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Part 3: Carl Redmon decided to expand his business and begin selling accounting software, as well as providing consulting services. During january, Carl Redmon Consulting completed these transactions: jan 2 completed a consulting engagement and received cash of $7,200 2 prepaid three months office rent $1500 7 purchased software inventory on account $3900 plus freight in $100 15 withdrew $700 for personal use 18 sold software on account $1,100 (cost $700) 19 consulted with a client for a fee of $900 on account 20 paid the secretarys salary for the month 21 paid on account $2000 24 paid utilities $300 28 sold software for cash $600 (cost $400) 31 recorded these adjusting entries: a) accrued salary expense b) depreciation of computer and furniture c) expiration of prepaid rent d) expiration of prepaid insurance e) physical count of inventory $2800 f) earned the remaining revenue from december 22

g) redmon estimates that 3% of inventory sold will be returned

Required: 1) prepare journal entries for the above transactions and post these to the ledger 2) prepare adjusting entries on january 31 and post to the ledger 3) prepare an adjusted trial balance, and income statement, a statement of owners equity, and a balance sheet of/ on january 31, 2016 4) prepare closing entries at january 31, 2016 and post to the ledger 5) prepare a post closing trial balance on january 31, 2016

REALLY JUST NEEDING HELP WITH ADJUSTING ENTRY "E" and "G"

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