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Huk Corporalion is a small private corporation that sels desklop printers to local businesses and schools. On May 1,2023 , the following were the account balanc of Huk Corporation: During May 2023, the following transactions took place: May 1: Bought 209 desktop printers for $209 each on account. May 1: Bought a van, paying $11550 cash as a down payment and signed a 7 month $44000,6% note payable for the balance. The company paid $715 to have its company logo printed on the side of the van. The residual value is $4400. The old van was soid for $6050; it cost $49500 and acculumated depreciation up to the date of disposal was $44000. May 10: Sold 209 printers to Star Lord inc. on account. May 12: Marvel Corporation agreed to sign a 60 -day note receivable to replace a $3850 accounts receivable due that day. The interest rate on the note is May 20: Sold 9 printers to Thor inc. using a VSSA card to pay for the transaction. A 4,4% service fee is charged by VISA May 22: Sold 66 printers to Tony Stark Public School on account. May 24: Returned for credt 7 damaged printers from Star Lord Inc., costing $242 each. May 28: Rocelved payment in full from Star Lord lnc, for tha balance owing May 28: Wrote off as uncolectable $4950 of accounts recelvable. May 29: Paid accounts payable, $11000 May 30: Recovered an Bccounts recelvable that was writen off in April, $770 May 31: Paid operating expenses totaling 550050 . May 31: Recorded dopreciation on the van and the furnhure \& foxtures. The company uses straight-lne depreciation for the van. The van is estimated to be used for 8 years. The furniture 8 fixtures are depreciated using the straight-line method over 6 years. There is no residual value on the furniture and May 31: Recorded interest on the nole payable. May 31: Recorded interest on the notes recetvable. May 31: The company records the bad debt expense based on the aging of accounts receivablas, which follown: Other Intormation: Other Information: 1) The selling price for each of the printers is $495. 2) Hulk Corporation uses the FIFO method under the perpetual inventory system to account for inventory. 3) In the past, Hulk Corporation has used the following accounts on their financial statements: Bad Debt Expense, Cost of Goods Sold, Credit Card Fee, Depreciation Expense, Gain on Sale, Interest Expense, Interest Payable, Interest Recelvable, Interest Revenue, Loss on Sale, Notes Payable, Notes Recelvable, Operating Expenses, Sales Returns, Sales Revenue. Not al accounts have been used each period. Required: 1) Prepare the journal entries for the transactions including any adjusting journal entries for the month of May 31, 2023. Place your answer under "Requirement 1 " in the "Answer" tab. A reminder to round all final numbers to the nearest dollar. Do not round during calculations. Ensure your spelling is accurale. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use the accounts glven in the question. Explanations are not required. 2) Prepare an adjusted trial balance as at May 31, 2023. Place your answor under "Requirement 2 " in the "Answer" tab, Place your account tites in column H, debits in column I and credits in column J. Ensure your spolling is accurale. Do not use abbreviations for your accounts. Spell them out in ther entirety. A reminder to only use the accounts given in the question. 3) Prepare the mulli-step Income Statement for the month of May 2023. Ignore income taxes. Place your answer under "Requirement 3" in the "Answer" tab. Ensure your speling is accurate. Do not use abbreviations for your accounts. Spell them out in their entirety, A reminder to only use the accounts given in the question. 4) Prepare a classified Balance Sheet at at May 31, 2023. Place your answer under "Requirement 4" in the "Answer" tab. Ensure your speling is acourale. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use the accounts glven in the question. 5) Assume Hulk Corporation overstated its ending imventory by $1540. How does this affect cost of goods sold, gross profit, and net income in the year it Was discovered? If the error is undetected, what is the impact on cost of goods sold, gross profi, and not income for the following year. Place your answer under "Requirement 5 in the "Answor" tab using the drop down menus. Enter any fype responses in the designated spots. 