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2. Use the following transactions to complete parts I \& II. 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 inveiced for the full a mount and paid for its sweoters on May 12 . - Nike sold 100 shirts on October 1 on account for 53,000 with terms 1/10, net/30. Nike's cost of the sweaters was 52,000 . - On October 10, Nike received poyment in full for the 100 shirts sold. - Equipment was purchased last year at a cost of $500,000. The equigment s useful ife is 5 years at which point is will have na value Record the curtent vears amantiaban - On April 1, we paid 524,000 for a one-vear insurance bolicy. We debited Prepaid inturance and Credited Cath, prepare the adjustage entry on Der 91 - On December 31 , we had an inventory baiance of 5300.000. A pbvical count ol iaventorvonly shows 3295,000 . Preparn the asiuating entry ii) Post your journal entries to the appropriate T.Accounts. Use the answer sheet provided. (8 Marks) COPY THE BELOW CHART TEMPLATES \& PA STE INTO THE ANSWER SECTION. THEN FILL OUT THE CHART CELLS IN YOUR ANSWER SECTION 2. i) \& ii) Journal Entries \& T-accounts 2. Use the following transactions to complete parts I \& II. 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 inveiced for the full a mount and paid for its sweoters on May 12 . - Nike sold 100 shirts on October 1 on account for 53,000 with terms 1/10, net/30. Nike's cost of the sweaters was 52,000 . - On October 10, Nike received poyment in full for the 100 shirts sold. - Equipment was purchased last year at a cost of $500,000. The equigment s useful ife is 5 years at which point is will have na value Record the curtent vears amantiaban - On April 1, we paid 524,000 for a one-vear insurance bolicy. We debited Prepaid inturance and Credited Cath, prepare the adjustage entry on Der 91 - On December 31 , we had an inventory baiance of 5300.000. A pbvical count ol iaventorvonly shows 3295,000 . Preparn the asiuating entry ii) Post your journal entries to the appropriate T.Accounts. Use the answer sheet provided. (8 Marks) COPY THE BELOW CHART TEMPLATES \& PA STE INTO THE ANSWER SECTION. THEN FILL OUT THE CHART CELLS IN YOUR ANSWER SECTION 2. i) \& ii) Journal Entries \& T-accounts

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