4 6 8 9 1 Following are the events for Shadow Box during 2021. 3 a) Jan. 3, 2021 - Shadow Box paid the salaries payable from 2020. b) Jan. 8, 2021 - The company acquired an additional $41,500 cash from the issue of common stock. 5 c) Jan. 12, 2021 - The company paid $747 cash for supplies to be used by the business. d) Jan. 15, 2021 - Shadow Box purchased 40 framed photographs for later sale at a cost of $13,650. The framed photographs were purchased on account with the terms 1/10, n/30. e) Jan. 24, 2021 - Shadow Box decided to pay $5,000 of its accounts payable balance from event (d) before the discount period expired, so Shadow Box first applied the discount to the $5,000 amount so it could reduce its accounts payable balance (note: the actual payment is described 7 in event (f) below). After applying this discount, Shadow Box's inventory cost was $340 for f) Jan. 24, 2021 - Shadow Box paid cash to settle parts of its accounts payable balance as described in event (e). g) Feb. 6, 2021 - The company sold 24 framed photographs for a total price of $14,940. Sales of $10,790 were on account, while $4,150 were cash sales. 10 h) Feb. 6, 2021 - The cost to Shadow Box of each product sold in event (g) was $340. 11 i) Feb. 9, 2021 - The company paid the workers a total of $6,972 in salaries. j) Feb. 22, 2021 - The company provided $29,880 of Photography and photographic artwork 12 services. The services were billed to the customers. 13 k) Mar. 1, 2021 - Shadow Box rented a business van, paying $3,984 in advance for a one year 1) Mar. 7, 2021 - Paid cash to settle additional accounts payable in the amount of $3,137. The payment was made after the discount period expired. 15 m) Mar. 16, 2021 - Collected $31,540 of accounts receivable. n) Apr. 14, 2021 - Shadow Box performed $11,620 worth of Photography and photographic 16 artwork services for a local college; $9,960 was on account and $1,660 was for cash. 170) May. 1, 2021 - Paid $5,976 for one year's rent on office space in advance. P) May. 8, 2021 - Shadow Box purchased, and paid cash, for 12 framed photographs for later sale at a cost of $345 each. q) May. 24, 2021 - The company paid accounts payable of $1,195, but not within the discount period (the company uses the gross method). r) Jun. 1, 2021 - Shadow Box rented a larger building; paid $5,478 for 12 months' rent in advance. 14 18 19 20 21 s) Jun. 5, 2021 - Shadow Box purchased, and paid cash, for 5 framed photographs for later sale at a cost of $352 each. t) Jun. 10, 2021 - Shadow Box purchased 10 framed photographs for later sale at a cost of $355 each. The purchase was on account. u) Jun. 18, 2021 - The company sold 36 framed photographs for a total price of $23,240. Sales of 22 Following are the events for Shadow Box during 2021. u) Jun. 18, 2021 - The company sold 36 framed photographs for a total price of $23,240. Sales of $16,600 were on account, while $6,640 were cash sales. v) Jun. 18, 2021 - Record the cost of goods sold related to the sale from event (u) using the perpetual FIFO method. w) Jul. 1, 2021 - Made a full refund to a dissatisfied customer who returned a framed photograph. The sale had been a cash sale for $913 with a cost of $352. Record the revenue part of the event. x) Jul. 1, 2021 - Made a full refund to a dissatisfied customer who returned a framed photograph. The sale had been a cash sale for $913 with a cost of $352. Record the cost part of the event. y) Jul. 7, 2021 - Paid employees a total of $9,130 cash for salaries employees earned during the current period. z) Aug. 18, 2021 - Provided $26,560 of Photography and photographic artwork services during the year. The services were billed to the customers. aa) Sep. 30, 2021 - Recognized $664 of service revenue earned during the first nine months of the year; it had been collected in the prior year. bb) Oct. 1, 2021 - Sold additional Photography and photographic artwork services worth $332 for one year's service, starting immediately. The customers paid cash for the full amount. cc) Nov. 7, 2021 - Collected $42,330 of accounts receivable. dd) Nov. 15, 2021 - Paid an additional $4,565 to settle some accounts payable; the payment was made after the discount period expired. ee) Dec. 28, 2021 - Paid $2,324 of advertising expense during the year. ff) Dec. 29, 2021 - Paid $3,469 of utilities expense for the year. gg) Dec. 29, 2021 - Paid $10,350 of other operating expense for the year. hh) Dec. 30, 2021 - Paid a cash dividend of $9,960 to the shareholders. ii) Dec. 