Beginning balances of Express Lane Company's accounts as of January 1, 2017 as given below: Beg Balance Account Title Debit Credit Cash 242,600 Accounts Receivable 24,800 Supplies 13,000 Prepaid Insurance 0 Inventory 18,000 Equipment 46,000 Accumulated Depreciation- Equipment 20,000 Accounts Payable 42,500 Salary Payable 16,000 Unearned Sales Revenue 15,000 Capital 250,900 Withdrawals 0 Sales Revenue Sales Returns & Allowances Sales Discounts Cost of Goods Sold Insurance Expense Depreciation Expense- Equipment Supplies Expense Total 344.400 Salary Expense 344.400 During January 2017, Express Lane Company completed the following transactions Jan 1: Paid 12 months insurance in advance for 510,800 Jan 2: Purchased 400 units of inventory for 34,000$ from Great Company, on terms, 3/10,n/com Jan 4: Purchased 150 units of inventory from Deluxe Company on account with terms 2/5, 1/30, Total invoice is $13,500 which includes also freight charges Jan 5: Paid accrued salary of the December 2016. $16,000 . jan 13: Paid to Great Company Jan 15: Sold 600 units of goods to Shine Company for $90,000 (5150 each) on account with terms 2/10,n/30 Jan 17: Received 50 units of goods back from Shine Company (Returned goods are from $80 of cost each) jan 20: Received payment from Shine Company, setting the amount due in full. Participants More BA2223 (5) Principles o... Overview Plans Resources Status and follow-up ve units on goots back from Sine comunicarea Roos are crean Jan 20. Received payment from Shine Companying the amount due in fut Jan 23 Sold ons on account, 36,000 150 each for cash to Bridget Company Jan 26 Owner withdrew cash of 18.0005 Jan 27: Purchased supplies for cash of 57.000 On January 31, 2017 Express Lane Company completes following adjusting entries Expiration of prepaid insurance for one month Depreciation of equpment for the month $4.500 Supplies on hand 512,000 - Unearned sales revenue earned is. $12.000. Accrued salary of the way 2017 516.000 which will be paid on the sot february Heurements 1. Journize and post the January transactions. Open Taccounts for each of the accounts gvern trial balance, do not forget to write beginning balances 2. Prepe LIFO schedule to calculate the cost of Goods Sold (COG) on the sand 23 eping inventory as of January include 225 ans 50 vachi totals 1.000 as given 3. Prepare una sted trial Balance as of January 31, 2017 4.oume and post the adjusting entries 5. Prepare adjusted balance as of January 21, 2017 Beginning balances of Express Lane Company's accounts as of January 1, 2017 as given below: Beg Balance Account Title Debit Credit Cash 242,600 Accounts Receivable 24,800 Supplies 13,000 Prepaid Insurance 0 Inventory 18,000 Equipment 46,000 Accumulated Depreciation- Equipment 20,000 Accounts Payable 42,500 Salary Payable 16,000 Unearned Sales Revenue 15,000 Capital 250,900 Withdrawals 0 Sales Revenue Sales Returns & Allowances Sales Discounts Cost of Goods Sold Insurance Expense Depreciation Expense- Equipment Supplies Expense Total 344.400 Salary Expense 344.400 During January 2017, Express Lane Company completed the following transactions Jan 1: Paid 12 months insurance in advance for 510,800 Jan 2: Purchased 400 units of inventory for 34,000$ from Great Company, on terms, 3/10,n/com Jan 4: Purchased 150 units of inventory from Deluxe Company on account with terms 2/5, 1/30, Total invoice is $13,500 which includes also freight charges Jan 5: Paid accrued salary of the December 2016. $16,000 . jan 13: Paid to Great Company Jan 15: Sold 600 units of goods to Shine Company for $90,000 (5150 each) on account with terms 2/10,n/30 Jan 17: Received 50 units of goods back from Shine Company (Returned goods are from $80 of cost each) jan 20: Received payment from Shine Company, setting the amount due in full. Participants More BA2223 (5) Principles o... Overview Plans Resources Status and follow-up ve units on goots back from Sine comunicarea Roos are crean Jan 20. Received payment from Shine Companying the amount due in fut Jan 23 Sold ons on account, 36,000 150 each for cash to Bridget Company Jan 26 Owner withdrew cash of 18.0005 Jan 27: Purchased supplies for cash of 57.000 On January 31, 2017 Express Lane Company completes following adjusting entries Expiration of prepaid insurance for one month Depreciation of equpment for the month $4.500 Supplies on hand 512,000 - Unearned sales revenue earned is. $12.000. Accrued salary of the way 2017 516.000 which will be paid on the sot february Heurements 1. Journize and post the January transactions. Open Taccounts for each of the accounts gvern trial balance, do not forget to write beginning balances 2. Prepe LIFO schedule to calculate the cost of Goods Sold (COG) on the sand 23 eping inventory as of January include 225 ans 50 vachi totals 1.000 as given 3. Prepare una sted trial Balance as of January 31, 2017 4.oume and post the adjusting entries 5. Prepare adjusted balance as of January 21, 2017