B D E F H H 1 J K L M N O P Q R S 1 Here are the current account balances for Sharon's Stones: : 2 3 4 Income Statement account Amount (dr/cr) Sales Revenue 900 cr Service Revenue 150 cr Cost of Goods Sold Expense 400 dr Utilities Expense 220 dr Balance Sheet account Cash Accounts Receivable 5 Inventory 6 7 8 Amount (dr/cr) 4,330 dr 450 dr 800 dr 3,000 dr 1,200 Cr 2,250 cr 5,000 cr 300 dr Equipment Accounts Payable Bank Loan Sharon, Capital Sharon, Withdrawals 9 10 1) Make the necessary journal entries for the following transactions: a) 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 b) c) d) e) f) g) h) i) ) ) j) k) Aug 31, 2024- Sharon recognizes that her equipment will last 3 years and have a salvage value of $100 at that point. She wishes to depreciate all capital assets on a monthly basis using the straight-line method. Sep 1, 2024- Sharon purchases a $6,000 vehicle financed through a car dealership loan (4% annual interest rate with interest payable every three months). The vehicle is expected to last 5 years with a salvage value of $1,000. Sep 3, 2024- Hugh pays off his remaining debt to Sharon. Sep 5, 2024- Sharon pays her supplier for the Aug 11* purchase. Sep 9, 2024- Sharon secures a $3,000 contract to produce ten jewellery pieces. The customer will provide the materials and pay at the end. Sep 13, 2024- Sharon makes a $950 cash sale. The goods had cost her $450. Sep 18, 2024- Sharon buys inventory for $800 on account. Sep 21, 2024- Sharon completes a $100 necklace repair on account. Sep 25, 2024- Sharon secures a $2,000 contract to produce seven jewellery pieces. The customer pays her up front. Sep 28, 2024- Sharon repays $750 of her bank loan. Sep 30, 2024- Sharon estimates she has completed two-thirds (66.7%) of the work on the Sep 9 contract and one-quarter (25%) of the work on the Sep 25 contract. 27 28 29 30 31