1. Review the transactions for January and prepare the appropriate journal entries. Remember: adjusting entries are only recorded at the end of each quarter.

2. post the january journal entries to the appropriate ledger accounts.

jan11 the company issued check# 1005 for 15000 of restaurant supplies that were immediately delivered

jan 12 Purchased 60000 of food inventory on account from sisson wholesale. Freight on the purchase to be paid by bellagio to sisson, was an additional $500. the normal cash discount on food purchases is not applicable to freight charges.

jan13 Notified sisson wholesale that certaing vegetables received on the 12th were not of sufficient quality. Sisson immediately dispatched one of their emplyees who accepted return of certain of the vegetables, authorized destruction of others and granted a credit memorandum of 2500 toward the purchase on jan 12

jan14 issued check# 1006 in the amount of 11400 to a payroll service company. the payroll service company prepares individual payroll checks to employees and otherwise handles payroll issues for simpicity, record the full amount of the payment as wage expense.

jan15 Issued check #1007 for 3000 to pay for newspaper advertisements that will run for four weeks- two weeks in january and two weeks in february.

jan17 Purchased 55000 of food inventory on account from Johnson supply. these goods were purchased FOB shipping point.

jan 18 Hosted a dinner party. The total bill 24000 on account. the invoice is due on february 18 but Bellagio offered a 2% discount if the invoice is paid by end of january.

Bellagio custoners typically paid by cash debit card and credit card. Funds for all debits and credit card sales post daily to the cash account at Bellagio's bank. proceed from cash sales are deposited nightly. Bellagio's maintains a list of daily sales and periodically records the accumulated amount of total sales into the journal. Total accumulated daily sales for january 1 through jan 19 are 212400 and were recorded on january 19. this total exclude the dinner party.

jan 20 sold gift to Rex inc for 3500. the cash was immediately deposited at the bank. Rex gave these cards to customeres and employees as a promotional thank you gift. the cards can be redeemed at any time for meals at Bellagio's

jan26 Issued check#1008 and 1009 to pay full amount due for the food purchases on january 12 and january 17

jan 28 issued check#1010 in the amount of 12500 to a payroll service company. the payroll service company prepares individual checks to employees and otherwise handles payroll issues. for simplicity record the full amount of the payment as a wage expense.

jan29 Paid 3750 in dividends to shareholders. check#1011 was issued for this amount to a local financial institution that handle shareholders record and disbursed amounts to individual shareholders.

jan31 bellagio"s utility comsumption is measured via an internet link and bellagio can refer to a website to determine the accumulated utilities cost at any time. As of the end of the month the accrued but unbilled utilities amount to 13000

jan31 Bellagio estimates a total tax obligation relating to january profitable operations in the amount of 20000

jan31 Accrued employee wasges as of the end of january amount to 24000

jan31 Acquired and paid for one year fire and liability insurance policy by issuing check#1012 in the amount of 3600. the policy covers the period jan 1 to Dec 31 providing retroactive coverage for any and all events that occured from january 1 forward.

jan 31 Noted that 1000 of the gifts cards (issued on january 20) had alreday been redeemed by month end.

jan 31 counted restaurant supplies and noted that 3600 was on had at month end.

jan31 Total accumulated daily sales for january 20 through jan 31 are 160250 and were recorded on january 31. This total excludes sales of gift cards and dinner parties.