Journal Entry Needed:

Please Fill out like in Excel provided above. Thank you

The following trial balance pertains to Ingalls Supermarket as of January 1, 2012: Hint: Ingalls Supermarket uses the preptual Inventory system. Ingalls Supermarket Trial Balance As of January 1, 2012 Debit Credit Account Title Cash Accounts Receivable Merchandise Inventory Accounts Payable Common Stock Retained Earnings Totals S 26,000 4,000 50,000 S 4,000 43,000 33,000 S 80,000 S 80,000 The following events occurred in 2012. Cash paid for land purchase Merchandise purchased on account Terms: 1/10 n45, FOB Shipping Point Freight paid in cash for merchandise purchase above Defective Merchandise returned purchased in event 2 Merchandise costing S60,356 sold for cash Merchandise costing 84,220 sold on account Terms: 1/20 n/30 Paid cash on accounts payable with discount (event 2) Paid Selling expenses A/R collected within discount period A/R collected after discount period Paid other operating expenses 1. 2. S 20,000 S 126,000 3. 4. 5. 6. S 1,000 S 3,600 S 86,000 S 120,000 7. 8. 9. 10. 11. S 11,600 S 50,000 S 60,000 S 6,400 Required a. Record these transaction in the general journal provided b. Post the transactions to ledger T accounts provided c. Prepare a before closing trial balance provided d. Prepare an income statement, a retained earnings statement, and balance sheet. Proper format such as heading, rulings etc. is important and will be part of your grade You may use r text book for examples. There are no check fiqures ded You are not required to prepare the closing entries for this