2019 On Nov 1, two shareholders contributed $50,000 to the company in exchange for ordinary shares On Nov 5, Company purchased 100 laptops for sale to customers at $700 each from Lenovo on credit The payment is due in 60 days On Nov 10, Company sold 60 laptops to WS University at $1000 per unit The payment term is 2 10, n 30 On Nov 10, Company sold 10 laptops to Daejeon Electronics at $1000 per unit The payment term is 2 10, n 30 On Nov 15, WS University returned 10 laptops On Nov 20, WS University paid the remaining balance On Dec 1, Company purchased an automobile for $50,000 by writing a note payable to the bank The note is due on Dec 1 2020 with an annual interest rate is 6 The truck has a useful life of 5 years and residual value is estimated to be $10,000 The company is using double declining depreciation method On Dec 1, Company hired an employee at monthly wage of $3,000 The wage is payable on the fifth day after the end of the month On Dec 1, Company purchased 50 laptops at $800 each on credit The payment is due in 60 days On Dec 5, Company sold 60 laptops to CN University at $1100 per unit The payment term is 2 10, n 30 Company uses first in first out (FIFO) method for inventory accounting 11 On Dec 10, Company paid Nov utilities bill of $1000 and Nov rent of $3000 in cash On Dec 31, Company chose allowance method for uncollectible accounts receivables It is estimated that 2 of net credit sales will become uncollectible 2020 On Jan 5, Dec 2019 wage was paid to the employee On Jan 5, Company collected receivables from CN University On Jan 10, Dec 2019 rent $ 3,000 and utilities $800 were paid On Jan 30, Company collected $7,000 from Daejeon Electronics On Feb 15, Daejeon Electronics filed bankruptcy and it is determined that any remaining uncollected accounts receivable needs to be written off 6 On March 31, Company sold the automobile for $35000 cash Please prepare journal entries for the transactions in 2019 and some 2019 related transactions occured in 2020 and all necessary adjusting jounal entries to prepare 2019 financial statments

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2019 On Nov. 1, two shareholders contributed $50,000 to the company in exchange for ordinary shares On Nov. 5, Company purchased 100 laptops for sale

2019

On Nov. 1, two shareholders contributed $50,000 to the company in exchange for ordinary shares
On Nov. 5, Company purchased 100 laptops for sale to customers at $700 each from Lenovo on credit. The payment is due in 60 days.
On Nov. 10, Company sold 60 laptops to WS University at $1000 per unit. The payment term is 2/10, n/30.
On Nov 10, Company sold 10 laptops to Daejeon Electronics at $1000 per unit. The payment term is 2/10, n/30.
On Nov. 15, WS University returned 10 laptops.
On Nov. 20, WS University paid the remaining balance.
On Dec. 1, Company purchased an automobile for $50,000 by writing a note payable to the bank. The note is due on Dec. 1 2020 with an annual interest rate is 6%. The truck has a useful life of 5 years and residual value is estimated to be $10,000. The company is using double declining depreciation method.
On Dec. 1, Company hired an employee at monthly wage of $3,000. The wage is payable on the fifth day after the end of the month.
On Dec 1, Company purchased 50 laptops at $800 each on credit. The payment is due in 60 days.
On Dec. 5, Company sold 60 laptops to CN University at $1100 per unit. The payment term is 2/10, n/30. Company uses first-in first-out (FIFO) method for inventory accounting.

11.On Dec 10, Company paid Nov. utilities bill of $1000 and Nov. rent of $3000 in cash.

On Dec 31, Company chose allowance method for uncollectible accounts receivables. It is estimated that 2% of net credit sales will become uncollectible.

2020

On Jan. 5, Dec 2019 wage was paid to the employee
On Jan. 5, Company collected receivables from CN University
On Jan. 10, Dec 2019 rent $ 3,000 and utilities $800 were paid
On Jan. 30, Company collected $7,000 from Daejeon Electronics.
On Feb 15, Daejeon Electronics filed bankruptcy and it is determined that any remaining uncollected accounts receivable needs to be written off.

6. On March 31, Company sold the automobile for $35000 cash

Please prepare journal entries for the transactions in 2019 and some 2019 related transactions occured in 2020 and all necessary adjusting jounal entries to prepare 2019 financial statments.