1) Prepare journal entries for the transactions below.

2) Post each of the journal entries to related T-accounts

Shipping Inc's transactions during january 2021

1 Shipping Inc Trial Balance Summary As of January 1, 2021 a UN Description 7 Cash 8 Accounts Receivable 9 Inventory 10 Furniture & Fixtures 11 Computer Equipment 12 Accum. Dep. - F&F 13 Accum. Dep. - Comp. Eqp 14 Accounts Payable 15 Salaries Payable 16 Notes Payable 17 Deferred Revenue 18 Common Stock 19 Retained Earnings 20 Total Debit 107,800.00 114,300.00 89,500.00 26,000.00 16,000.00 0.00 0.00 0.00 Credit 0.00 0.00 0.00 0.00 0.00 1,200.00 6,000.00 78,400.00 6,800.00 60,000.00 5,000.00 60,000.00 136,200.00 353,600.00 0.00 0.00 0.00 0.00 0.00 353,600.00 21 22 23 Shipping Inc.'s transactions during January 2021: 1. Jan. 1 - Issued 7,500 shares of no-par common stock for $14 per share. 2. Jan. 1- Purchased a deliver van (used) for $16,000 in cash. Monthly depreciation for the van is $250. 3. Jan. 1- Paid $3,840 for a one-year insurance policy covering the period January 1, 2021 - December 31, 2021. 4. Jan. 7 - Performed repairs and maintenance on their computer equipment costing $2,000. 5. Jan. 12 - Purchased inventory on credit for $92,000. 6. Jan. 15 - Declared and paid $4,000 in dividends to its shareholders. 7. Jan. 22 - Paid $65,000 to its suppliers for inventory purchased on credit in December 2020. 8. Jan. 25 - Provided services for which a customer had paid $3,000 in December of 2020 (hint: see the deferred revenue account in the January 1, 2021 trial balance). 9. Jan. 31 - Paid its employees $45,000 for work performed from December 26 - January 25. $6,800 was for work performed in December 2020, and 38,200 was for work performed from January 1 - January 25, 2021. 10. During January Shipping Inc. collected $118,300 in accounts receivable. (Make a summary entry for the entire month). 11. During January Shipping Inc. made credit sales for $210,000. The cost of the goods sold was $125,000. (Make summary entries for the entire month). Other information: 1. Monthly depreciation for the Furniture & Fixtures is $500, and monthly depreciation for the computer equipment is $350. 2. The note payable for $60,000 is a 5-year note that matures on December 31, 2023. The interest on the note is 8% and is payable annually on each December 314. Shipping Inc. made their regularly scheduled interest payment of $4,800 on December 31, 2020. 3. During the period January 26 - January 31 employees earned an additional $5,900 which will be included in their February paycheck