Problem: 1 The following information is available for Marshals for the year ended March 31, 2020: Marshals Trial Balance For the year ended March 31, 2020 Accounts payable $3000 Accounts receivable 7,500 Accumulated amortization, equipment Advertising expense 8,000 3,500 Sales Discounts 300 Cash 1,300 75,000 Cost of goods sold Equipment 76,110 Insurance expense 250 Interest expense 40 Jen Duncan, capital 32,300 Jen Duncan, withdrawals 1,100 2,200 Inventory Notes payable* 6,000 Rent expense 160 Rent payable 120 Salaries expense 120 Sales 120,000 Sales returns and allowances 1,500 300 Supplies Supplies expense Prepare a multiple-step income statement in good form for Marshals. 40 Problem: 2 Prepare general journal entries to record these transactions, using a perpetual inventory system. 1 Sold merchandise on credit for $7,000, cost $3,000 terms 1/10, n/30. Dec. 3 Purchased merchandise for cash, $1,900. 4 Purchased merchandise on credit for $5,600, terms 2/10, n/30. Issued a credit memorandum for $600 to a customer who returned merchandise 5 purchased November 29, cost $400. 11 Received payment for merchandise sold December 1. Received a credit memorandum for $600 for the return of faulty merchandise 15 purchased on December 4. 18 Paid freight charges of $50 for merchandise ordered last month. 23 Paid for the merchandise purchased December 4 less merchandise returned. 24 Sold merchandise on credit for $9,000, terms 1/10 n/30, cost $6,500. 31 Received payment for merchandise sold on December 24