6) Assume that Hulk Corporation used the LCNRV to report inveniory on the balance sheet. The NRV of $495 is lese than the FiFO cost. Prepare the furnal entry, Place your answor under "Requrement 6 " in the "Answer" tab. Ensure your speling is accurate. Do not use abbreviations for your accounts, Spet them out in thei entirety. A reminder to only use the accounts given in the question. Explanations are not required. Huk Corporalion is a small private corporation that sels desklop printers to local businesses and schools. On May 1,2023 , the following were the account balanc of Huk Corporation: During May 2023, the following transactions took place: May 1: Bought 209 desktop printers for $209 each on account. May 1: Bought a van, paying $11550 cash as a down payment and signed a 7 month $44000,6% note payable for the balance. The company paid $715 to have its company logo printed on the side of the van. The residual value is $4400. The old van was soid for $6050; it cost $49500 and acculumated depreciation up to the date of disposal was $44000. May 10: Sold 209 printers to Star Lord inc. on account. May 12: Marvel Corporation agreed to sign a 60 -day note receivable to replace a $3850 accounts receivable due that day. The interest rate on the note is May 20: Sold 9 printers to Thor inc. using a VSSA card to pay for the transaction. A 4,4% service fee is charged by VISA May 22: Sold 66 printers to Tony Stark Public School on account. May 24: Returned for credt 7 damaged printers from Star Lord Inc., costing $242 each. May 28: Rocelved payment in full from Star Lord lnc, for tha balance owing May 28: Wrote off as uncolectable $4950 of accounts recelvable. May 29: Paid accounts payable, $11000 May 30: Recovered an Bccounts recelvable that was writen off in April, $770 May 31: Paid operating expenses totaling 550050 . May 31: Recorded dopreciation on the van and the furnhure \& foxtures. The company uses straight-lne depreciation for the van. The van is estimated to be used for 8 years. The furniture 8 fixtures are depreciated using the straight-line method over 6 years. There is no residual value on the furniture and May 31: Recorded interest on the nole payable. May 31: Recorded interest on the notes recetvable. May 31: The company records the bad debt expense based on the aging of accounts receivablas, which follown: Other Intormation: Other Information: 1) The selling price for each of the printers is $495. 2) Hulk Corporation uses the FIFO method under the perpetual inventory system to account for inventory. 3) In the past, Hulk Corporation has used the following accounts on their financial statements: Bad Debt Expense, Cost of Goods Sold, Credit Card Fee, Depreciation Expense, Gain on Sale, Interest Expense, Interest Payable, Interest Recelvable, Interest Revenue, Loss on Sale, Notes Payable, Notes Recelvable, Operating Expenses, Sales Returns, Sales Revenue. Not al accounts have been used each period. Required: 1) Prepare the journal entries for the transactions including any adjusting journal entries for the month of May 31, 2023. Place your answer under "Requirement 1 " in the "Answer" tab. A reminder to round all final numbers to the nearest dollar. Do not round during calculations. Ensure your spelling is accurale. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use the accounts glven in the question. Explanations are not required. 2) Prepare an adjusted trial balance as at May 31, 2023. Place your answor under "Requirement 2 " in the "Answer" tab, Place your account tites in column H, debits in column I and credits in column J. Ensure your spolling is accurale. Do not use abbreviations for your accounts. Spell them out in ther entirety. A reminder to only use the accounts given in the question. 3) Prepare the mulli-step Income Statement for the month of May 2023. Ignore income taxes. Place your answer under "Requirement 3" in the "Answer" tab. Ensure your speling is accurate. Do not use abbreviations for your accounts. Spell them out in their entirety, A reminder to only use the accounts given in the question. 4) Prepare a classified Balance Sheet at at May 31, 2023. Place your answer under "Requirement 4" in the "Answer" tab. Ensure your speling is acourale. Do not use abbreviations for your accounts. Spell them out in their entirety. A reminder to only use the accounts glven in the question. 5) Assume Hulk Corporation overstated its ending imventory by $1540. How does this affect cost of goods sold, gross profit, and net income in the year it Was discovered? If the error is undetected, what is the impact on cost of goods sold, gross profi, and not income for the following year. Place your answer under "Requirement 5 in the "Answor" tab using the drop down menus. Enter any fype responses in the designated spots. 6) Assume that Hulk Corporation used the LCNRV to report inveniory on the balance sheet. The NRV of $495 is lese than the FiFO cost. Prepare the furnal entry, Place your answor under "Requrement 6 " in the "Answer" tab. Ensure your speling is accurate. Do not use abbreviations for your accounts, Spet them out in thei entirety. A reminder to only use the accounts given in the question. Explanations are not required

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