Problem III. Prepare ONLY the FIRST TWO closing journal entries in good form from the below information (10 points each journal entry= 20 points in total) Credit $38,000 ABC Company Adjusted Trial Balance Dec. 31, 2010: Account Name Debit Cash $10,000 Sales Revenue Utilities Expense 12,000 Merchandise Inventory 35,000 Accounts Receivable 30,000 Forfeited Sales Discount Salaries Payable Gain on Sale of Truck Rent Expense 16,000 Uneared Service Revenue Withdrawals 9,000 Building 80,000 Service Revenue Depreciation Expense 8,000 Accumulated Depreciation-Building Accounts Payable Interest Income Cost of Goods Sold 14,600 Capital @ 12/31/2010 - 5,000 3,000 4,500 20,000 16,000 21,000 4,500 2,600 101.500 Problem IV. Using Average Method calculate the cost of Goods Sold (15 pts.): 1/1/98 beginning inventory 3,000 units cost $15 each 1/14/98 purchased 1,000 units cost $18 each 1/18/98 purchased 1,500 units cost $21 each 1/25/98 purchased 2,000 units cost $23 cach at 1/31/98 we have 2,600 unit remaining in inventory. (if needed round to the cents, do not round to the dollar!!) Problem III. Prepare ONLY the FIRST TWO closing journal entries in good form from the below information (10 points each journal entry= 20 points in total) Credit $38,000 ABC Company Adjusted Trial Balance Dec. 31, 2010: Account Name Debit Cash $10,000 Sales Revenue Utilities Expense 12,000 Merchandise Inventory 35,000 Accounts Receivable 30,000 Forfeited Sales Discount Salaries Payable Gain on Sale of Truck Rent Expense 16,000 Uneared Service Revenue Withdrawals 9,000 Building 80,000 Service Revenue Depreciation Expense 8,000 Accumulated Depreciation-Building Accounts Payable Interest Income Cost of Goods Sold 14,600 Capital @ 12/31/2010 - 5,000 3,000 4,500 20,000 16,000 21,000 4,500 2,600 101.500 Problem IV. Using Average Method calculate the cost of Goods Sold (15 pts.): 1/1/98 beginning inventory 3,000 units cost $15 each 1/14/98 purchased 1,000 units cost $18 each 1/18/98 purchased 1,500 units cost $21 each 1/25/98 purchased 2,000 units cost $23 cach at 1/31/98 we have 2,600 unit remaining in inventory. (if needed round to the cents, do not round to the dollar!!)