This Assignment will test your knowledge regarding each step along the Accounting Cycle. K Exit Fullscreen You will begin by starting the business and recording various transactions, and end with a finalized balance sheet & Income Statement. Kelsey Hiller opened a sports equipment business called Hiller's Hockey Emporium on September 1st, 2020, with the following assets & liabilities: Cash $5300; Merchandise $9000; Retail store $120000; Bank Loan $90000. 1. Prepare an opening Entry in the General Journal for Kelsey's new business, and then proceed to open the following accounts within the General Ledger, You will be using the period Inventory method. 1001 Cash 3001 K. Hiller, Capital 1002 Accounts Receivable/ J.Cameron 4001 Store Sales 1003 Accounts Receivable/K. Maclean 4002 Store Sale Return & Allowances 1005 Merchandise Inventory 4003 Internet Sales 1010 Retail Store 5001 Purchases 2001 Accounts Payable/ Casquette 5002 Purchase Returns & Allowances 2002 Accounts Payable/SGoods Itd. 5003 Cost of Goods Sold 2010 Bank Loan 6001 Advertising Expense 6002 Salaries Expense 2.Record the following transactions in both the General Journal, & the General Ledger. Sept 1 Sold $180 worth of product to J. Cameron, and mailed the bill for $250, invoice 1. Sept 2 Received invoice 320 from the Casquette from advertising done in their paper, $215. Sept 3 Cash sales for the first week, totaling $3200. Sept 4 Purchased more merchandise from SGoods, $2000 on credit, invoice 2694. Sept 4 Sold $400 worth of merchandise to K. Maclean for $600 on Account, invoice 2. Sept 5 K. Maclean returned some of her purchase for $100 Sept 8 J. Cameron paid the bill issued Sept 1st in full. Sept 9 Returned $500 worth of the merchandise bought from SGoods. Sept 10 Paid the Casquette bill of Sept 2nd, Cheque 2. Sept 11 Paid off debt owing to SGoods, $1000. cheque 3. . Sept 14 Paid employee Salaries, $2400. cheque 4 Sept 17 Cash sales for the week, totaling $2900. 3. Once the balances for each General Ledger account are determined, complete a Trial Balance, and check to see if Debits = Credits. 4. Please complete the Income Statement for the month of Sept, calculate the Cost of Goods Sold by completing a Schedule The inventory amount at the end of September is $7400