1. Journalize and post the January transactions. Omit explanations, Use the ledger provided for posting. 2. Journalize and post the adjusting entries for the month of January. Omit explanations. Denote each adjustment as Adj. Compute each account balance, and denote the balance as Bal. In addition, Water Way Company provides this data: a. A physical count of the inventory at the end of the month revealed the cost was $2,067. b. The company estimated sales returns will be $69 with a cost of $35. c. Office supplies used, $110. d. The Unearned Revenue has now been earned. e. Interest expense accrued on the notes payable, $110. f. Rent of one month has been used. (On December 1, the company prepaid $3,000 for three month' rent on the warehouse where the company stores the canoes. On December 31, the company recorded one month's worth of rent expense for the month of December in the amount of $1,000.) g. Monthy depreciation on the building amounts to $900. h. Monthy depreciation on the canoes amounts to $270. 3. Prepare the month ended January 31,2025 , single step income statement of Water Way Company. 4. Journalize and post the closing entries. Omit explanations. Denote each closing amount as Clo. and each balance as Bal. After posting all closing entries, prove the equality of debits and credits in the ledger by preparing a post-closing trial balance. 5. Compute the gross profit percentage for January for Water Way Company. January non-merch me account, post to the normal side of th 1 Actumulated Oepr-a alding cances Washingtes Caphal Oeprociation Eepente-conose Land Unearned Revenue Telephone Expense Aceumulated Depe:-Building Accumulated Depe-Canoes Income Summary Interest Expense Jan. 1 Purchased 20 T-shirts at $15 each and paid cash. Jan. 2 Sold 9 T-shirts for $23 each, total cost of $135. Received cash. Jan. 3 Purchased 40T-shirts on account at $17 each. Terms 3/10,n/30. Jan. 7 Paid the supplier for the T-shirts purchased on January 3 , less discount. Jan. 8 Realized 11T-shirts from the January 1 order were printed wrong and returned them for a cash refund. Jan. 10 Sold 30 T-shirts on account for $23 each, total cost of $510. Terms 4/15,n/45. Jan. 12 Received payment for the T-shirts sold on account on January 10, less discount. Jan. 14 Purchased 210 T-shirts on account at $15 each. Terms 5/15, n/30. Jan. 18 Water Way Company called the supplier from the January 14 purchase and told them that some of the T-shirts were the wrong color. The supplier offered a $90 purchase allowance. Jan. 20 Paid the supplier for the T-shirts purchased on January 14, less the allowance and discount. Jan. 21 Sold 120T-shirts on account for $23 each, total cost of $1,753. Terms 4/20,n/30. Jan. 23 Received a payment on account for the T-shirts sold on January 21, less discount. Jan. 25 Purchased 300 T-shirts on account at $17 each. Terms 5/10,n/30, FOB shipping point. Jan. 27 Paid freight associated with the January 25 purchase, $30. Jan. 29 Paid for the January 25 purchase, less discount. Jan. 30 Sold 270 T-shirts on account for $23 each, total cost of $4,067. Terms 2/10,n/30. Jan. 31 Received payment for the T-shirts sold on January 30 , less discount