Answer Happy

The following transaction occurred during March 2022, for Rehearsal Gift Shop: March 1 3 7 9 10 12 16 23 30 Owner made $20,000 cash investment in the business. Purchased $5,000 of inventory on account under terms of 4/10, n/30. Returned $1,000 of defective merchandise purchased on March 3. Paid freight bill of $250 for the March 3 inventory purchase. Sold inventory on account for $8,000. Payment terms were 2/15, n/30. These goods originally cost the company $4,000. Paid amount owed on the March 3 inventory. Received sales return of $1,000 on the March 10 sale. The original cost is $500. Received cash from March 10 customer in full settlement of her debt. Dress Rehearsal Gift Shop also incurred the following Operating Expenses and paid with cash: Salary Expense $ 1,500 $ 750 Rent Expense Utilities Expense $ 375 Supplies Expense $ 250 Requirements: 1. Journalize the transactions noted above. 2. Post the transactions to the T-accounts. 3. Prepare the Trial Balance. 4. Prepare a multi-step income statement for Rehearsal Gift Shop for the month ended March 31, 2022.