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can I please get help solving this question. the journal report account names are called You make adjusting journal entries for the month of January
can I please get help solving this question.
You make adjusting journal entries for the month of January as needed. (Start with Journal no. Jan23.1.) You carefully consider the following: - Math Revealed! used the straight-line method to determine depreciation expense for all fixed assets. - Monthly depreciation expense for the equipment purchased prior to 12/31 is $92.50. (Computer \$75; Printer \$10; Calculators \$7.50) Math Revealed! purchased $726 of furniture on 1/2. You expect the furniture to last 4 years, with a $150 salvage value. You take a full month depreciation on the furniture. Two computers ($1,260) and three calculators ($441) were also purchased on 1/2. You expect the computers to have a 3-year life (no salvage value) and the calculators to have a 3-year life (\$63 salvage value). You take a full month depreciation on the equipment. On 1/30, shelving was installed. The cost of the shelving was $820. You expect the shelving to last for the term of the lease ( 24 months). You estimate the salvage value at $100 at the end of the 2 years. You started using the shelving on February 1 . - You check the supplies on hand. You estimate that \$120 of supplies were used during January. - You charge the amount to a new account (Tutoring-supplies expense, a sub-account of Office and Tutoring Costs). You use 632 as the account number and Other Business - The insurance policy premium paid in January was $360. The policy term is 1/112/31/22 - You check to make sure that all the revenue recorded in January was earned during the month. - You realize that the $3,000 paid by Teacher's College on 1/27 (INV-1011) was for a workshop to be held in February. - You ask Martin about the Marley's two weeks of Persistence sessions paid for on 1/20 (SR-104). Martin says she actually finished all the sessions by the end of January. You also take a look at INV-1009 to Annie Wang. Martin says half of the $400 billed on 1/13 was for February tutoring. - TIP: Consider whether you need a new account here. Choose an account number that fits with the account numbering scheme (assets are 100 s; liabilities are 200 s; revenues are 400 s; expenses are 600s ). - Martin has agreed to pay his father interest on the $2,500 loan to help get the business started. The last payment was made on 12/31/22. The annual interest rate (simple interest) on the loan is 6%. You forgot to pay him in January. You call and let him know that the check will come in February. TIP: Just because you didn't pay it in January doesn't mean you don't owe it in January. Consider whether you need a new account here. Check numbers as of 1/31 Checking account balance: $4,002.93 Total assets: .$14,166.00 Total current liabilities:..$ 5,976.07 Net income (January only): \$ 1,579.93 TIP: If you are having a hard time getting to these check numbers, try some of the hints for finding errors and getting it right in Appendix 5A. Suggested reports for Chapter 5 : All reports should be in portrait orientation. - Journal-1/31 transactions only - Balance Sheet (as of 1/31) - Profit and loss statement (January) You make adjusting journal entries for the month of January as needed. (Start with Journal no. Jan23.1.) You carefully consider the following: - Math Revealed! used the straight-line method to determine depreciation expense for all fixed assets. - Monthly depreciation expense for the equipment purchased prior to 12/31 is $92.50. (Computer \$75; Printer \$10; Calculators \$7.50) Math Revealed! purchased $726 of furniture on 1/2. You expect the furniture to last 4 years, with a $150 salvage value. You take a full month depreciation on the furniture. Two computers ($1,260) and three calculators ($441) were also purchased on 1/2. You expect the computers to have a 3-year life (no salvage value) and the calculators to have a 3-year life (\$63 salvage value). You take a full month depreciation on the equipment. On 1/30, shelving was installed. The cost of the shelving was $820. You expect the shelving to last for the term of the lease ( 24 months). You estimate the salvage value at $100 at the end of the 2 years. You started using the shelving on February 1 . - You check the supplies on hand. You estimate that \$120 of supplies were used during January. - You charge the amount to a new account (Tutoring-supplies expense, a sub-account of Office and Tutoring Costs). You use 632 as the account number and Other Business - The insurance policy premium paid in January was $360. The policy term is 1/112/31/22 - You check to make sure that all the revenue recorded in January was earned during the month. - You realize that the $3,000 paid by Teacher's College on 1/27 (INV-1011) was for a workshop to be held in February. - You ask Martin about the Marley's two weeks of Persistence sessions paid for on 1/20 (SR-104). Martin says she actually finished all the sessions by the end of January. You also take a look at INV-1009 to Annie Wang. Martin says half of the $400 billed on 1/13 was for February tutoring. - TIP: Consider whether you need a new account here. Choose an account number that fits with the account numbering scheme (assets are 100 s; liabilities are 200 s; revenues are 400 s; expenses are 600s ). - Martin has agreed to pay his father interest on the $2,500 loan to help get the business started. The last payment was made on 12/31/22. The annual interest rate (simple interest) on the loan is 6%. You forgot to pay him in January. You call and let him know that the check will come in February. TIP: Just because you didn't pay it in January doesn't mean you don't owe it in January. Consider whether you need a new account here. Check numbers as of 1/31 Checking account balance: $4,002.93 Total assets: .$14,166.00 Total current liabilities:..$ 5,976.07 Net income (January only): \$ 1,579.93 TIP: If you are having a hard time getting to these check numbers, try some of the hints for finding errors and getting it right in Appendix 5A. Suggested reports for Chapter 5 : All reports should be in portrait orientation. - Journal-1/31 transactions only - Balance Sheet (as of 1/31) - Profit and loss statement (January) the journal report account names are called
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