I. C. Port the information from the fournil entile into the T accounts. D. Compute the endiling balince fi each T account. B. Prepare journal eatries for each transactloa (fi appropriato). Ready If Accessibility; Good to go Assume Jade Quilts and Crafts Shop has been in business for several years. The balances in the accounts on January 1,2023 are in the T-Accounts. The following transactions took place during 2023 . a. Company purchased inventory on credit (with accounts payable), cost of $310,000. b. Company made credit sales (with accounts receivable), amount of $220,000. c. Company collected accounts receivable, amount of $155,000. d. Company hired a new sewing and craft instructor. He will start in January 2024. c. Company made cash sales, amount of $160,000. f. Company paid off accounts payable in the amount of $180,000. g. Company counted inventory at year-end, and found that the inventory sold cost $295,000. h. Company paid $35,000 in salaries in cash. L. Company paid $3,000 for interest on the note payable (Noncurrent). j. Company recognized $2,500 in depreciation on the Property, Plant and Equipment. k. Company pays income taxes at a rate of 20%. It uses an income tax payable account now, and will pay cash in the future. E. Show the cloting journal entry. F. Co back to the Taccounts and post this cloalag Journal entry. Compute the ending balnnees in the enceounts. G. Fense prepare a complete inceme statement for the year endling December 31, 2023. Eh Flease prepare a complete balance sheet for the year endlas IDecember 31, 2023, However, pleate int in the Blanks. I. C. Port the information from the fournil entile into the T accounts. D. Compute the endiling balince fi each T account. B. Prepare journal eatries for each transactloa (fi appropriato). Ready If Accessibility; Good to go Assume Jade Quilts and Crafts Shop has been in business for several years. The balances in the accounts on January 1,2023 are in the T-Accounts. The following transactions took place during 2023 . a. Company purchased inventory on credit (with accounts payable), cost of $310,000. b. Company made credit sales (with accounts receivable), amount of $220,000. c. Company collected accounts receivable, amount of $155,000. d. Company hired a new sewing and craft instructor. He will start in January 2024. c. Company made cash sales, amount of $160,000. f. Company paid off accounts payable in the amount of $180,000. g. Company counted inventory at year-end, and found that the inventory sold cost $295,000. h. Company paid $35,000 in salaries in cash. L. Company paid $3,000 for interest on the note payable (Noncurrent). j. Company recognized $2,500 in depreciation on the Property, Plant and Equipment. k. Company pays income taxes at a rate of 20%. It uses an income tax payable account now, and will pay cash in the future. E. Show the cloting journal entry. F. Co back to the Taccounts and post this cloalag Journal entry. Compute the ending balnnees in the enceounts. G. Fense prepare a complete inceme statement for the year endling December 31, 2023. Eh Flease prepare a complete balance sheet for the year endlas IDecember 31, 2023, However, pleate int in the Blanks
