24. The par value on comsoe itsch h il. 12 iand Present Valuk of it iecte Prevent viruen of an asielidr of st tacbot mile: ahluapt vuluet it st:pob 94 im 2 this eriler Adodins Lirtrest srueltrilir 4. Has is kererelanienorive ropered ATTACKANET A Fall gaze QoQ wan fourded in andi. - The profect muat be handwition Nor consunter geniritut or troed ArNOEEWT a ATTAONENT B Asemonti brinuanise. 2. falen an his: 1. 999 uwa the Fwo method and noconts cocs on a perpetus spetum 4. ReA tames art 1380 per puychech month. 52. Frepaid inueance h for lunuyy to Aprit 2002 Se. the pur vilue an poneses stackin si. \#5 Jan 5$950 is written off as uncollectible \#6. Jales on account of 170 units were made; sales tax is 5% \#77 Jan 1170 units of inventory were purchased on account for $4,550 \#8 Jan 1530 units of the advance of 40 units is delivered; there is no sales tax on this order \#9. Jan 16 Record and pay payroll for Jan 1 to 15 , and employer's FICA and unemployment taxes \#10 Jan 20400 shares of treasury stock is sold for $10 a share H11 Jan 21$7,500 was collected from sales on account \#13 Jan 30 The equipment purchased for $25,000 is sold for $21,000; depreciation for Jan is recorded \#14 Jan 31 QQQ pays off the note in full. Interest for one month is recorded in final payoff Adiusting Entries a. Jan. 31 Record depreclation on truck. In Jan., the truck clocked 1,000 miles b. Jan. 31 It is estimated 2% of the ending accounts recelvable will be uncollectible c. Jan. 31 Record Jan insurance expired d. Accrue Jan 31 payroll payable on Feb 1, and record employer's FICA taxes QQQ was founded in 2021 Below is the post-closing trial balance as of 12/31/2021 Requirements: - This project must be handwritten NOT computer generated or typed - Prepare all Jan entries and adjusting Journal entries on the journal sheet provided (15 points) ATTACHMENT A - Post all Jan transactions and adjusting entries to the provided T accounts (15 points) ATTACHMENT B - Prepare the financial statements at end of Jan 2022 on ATTACHMENT C (5 points) ADDITIONAL INFORMATION: 1. QQQ has a policy of selling inventory at $120 per unit. 2. Sales tax is 5%. 3. QQQ uses the FIFO method and records COGS on a perpetual system. 4. Wages are $3,000 per month and paid on the 16N for the first half of the month and the 1nt of the following month for the second half of the month. 5. Income taxes withheld are $225 for each paycheck 6. FICA taxes are $100 per paycheck 7. Both the withholding and employer's matching contribution are paid on the 2et day of each month 8. Unemployment taxes of $50 are accrued with each payroll and paid on March 31 . 9. Beginning inventory is $11,970 (190 units) 10. Prepaid Insurance is for lanuary to April 2022 11. Equipment was purchased on July 1,2021; residual value is $1,000; expected life is 5 years. Depreciation is on a straight-line method. 12. Unearned Revenue is for 40 units for 2 customers to be filled in the following year. 13. Notes Payable is a loan for $24,000 written on July 1,2021 , with a 10% annual interest. 14. The par value on common stock is $1. IRANSACIIONS FOR IAN. 2021 91 Jan 1 Paid the December payroll previously accrued *2 Jan2A$90,0005%6-year bond is issued. The effective rate is 6% \#3 Jan 2 A truck is purchased for $20,000 with cash; estimated usage is 100,000 miles; salvage value is $1,000 H4 Jan 2 Payroll taxes payable (FIT 8 FICA) recorded in Dec. 2021 is sent to IRS 24. The par value on comsoe itsch h il. 12 iand Present Valuk of it iecte Prevent viruen of an asielidr of st tacbot mile: ahluapt vuluet it st:pob 94 im 2 this eriler Adodins Lirtrest srueltrilir 4. Has is kererelanienorive ropered ATTACKANET A Fall gaze QoQ wan fourded in andi. - The profect muat be handwition Nor consunter geniritut or troed ArNOEEWT a ATTAONENT B Asemonti brinuanise. 2. falen an his: 1. 999 uwa the Fwo method and noconts cocs on a perpetus spetum 4. ReA tames art 1380 per puychech month. 52. Frepaid inueance h for lunuyy to Aprit 2002 Se. the pur vilue an poneses stackin si. \#5 Jan 5$950 is written off as uncollectible \#6. Jales on account of 170 units were made; sales tax is 5% \#77 Jan 1170 units of inventory were purchased on account for $4,550 \#8 Jan 1530 units of the advance of 40 units is delivered; there is no sales tax on this order \#9. Jan 16 Record and pay payroll for Jan 1 to 15 , and employer's FICA and unemployment taxes \#10 Jan 20400 shares of treasury stock is sold for $10 a share H11 Jan 21$7,500 was collected from sales on account \#13 Jan 30 The equipment purchased for $25,000 is sold for $21,000; depreciation for Jan is recorded \#14 Jan 31 QQQ pays off the note in full. Interest for one month is recorded in final payoff Adiusting Entries a. Jan. 31 Record depreclation on truck. In Jan., the truck clocked 1,000 miles b. Jan. 31 It is estimated 2% of the ending accounts recelvable will be uncollectible c. Jan. 31 Record Jan insurance expired d. Accrue Jan 31 payroll payable on Feb 1, and record employer's FICA taxes QQQ was founded in 2021 Below is the post-closing trial balance as of 12/31/2021 Requirements: - This project must be handwritten NOT computer generated or typed - Prepare all Jan entries and adjusting Journal entries on the journal sheet provided (15 points) ATTACHMENT A - Post all Jan transactions and adjusting entries to the provided T accounts (15 points) ATTACHMENT B - Prepare the financial statements at end of Jan 2022 on ATTACHMENT C (5 points) ADDITIONAL INFORMATION: 1. QQQ has a policy of selling inventory at $120 per unit. 2. Sales tax is 5%. 3. QQQ uses the FIFO method and records COGS on a perpetual system. 4. Wages are $3,000 per month and paid on the 16N for the first half of the month and the 1nt of the following month for the second half of the month. 5. Income taxes withheld are $225 for each paycheck 6. FICA taxes are $100 per paycheck 7. Both the withholding and employer's matching contribution are paid on the 2et day of each month 8. Unemployment taxes of $50 are accrued with each payroll and paid on March 31 . 9. Beginning inventory is $11,970 (190 units) 10. Prepaid Insurance is for lanuary to April 2022 11. Equipment was purchased on July 1,2021; residual value is $1,000; expected life is 5 years. Depreciation is on a straight-line method. 12. Unearned Revenue is for 40 units for 2 customers to be filled in the following year. 13. Notes Payable is a loan for $24,000 written on July 1,2021 , with a 10% annual interest. 14. The par value on common stock is $1. IRANSACIIONS FOR IAN. 2021 91 Jan 1 Paid the December payroll previously accrued *2 Jan2A$90,0005%6-year bond is issued. The effective rate is 6% \#3 Jan 2 A truck is purchased for $20,000 with cash; estimated usage is 100,000 miles; salvage value is $1,000 H4 Jan 2 Payroll taxes payable (FIT 8 FICA) recorded in Dec. 2021 is sent to IRS