31, 2021 - There was $524 of supplies on hand at the end of the year. jj) Dec. 31, 2021 - Recognized the expired rent from the prior year, van (event (k)), office space (event (o)), and the building (event (n)) for the year. kk) Dec 31, 2021 - Recognized revenue for the current year earned from event (bb). II) Dec 31, 2021 - Accrued salaries at December 31 were $996. Chart of Accounts Accounting Eq Impacts 100 Cash A+ Assets up Use the worksheet below to prepare the appropriate transaction and adjusting journal entries for Shadow Box. For all journal entries, you must only use account names from the Chart of Accounts in cells 12 thru 125, and you must only use Accounting Equation Impact codes from the list in cells K2 thru K7. a) Jan. 3, 2021 - Shadow Box paid the salaries payable from 2020. Accountin Date g Eq Account Names Debits Credits Impacts 1/3/21 L- Salaries Payable 863 110 Accounts Receivable A- Assets down 120 Prepaid rent A- Cash 863 130 Supplies (on hand) L+ Liabilities up Liabilities L- down SE+ Equity up SE- Equity down 140 Inventory 150 Equipment completed as an example b) Jan. 8, 2021 - The company acquired an additional $41,500 cash from the issue of common stock. Accountin Date g Eq Account Names Debits Credits Impacts 155 Accum. Deprec. (Equip.) 170 Land 210 Accounts Payable 220 Salaries Payable 240 Unearned Revenue c) Jan. 12, 2021 - The company paid $747 cash for supplies to be used by the business. Accountin Date g Eq Account Names Debits Credits Impacts 250 Notes Payable 310 Common Stock 350 Retained Earnings 410 Dividends Declared 510 Service Revenue d) Jan. 15, 2021 - Shadow Box purchased 40 framed photographs for later sale at a cost of $13,650. The framed photographs were purchased on account with the terms 1/10, n/30. Accountin Date g Eq Account Names Debits Credits Impacts 520 Product Sales 600 Cost of Goods Sold 610 Supplies Expense 640 Salaries Expense e) Jan. 24, 2021 - Shadow Box decided to pay $5,000 of its accounts payable balance from event (d) before the discount period expired, so Shadow Box first applied the discount to the $5,000 amount so it could reduce its accounts payable balance (note: the actual payment is described in event (f) 650 Rent Expense 650 Rent Expense e) Jan. 24, 2021 - Shadow Box decided to pay $5,000 of its accounts payable balance from event (d) before the discount period expired, so Shadow Box first applied the discount to the $5,000 amount so it could reduce its accounts payable balance (note: the actual payment is described in event (f) below). After applying this discount, Shadow Box's inventory cost was $340 for each item. Accountin g Eq Account Names Debits Credits Impacts Date 660 Utilities expense 670 Advertising expense 690 Other Operating Expenses f) Jan. 24, 2021 - Shadow Box paid cash to settle parts of its accounts payable balance as described in Accountin g Eq Account Names Debits Credits Impacts Date g) Feb. 6, 2021 - The company sold 24 framed photographs for a total price of $14,940. Sales of $10,790 were on account, while $4,150 were cash sales. Basic Acct Date Eq Account Names Debits Credits Impacts - h) Feb. 6, 2021 - The cost to Shadow Box of each product sold in event (g) was $340. Accountin Date g Eq Account Names Debits Credits Impacts i) Feb. 9, 2021 - The company paid the workers a total of $6,972 in salaries. i) Feb. 9, 2021 - The company paid the workers a total of $6,972 in salaries. Accountin g Eq Account Names Debits Impacts Date Credits j) Feb. 22, 2021 - The company provided $29,880 of Photography and photographic artwork services. The services were billed to the customers. Accountin Date g Eq Account Names Debits Credits Impacts k) Mar. 1, 2021 - Shadow Box rented a business van, paying $3,984 in advance for a one year rental. Accountin Date g Eq Account Names Debits Credits Impacts 1) Mar. 7, 2021 - Paid cash to settle additional accounts payable in the amount of $3,137. The payment was made after the discount period expired. Accountin Date g Eq Account Names Debits Credits Impacts m) Mar. 16, 2021 - Collected $31,540 of accounts receivable. Accountin m) Mar. 16, 2021 - Collected $31,540 of accounts receivable. Accountin Date g Eq Account Names Impacts Debits Credits n) Apr. 14, 2021 - Shadow Box performed $11,620 worth of Photography and photographic artwork services for a local college; $9,960 was on account and $1,660 was for cash. Accountin Date Account Names Debits Credits Impacts & Eq 0) May. 1, 2021 - Paid $5,976 for one