ACCY 1 Accounting Fundamentals Extra Credit Assignment - Journal Entry Practice Complete the following requirements by hand and upload your work in pdf to Canvas by March 20. No late assignment will be accepted. CASE: World Co. commenced operations on January 1, 2018 and has a year end of December 31 (reporting date). The company uses a perpetual inventory method. During 2018, the company had the following events: 1. January 1. 2. April 1 3. May 1 4. July 1 5. July 10 Issued common stock for $40,000 cash. Purchased equipment for $10,000 cash. This equipment has a monthly depreciation expense of $1000. Paid auto insurance for 12 months in advance for $6,400. Purchased inventory costing $7,000 on account from Sam Co. Company under terms 2/10, n/30. The merchandise was delivered FOB shipping point. In addition, freight costs of $500 were paid in cash. Paid the amount due on its account payable to Sam Co. within the cash discount period. Sold all inventory for $20,600 on account to Mac Co. under terms 1/10, n/45. Received the payment from Mac Co. for the September 1 sale within the discount period. Received cash from Victory Co. in advance for the merchandise order to be delivered in November. Paid $4,000 cash for inventory received from Viva Inc. Delivered the merchandise ordered on September 30 to Victory Co. 6. September 1 7. September 10 8. September 30 9. October 1 10. November 31 Requirements: Prepare journal entries for the events above AND appropriate adjusting journal entries