Jessie Samuels, a sole trader, owns a retail shop in Brownie Town that sells designer shoe items. She named it "Jess Come Buy". The following information relates to the transactions of " Jess Come Buy" for the first month of operation May 2021. May 1 started business with, cash, $50,000, motor vehicle $120,000 and building, $250,000 May 2 received a long term loan from the First Union Bank, $260,000 by cheque May 3 paid for store furniture by cheque $50,000. May 3 bought merchandise for resale by cheque $130,000. May 4 sold merchandise to Dillard's Department Store, for cash $110,000 May 5 sold merchandise on credit to New York & Co $105,000 and Nordstrom $95,000. May 6 rented Tory Burch a booth for the month of May to display their new summer arrivals, $15,000. The contract states that they will pay this amount by cash on June 5, 2021. May 7 bought merchandise on credit from Jimmy Choo $80,000. May 8 sold merchandise on credit to Neiman Marcus $65,000. May 10 bought fancy stationery with the entity's logo for cash $21,000. May 11 Being a new kid on the block, aggressive marketing and advertising was needed. Jess hired Willz Marketing Associates to advertise the business is various magazines. She paid them $60,000 cash. May 13 returned merchandise to Jimmy Choo for $6,000 receiving a credit note for these goods. May 14 purchased a Display Cabinet, (place in furniture account) on credit from Courts Ltd for $150,000 May 15 bought merchandise on credit from Manolo Blahnik $35,200. May 16 sold merchandise receiving a cheque for $135,000 May 17 New York & Co settled their account with cash receiving a 5% discount. May 18 lodged cash of $45,000 to the business bank account May 19 merchandise valued at $5,500, sold on credit to Nordstrom on May 5, was returned a credit note was given to Nordstrom May 20 paid Jimmy Choo $65,000 in full settlement of the balance outstanding by cheque. The outstanding May 22 paid electricity by cheque $60,000, water rates by cash, $25,000, and security fees of $25,000 by cheque May 25 paid staff salaries by cheque $85,000. May 28 Jessica, took some merchandise, a pair of crystal-studded sandals to wear to her husband's birthday party $15,000 May 30 received commission by cheque for selling a Limited Edition Jimmy Choo, patent leather pumps of $20,000 d) Journalize the following adjusting entries using the following information: > The total monthly water rate is $30,000. > One employee's salary was overpaid by $4,500. Investigations proved that a miscalculation occurred and the employee was indeed overpaid for the month. > The insurance for the shop was due and payable by May 1st. The annual premium is $48,000 and the expense is incurred monthly. This was not previously included in the transactions listed > It was found that of Neiman Marcus's balance, $4,000 must be written off as bad debts. Three thousand dollars ($3,000) of the Commission received was for the month of June 2021 > For the first month of operation, depreciation annually is calculated at: o Building -9% Straight Line o Motor Vehicle - 15% Straight Line o Furniture -12% Straight line Note: when doing the adjusted T accounts only the accounts that have been affected need to be done (5 marks) e) Post the above-adjusting entries to their respective accounts in the general ledger creating additional accounts as the journals would dictate. (Please refer to notes re the journals) (5 marks) f) Prepare an adjusted trial balance with the inclusion of the above balances (5 marks) g) Prepare the Statement of Profit or Loss and the Statement of Financial Position for the period under review. For use in the financial statements, closing stock amounts to $25,000 at the end of the month. (20 marks) NOTE: PLEASE READ EACH REQUIREMENT CAREFULLY AND PROVIDE AN ANSWER TO EACH 4