Instructions This assignment is designed for practicing both the retailer/merchandiser accounting cycle and your basic excel skills. Below are select sales transactions for Empire Corporation. You will need to enter the missing pieces of each transaction on the journal entry tab. Each missing piece of information is highlighted in yellow. The only cell where an actual number is to be input is on the journal entries worksheet. Please note: not every yellow cell requires input (it could be left blank if appropriate) After completing the journal entries, you must then complete the missing pieces of the T accounts, trial balance, and statements highlighted in yellow. Only excel functions may be used to calculate the appropriate cell value on these pages. DO NOT INPUT THE ACTUAL NUMBER INTO THE T ACCOUNTS, TRIAL BALANCE, OR STATEMENTS. Use excel functions (such as making a cell equal another from the journal entry page, summing numbers together, or using the plus or minus symbols to help you find the appropriate number). Your balance sheet should balance when you are complete. Tip: After each journal entry, update the appropriate T accounts. Select Retailer/Merchandiser-Related Transactions: 1. July 1: Empire Corporation purchased merchandise inventory on credit, terms 2/10, n/30, FOB Shipping point, for $2,000 from The Andujar Company. 2. July 1: Empire Corporation paid freight of $50 on the shipment from The Andujar Company. 3. July 8: Empire Corporation pays its invoice from July 1. 4. July 10: Empire sells merchandise on credit to Mark Ford, terms 2/10, n/60 FOB Destination for $1,500. (Empire's cost was $750) 5. July 10: Empire paid freight of $25 to ship the merchandise to Ford. 6. July 12: Ford returns $50 of merchandise (Empire's cost is $25). Empire credit's Ford's account. 7. July 22: Ford pays its invoice