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Instructions This assignment is designed for practicing both the retailer$/$merchandiser accounting cycle and your basic excel skills. Scully Company is selling the merchandise and Burton Company is purchasing the merchandise. Below are select sales transactions for two companies. You will need to enter the missing pieces of each transaction on the journal entry tab. Each missing piece of information is highlighted in yellow. The only cell where an actual number is to be input is on the journal entries worksheet. Please note: Every highlighted green cell requires a word$($s$)$ or number. After completing the journal entries, you must then complete the missing pieces of the T accounts, trial balance, and statements highlighted in yellow. Only excel functions may be used to calculate the appropriate cell value on these pages. DO NOT INPUT THE ACTUAL NUMBER INTO THE T ACCOUNTS, TRIAL BALANCE, OR STATEMENTS. Use excel functions $($such as making a cell equal another from the journal entry page, summing numbers together, or using the plus or minus symbols to help you find the appropriate number$).$ Your balance sheet should balance when you are complete. Tip: After each journal entry, update the appropriate T accounts. Select Retailer$/$Merchandiser$-$Related Transactions: $1-$Jul Burton Company purchased merchandise on account from Scully Company $$7,500$ Terms: FOB shipping point Discount $3\%$ if paid in $10$ days, otherwise, n$/45$ COGS: $$4,5002-$Jul Burton Company pays freight $$1503-$Jul Burton Company purchased merchandise on account $$5,000$ Terms: FOB destination Discount $3\%$ if paid in $10$ days, otherwise, n$/45$ COGS: $$3,5007-$Jul Scully Company pays freight $$25010-$Jul Scully received payment from Burton for purchase on July $1.22-$Jul Scully paid Burton a refund for mechandise damaged in the July $3$ shipment $$75031-$Jul Scully received payment from Burton for purchase on July $3.$

Make a journal entry and seprate both companies

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