year's rent on office space in advance. Accountin g Eq Account Names Debits Impacts Date Credits - p) May. 8, 2021 - Shadow Box purchased, and paid cash, for 12 framed photographs for later sale at a cost of $345 each. Accountin Date g Eq Account Names Debits Credits Impacts q) May.24, 2021 - The company paid accounts payable of $1,195, but not within the discount period (the company uses the gross method). q) May. 24, 2021 - The company paid accounts payable of $1,195, but not within the discount period (the company uses the gross method). Accountin g Eq Account Names Debits Credits Impacts Date r) Jun. 1, 2021 - Shadow Box rented a larger building; paid $5,478 for 12 months' rent in advance. Accountin Date g Eq Account Names Debits Credits Impacts s) Jun. 5, 2021 - Shadow Box purchased, and paid cash, for 5 framed photographs for later sale at a cost of $352 each. Accountin Date g Eq Account Names Debits Credits Impacts t) Jun. 10, 2021 - Shadow Box purchased 10 framed photographs for later sale at a cost of $355 each. The purchase was on account. Accountin Date g Eq Account Names Debits Credits Impacts u) Jun. 18, 2021 - The company sold 36 framed photographs for a total price of $23,240. Sales of $16,600 were on account, while $6,640 were cash sales. u) Jun. 18, 2021 - The company sold 36 framed photographs for a total price of $23,240. Sales of $16,600 were on account, while $6,640 were cash sales. Accountin Date g Eq Account Names Debits Credits Impacts v) Jun. 18, 2021 - Record the cost of goods sold related to the sale from event (u) using the perpetual FIFO method. Accountin Date g Eq Account Names Debits Credits Impacts w) Jul. 1, 2021 - Made a full refund to a dissatisfied customer who returned a framed photograph. The sale had been a cash sale for $913 with a cost of $352. Record the revenue part of the event. Accountin Date g Eq Account Names Debits Credits Impacts x) Jul. 1, 2021 - Made a full refund to a dissatisfied customer who returned a framed photograph. The sale had been a cash sale for $913 with a cost of $352. Record the cost part of the event. Accountin Account Names Debits Credits Impacts Date g Eq y) Jul. 7, 2021 - Paid employees a total of $9,130 cash for salaries employees earned during the current y) Jul. 7, 2021 - Paid employees a total of $9,130 cash for salaries employees earned during the current period. Accountin Date g Eq Account Names Debits Credits Impacts z) Aug. 18, 2021 - Provided $26,560 of Photography and photographic artwork services during the year. The services were billed to the customers. Accountin Date g Eq Account Names Debits Credits Impacts aa) Sep. 30, 2021 - Recognized $664 of service revenue earned during the first nine months of the year; it had been collected in the prior year. Accountin Date g Eq Account Names Debits Credits Impacts bb) Oct. 1, 2021 - Sold additional Photography and photographic artwork services worth $332 for one year's service, starting immediately. The customers paid cash for the full amount. Accountin Date g Eq Account Names Debits Credits Impacts cc) Nov. 7, 2021 - Collected $42,330 of accounts receivable. Accountin Date g Eq Account Names Impacts Debits Credits dd) Nov. 15, 2021 - Paid an additional $4,565 to settle some accounts payable; the payment was made after the discount period expired. Accountin Date Account Names Debits Credits Impacts g Eq ee) Dec. 28, 2021 - Paid $2,324 of advertising expense during the year. Accountin g Eq Account Names Debits Impacts Date Credits ff) Dec. 29, 2021 - Paid $3,469 of utilities expense for the year. Accountin Date Account Names Impacts & Eq Debits Credits gg) Dec. 29, 2021 - Paid $10,350 of other operating expense for the year. Accountin Date g Eq Account Names Debits Impacts Credits - hh) Dec. 30, 2021 - Paid a cash dividend of $9,960 to the shareholders. Accountin Date g Eq Account Names Debits Impacts Credits ii) Dec. 31, 2021 - There was $524 of supplies on hand at the end of the year. Accountin Date g Eq Account Names Debits Impacts Credits jj) Dec. 31, 2021 - Recognized the expired rent from the prior year, van (event (k)), office space (event (o)), and the building (event (c) for the year. Accountin Date g Eq Account Names Debits Credits Impacts kk) Dec. 31, 2021 - Recognized revenue for the current year earned from event (bb). Accountin Date g Eq Account Names Debits Credits Impacts - II) Dec. 31, 2021 - Accrued salaries at December 31 were $996. Accountin Date g Eq Account Names Impacts Debits Credits