Adjusting Journal Entries Assume Baraco GST reporting period is montly. Baraco asks you to preapre a GST return adjusting journal entry. AJE 1 Jan. 31 Dr Dr. AJE 2 Baraco accountant determined that the depreciation expense on the company's fixed assets was $4,220 per month. Jan. 31 Depreciation expense for 2023 is estimated as $50,650, $4,220 per month. Please see the Fixed Asset Depreciation Schedule for more details The amount per month should be $4,220($50,6500/12 months) Dr. AJE 3 Baraco insurance expense for January must be recorded The amount per month should be $350($4,200/12 months) Jan. 31 Cr. AJE 4 Baraco rent expense for January must be recorded. Jan. 31 Dr. Dry Food Maw Meat Dr. AJE 5 According to the physical count on January 31, 2023, the ending inventory balances are below: Sea Food P Produce Total Food Inventory .. Bottle Beer Draft Beer Inventory balance as at 01/31/2023 per book Inventory Assets Spirit Liquor Wine Soft Drinks Total Beverage Inventory Total Inventory Assets. Dry Food Meat Sea Food Dr. Produce Total Food Inventory Bottle Beer DEA Draft Beer Dr Inventory balance at 01/31/2023 per book Inventory Assets. Spirit Liquor Wine Soft Drinks Total Beverage Inventory Total Inventory Assets Dr. Dr. Cr. Dr. Dr. Dr. Dr. Dr. Dr. Dr. Dr. Dr. Dr. Cr. Cr. Dr. Cr. Dr. Cr. Cr. Cr. Cr. Cr. Cr. Cr Cr Cr. 5,480 12,100 1,090 11.640 11,350 10,560 Cr. 7,560 6,290 7,080 5,480 12,100 1,090 11,640 Transaction 18 On February 28, 2023 Baraco received a cheque in the amount of $33,950 from CRA for the GST return. Cr. 30,310 11,350 10,560 7.560 6,290 7,080 42,840 73,150 Cr. Transaction 17 On February 1, 2023, Braco has sufficient cash, the company has decided to make an additional payment again the CIBC bank loan principal in the amount of $200,000 Cr. Adjusted Amount Inventory balance as at 01/31/2023 per physical count Inventory Assets Dry Food Meat Sea Food Dad Produce Cr. 30.310 Total Food Inventory Bottle Beer Draft Beer Spirit Liquor Wine Soft Drinks 42,840 Total Beverage Inventory 73,150 Total Inventory Assets Transaction 19 On February 28, 2023, Baraco made a payment to EPC Repair Services for $1,417.50 for the repair services on Jan. 30, the cheque number is 2 Inventory balance as at 01/31/2023 per physical count 3,580 10,700 880 9,600 24,760 10,350 9.600 Transaction 20 On February 28, 2023, Baraco made a payment to Leon's furniture store for $210,000 for the office furniture on Jan. 5, the cheque number is 3 6.500 5,850 6,300 38,600 63,360 3,580 10,700 880 9,600 10,350 9,600 6.500 5,850 6,300 Transaction 21 On February 28, 2023, Baraco made a payment to K & B Food Equipment for $100,000 for the kitchen equipment on Jan. 10, the cheque number is 4 Transaction 22 On February 28, 2023, Baraco made a payment to Universal Co. for $ 167,500 for on Jan. 6, the cheque number is 5 24,760 38,600 63,360

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