Requirement 4. Post transactions to the general ledger. Post the transactions to the general ledger accounts in the order presented in the problem data. (Note that customer and vendor names are not used for the General Ledger accounts.) Compute each account balance, and denote the balance as Bal. (For any accounts with a zero balance, select a "Bal." reference and enter a "0" on the normal side of the account. Abbreviation used: Depr. = depreciation.) Review the journal entries you prepared in Requirement 3.LOADING... Cash Accounts Payable Sales RevMore infoRequirements

1.	Open general ledger T-accounts and enter opening balances as of September 30, 2024.
2.	Open inventory records for the three inventory items and enter opening balances as of September 30, 2024. Complete the inventory records using the following transactions: Oct. 1, 12, 15, 28; Nov. 1, 5, 15, 18, and Dec. 27.
3.	Record the transactions in the general journal.
4.	Post transactions to the general ledger.
5.	Prepare adjusting entries for the year ended December 31, 2024, and post to the ledger:
	a.	Depreciation, $64,500 (60% selling, 40% administrative).
	b.	Supplies on hand: office, $460; warehouse, $940.
	c.	A physical inventory account resulted in the following counts: desk lamps, 2,475; table lamps, 7,189; and floor lamps, 3,900. Update the inventory records.
6.	Prepare an adjusted trial balance.
7.	Provide a summary for the month, in both units and dollars, of the change in inventory for each item in the following format: LOADING... (Click the icon to view the format.) Does the sum of the ending balances in the inventory records match the balance in Merchandise Inventory in the general ledger? If not, review the transactions to find your error.
8.	Prepare James Lamp Company's multi-step income statement and statement of retained earnings for the year ended December 31, 2024, and a classified balance sheet as of December 31, 2024.
9.	Calculate the following ratios for JLC as of December 31, 2024: gross profit percentage, inventory turnover, and days' sales in inventory.
10.	Record and post the closing entries.
11.	Prepare a post-closing trial balance.

Oct. 1	Purchased lamps on account from Mountain Lights, terms n/30, FOB destination:
	7,000 desk lamps at $6 each
	5,500 table lamps at $15 each
	1,500 floor lamps at $22 each
Oct. 12	Sold lamps on account to Opus Home Furnishings, terms 1/10, n/30:
	5,000 table lamps at $46 each
Oct. 15	Sold lamps on account to Tifton Office Supply, terms 1/10, n/30:
	600 desk lamps at $17 each
Oct. 20	Received a check from Opus Home Furnishings for full amount owed on Oct. 12 sale.
Oct. 23	Received a check from Tifton Office Supply for full amount owed on Oct. 15 sale.
Oct. 28	Sold lamps on account to Freeway Home Stores, terms 1/10, n/30:
	500 table lamps at $46 each
	1,400 floor lamps at $69 each
Oct. 30	Paid amount due to Mountain Lights from Oct. 1 purchase.
Oct. 31	Paid salaries, $43,000 (60% selling, 40% administrative).
Oct. 31	Paid utilities, $2,400 (60% selling, 40% administrative).
Nov. 1	Sold lamps on account to Tifton Office Supply, terms 3/10, n/30:
	5,900 desk lamps at $17 each
Nov. 5	Purchased lamps on account from Mountain Lights, terms n/30, FOB destination:
	7,000 desk lamps at $9 each
	8,000 table lamps at $16 each
	3,000 floor lamps at $23 each
Nov. 5	Received a check from Freeway Home Stores for full amount owed on Oct. 28 sale.
Nov. 8	Received a check from Tifton Office Supply for full amount owed on Nov. 1 sale.
Nov. 10	Purchased and paid for supplies: $520 for the office; $875 for the warehouse.
Nov. 15	Sold lamps on account to Walker Office Supply, n/30:
	1,900 desk lamps at $17 each
Nov. 18	Sold lamps on account to Argo Discount Stores, terms 2/10, n/30:
	2,500 table lamps at $46 each
	1,600 floor lamps at $69 each
Nov. 28	Received a check from Argo Discount Stores for full amount owed on Nov. 18 sale.
Nov. 30	Paid salaries, $43,000 (60% selling, 40% administrative).
Nov. 30	Paid utilities, $2,480 (60% selling, 40% administrative).
Dec. 5	Paid amount due to Mountain Lights from Nov. 5 purchase.
Dec. 15	Received a check from Walker Office Supply for full amount owed on Nov. 15 sale.
Dec. 15	Paid dividends, $55,000.
Dec. 27	Sold lamps on account to Opus Home Furnishings, terms 1/10, n/30:
	5,100 desk lamps at $17 each
	2,500 table lamps at $46 each
Dec. 31	Paid salaries, $43,000 (60% selling, 40% administrative).
Dec. 31	Paid utilities, $3,300 (60% selling, 40% administrative).

enue Bal. 510,000 0 Bal. 2,742,980 Bal.