 of supplies for cash 8f10 Received P5 of payment from the T! 15 transaction 9f10 Purchased inventory on account 400 Running Sneakers for $124 each and 300 Aerobic for $35 each 1011 Made a payment of $100,000 towards our accounts payable balance, 10,115 Purchased $350 of supplies for cash 11,11 Received $4,200 from a tenant for 6 months' rent [11TH2023 to 413012024] 111'1T Paid a cash dividend of $.20 per share on outstanding shares and paid dividends to preferred shareholders 1211 Sold Inventory on account (sold 600 Running Sneakers for $200 and 510 Aerobic Sneakers for $150] terms 21'10, net 30 12131 Received payments totaling $250,000 from customers for past due invoices Other Information: I At year end $150 worth of supplies are on hand I The company uses the 96 of Receivables method in estimating bad debts; 3% ofthe ending reoeivables balance is deemed to be uncollectible Required: I Prepare all journal entries to record the information for 2023. I Prepare all adjusting journal entries as necessary I Prepare an adjusted Trial Balance as of December 31, 2023 I Prepare an income statement, statement of retained earnings and a balance sheet as of December 31, 2023 Prepare a cash flow statement, using the indirect method, for the year ended December 31, 2023 I Close all accounts as necessary and prepare a postclosing Trial Balance I Please include a sheet on how you calculated your adjusting Journal entries and inventory I Prepare a horizontal analysis of the balance sheet o When preparing this analysis only analyze the sum ofthe main categories [total current assets, total longterm assets, total assets, total current liabilities, total longterm liabilities, total liabilities, total equity, total liabilities and equity} I Prepare a vertical analysis for 2023 income statement o When preparing this analysis use the following categories: Net Sales, Cost of Goods Sold, Gross Profit, Operating Expenses, Income from Operations, Other Expenses and losses, Income before income taxes, Income Tax Expense and Net Income I Compute the following ratios for the company [use 305 days per year and be sure to show all calculations} o Gross Prot Margin o Debt to assets ratio o Net Profit Margin o Current ratio o Earnings per Share o Inventory Tu rnover o Return on Comm Stockholder's o Days in Inventory equity o Average receivable turnover o Return on Assets o Average collection period Based on the following industry standards, comment on the profitability, solvency and liquidity of the company. Gross Profit Margin 40.00% O Net Profit Margin 15.20% O Earnings per Share 80 O Return on Comm Stockholder's equity 17.00% O Return on Assets 11.00% O Debt to assets ratio 50 Current ratio 1.50 o Inventory Turnover 4.00 Days in Inventory 91.25 Average receivable turnover 15.00 Average collection period 24.33 NOTE: It is up to you to use the skills you learned in Spreadsheets to complete a report using Excel. Please be sure all cells are referenced and using formulas where applicable. Getting or using a template from another source is considered plagiarism and will result in automatically failing this assignment.BSG is a Corporation that sells 2 styles of Sneakers [Running and Aerobic} The company uses the perpetual FIFO method in accounting for its inventory. BSG makes its adjustments at the end of each year All sales and inventory are purchased on account Be sure to round all numbers to the nearest dollar [Do Not Use lCents}. The company had the following PostClosing Trial Balance at 1233132022 Account Name Debit lIIrIadit Cash 55,254 Accounts Receivable 41,425 Allowance for Bad Debt 1,244 Inventory 92,000 Supplies on Hand 400 Prepaid Insurance 50 Land T5,000 Building 200,000 AID Building 4,200 Equipment 230,000 AID Equipment 32,85? Accounts Payable 23,200 Income Tax Payble 23,023 Interest Payable 6,808 Unearned Rent 600 Dividend Payable 10,000 Notes Payable 120,000 Common Stock 100,000 APIC Common Stock 200,000 Retained Earnings 122,23? BSG uses, the 200% double declining balance, Half'l'ear, method to depreciate all 5, 2' 8: 10year property BSG uses, the SL, midmonth basis to depreciate all real property Income tax rate is 35% The $230,000 of equipment has a n expected life of 2 years and no salvage value The $200,000 building has an expected life of 39 years and no salvage value Inventory at 131123 consists of: o Running Sneakers 500 units at $120 each o Aerobic Sneakers 400 units at $80 each 0 Notes Payable at December 31, 2022 consisted of: o Foley Bank 50,000, 2% interest rate. Interest is paid on Feb 15t of each year, principal to be repaid on 2,.I'1f202E