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1) For each of the following transaction, prepare journal entries in "Good Form" including proper dates and descriptions. (20 Marks) - On May 1, Nike purchased 5000 shirts on account for $250,000, with terms 2/15. net/30. - Nike was invoiced for the foll amount and paid for its sweaters on May 12 - Nike sold 100 shirts on October 1 on account for $3,000 with terms 1/10, net330. Nike's cost of the sweaters was 52,000. - On October 10 , Nike received pavment in full for the 100 shirts sold. - Equipment was purchased last vear at o cost of $500,000. The equipment's useful hite is 5 years at which point is will have no value. Records the current year's amortiation - Salaries Expense is 55,000 per day -Monday through Fridoy-snd the bugness pays emplovees ach Friday. Thid year December 31 falls on a Tuesday. Preaare the aflisting eotr - On April 1, we paid $24,000 for a onevear insurance policy We debited prepaid insurance and Credited Cash, prepare the adjusting entry an Dec 31 - On December 31 , we had an inventory balance of 5300,000 . A ohyaicai count of inventory onlv ahew1 5295 . 000 . Pregare the adjuating entry 11) Post your journal entries to the appropriate T-Accounts. Use the answer sheet provided. (8 Marks) COPY THE BELOW CHART TEMPLATES \& PASTE INTO THE ANSWER SECTION. THEN FILL OUT THE CHART OELLS IN YOUR ANSWER SECTION 2. i) \& ii) Journal Entries \& T-accounts 1) For each of the following transaction, prepare journal entries in "Good Form" including proper dates and descriptions. (20 Marks) - On May 1, Nike purchased 5000 shirts on account for $250,000, with terms 2/15. net/30. - Nike was invoiced for the foll amount and paid for its sweaters on May 12 - Nike sold 100 shirts on October 1 on account for $3,000 with terms 1/10, net330. Nike's cost of the sweaters was 52,000. - On October 10 , Nike received pavment in full for the 100 shirts sold. - Equipment was purchased last vear at o cost of $500,000. The equipment's useful hite is 5 years at which point is will have no value. Records the current year's amortiation - Salaries Expense is 55,000 per day -Monday through Fridoy-snd the bugness pays emplovees ach Friday. Thid year December 31 falls on a Tuesday. Preaare the aflisting eotr - On April 1, we paid $24,000 for a onevear insurance policy We debited prepaid insurance and Credited Cash, prepare the adjusting entry an Dec 31 - On December 31 , we had an inventory balance of 5300,000 . A ohyaicai count of inventory onlv ahew1 5295 . 000 . Pregare the adjuating entry 11) Post your journal entries to the appropriate T-Accounts. Use the answer sheet provided. (8 Marks) COPY THE BELOW CHART TEMPLATES \& PASTE INTO THE ANSWER SECTION. THEN FILL OUT THE CHART OELLS IN YOUR ANSWER SECTION 2. i) \& ii) Journal Entries \& T-accounts

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