Using the information from your classification, you now have figured out which accounts you will need....

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Using the information from your classification, you now have figured out which accounts you will need. Using the information listed below, put the transactions in pro forma by doing the required journal entries, posting, and checking your work with a trial balance using the Journalization Excel template. Date July 1 July 2 July 5 July 9 July 11 July 15 July 15 July 16 July 22 July 24 July 26 July 31 Transaction Owner invested $100,000 cash into the business. Purchased equipment on account for $10,000 plus $100 installation. It has a life of 4 years with zero residual value. Purchased 20 coats at $50 each terms 2/10, n/30. Paid $200 for the shipping of the coats on July 5th. Purchased another 10 coats at $60 each term 2/10, n/30. Paid the rent of $2000. Sold 2 coats to Argus at $500 each, terms 2/10, n/30. At this point remember to do the COGS entry without the dollar value (LIFO). You will compute that amount in the next step of the project. Sold 4 coats to James at $500 each, terms 2/10, n/30. You will compute that amount in the next step of the project. Sold 7 coats to Bob at $500 each, terms 2/10, n/30. You will compute that amount in the next step of the project. Bob returned 1 coat that was damaged and we gave credit on his account. Could not be restocked. Bob paid his bill within the discount period. Paid electric bill $100. date week 7 15-Jul COGS Merchandise Inventory 16-Jul A/R Sales 16-Jul COGS Merchandise Inventory 22-Jul A/R Sales 22-Jul COGS Merchandise Inventory 24-Jul Sales Returns A/R 26-Jul Cash Sales Discount Accounts Payable 31-Jul Utility Expense Cash 31-Jul Cash Common Stock 31-Jul Capital Cash PR DR $ $ 2,000 $ $ 3,500 $ $ 500 $ 2,940 $ 60 es $ 100 $ 75,000 $ 75,000 CR $ $ 2,000 $ $ 3,500 $ $ $ $ $ 500 3,000 100 75,000 $ 75,000 Once you have completed and checked your work with a trial balance from the previous weeks, your employer has asked you to create Financial Statements. Be sure to do the income statement, retained earnings statement, and balance sheet for the company. Make sure you do each Financial Statement in good form, including the appropriate Title Information for each statement. Using the information from your classification, you now have figured out which accounts you will need. Using the information listed below, put the transactions in pro forma by doing the required journal entries, posting, and checking your work with a trial balance using the Journalization Excel template. Date July 1 July 2 July 5 July 9 July 11 July 15 July 15 July 16 July 22 July 24 July 26 July 31 Transaction Owner invested $100,000 cash into the business. Purchased equipment on account for $10,000 plus $100 installation. It has a life of 4 years with zero residual value. Purchased 20 coats at $50 each terms 2/10, n/30. Paid $200 for the shipping of the coats on July 5th. Purchased another 10 coats at $60 each term 2/10, n/30. Paid the rent of $2000. Sold 2 coats to Argus at $500 each, terms 2/10, n/30. At this point remember to do the COGS entry without the dollar value (LIFO). You will compute that amount in the next step of the project. Sold 4 coats to James at $500 each, terms 2/10, n/30. You will compute that amount in the next step of the project. Sold 7 coats to Bob at $500 each, terms 2/10, n/30. You will compute that amount in the next step of the project. Bob returned 1 coat that was damaged and we gave credit on his account. Could not be restocked. Bob paid his bill within the discount period. Paid electric bill $100. date week 7 15-Jul COGS Merchandise Inventory 16-Jul A/R Sales 16-Jul COGS Merchandise Inventory 22-Jul A/R Sales 22-Jul COGS Merchandise Inventory 24-Jul Sales Returns A/R 26-Jul Cash Sales Discount Accounts Payable 31-Jul Utility Expense Cash 31-Jul Cash Common Stock 31-Jul Capital Cash PR DR $ $ 2,000 $ $ 3,500 $ $ 500 $ 2,940 $ 60 es $ 100 $ 75,000 $ 75,000 CR $ $ 2,000 $ $ 3,500 $ $ $ $ $ 500 3,000 100 75,000 $ 75,000 Once you have completed and checked your work with a trial balance from the previous weeks, your employer has asked you to create Financial Statements. Be sure to do the income statement, retained earnings statement, and balance sheet for the company. Make sure you do each Financial Statement in good form, including the appropriate Title Information for each statement.