West Coast Recycling Ltd. (WCRL) is a Nanaimo, British Columbia-based company specializing in the collection and reprocessing of glass and plastic drinking containers. The company also has a retail component, selling composting and recycling products. WCRL was founded in 2017 and has positioned itself as a leading company in its field. The company's year end is January 31. WCRL had the following account balances at December 31, 2019: Cash Accounts Receivable Inventory Supplies Equipment Accumulated Depreciation Equipment Accounts Payable Dividends Declared Dividends Payable Jan 1 1 5 $270,000 103,000 134,000 14,000 228,000 109,000 81,000 9,000 9,000 62 Unearned Revenue Common Shares Retained Earnings Sales Revenue Cost of Goods Sold Wages Expense Advertising Expense Rent Expense WCRL had the following transactions during January 2020, the last month of WCRL's fiscal year WCRL purchased a new collection truck for $312.000, paying $112.000 cash and financing the balance using a note payable at 9% per annum. The note payable is due in 12 months, but interest on the note must be paid on the first day of every month Management of WCRL has determined that the truck will have a useful life of five years and a residual value of $70,800 $79,000 85,000 124,000 989,000 524,000 133,000 28,000 33,000 WCRL paid $3,360 for an insurance policy on the new truck for the period January 1 to December 31, 2020, The company purchasest, on credit. compost bins for its inventory at a cost of $13.000. Pinamalas University, one of WCRL's largest customers signed a new glass recycling contract with WCRL. The contract nums from February 1, 2020, to January 31.2021. In accordance with the terms of the contact, Pinamalas paid WCRL $4.500 representing the first month's fees under the contract. 18 31 31 31 The company also needed to record adjusting entries for the following: Jan 31 Recorded the entry to recognize that supplies costing $2,300 remained on hand at the end of the month. 31 Recorded the entry related to its insurance expense for the policy on the new truck. 31 Made $75,000 in sales of compost bins, of which one-third was on account and the balance was cash. The cost to WCRL of the bins sold was $52.200 31 Recorded wages earned by employees during the month of $33.000, of which $26,900 were paid. WCRL paid dividends in the amount of $9.000, which had been declared by the board (and recorded) in December 2019 Paid $3,000 rent for the month of January 2020. 31 Recorded the entry related to the depreciation of its new truck Recorded the entry for depreciation of the equipment for the year in the amount of $59,800 Recorded the entry related to the interest on the note payable, 31 Recorded the entry to recognize that $12.900 of the uneared revenue had been earned during the month. Prepare journal entries for the first eight transactions. Create new accounts as necessary. (Round answers to 0 decimal places, eg 125 Credit account tithes are outomatically indented when the amount is entered. Do not indent monually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem) Account Titles and Explanation Date Jan 18 : To record saled MacBook Air Debit I Credit II