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Common stock has 200,000 shares issued and outstanding. The company uses a perpetual inventory system (discount and freight are recorded in inventory account). Suppliers offer a 2% discount; the company doesn't offer a discount to customers. No inventory adjustments needed. Additional adjusting entry: wages earned but not paid totaled $1,000. I need a General Journal, T-accounts, Post-closing trial balance, and balance sheet, please.

k. Completed $2,000 of work for customers that paid in advance (use Sales Account) Group Company, Inc. Balance Sheet July 31, 20XX Cash $13,300 Accounts Receivable Inventory Fixed Assets ($6,000 per year depreciation) Accum. Depr.(cr. Bal) $142,000 13,250 40,000 60,000 (6,000) Accounts Payable Wages Payable Common Stock Retained Earnings 1,200 200,000 34,750 Total Assets $249.250 Total Liabilities & Equity $249,250 k. Completed $2,000 of work for customers that paid in advance (use Sales Account) Group Company, Inc. Balance Sheet July 31, 20XX Cash $13,300 Accounts Receivable Inventory Fixed Assets ($6,000 per year depreciation) Accum. Depr.(cr. Bal) $142,000 13,250 40,000 60,000 (6,000) Accounts Payable Wages Payable Common Stock Retained Earnings 1,200 200,000 34,750 Total Assets $249.250 Total Liabilities & Equity $249,250

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