Question
Can some please help ne out with this part? All the information in the question is posted in the pictures. I have the first part
Can some please help ne out with this part? All the information in the question is posted in the pictures. I have the first part completed and posted below as well.
Jan 1st: The bank loan bears interest at 3% and requires monthly payments on the first day of the month consisting of principal of $22,000 plus interest. The interest for December 2020 was properly accrued at the end of 2020. 8th: Received payments of $195,800 from customers in payment of their accounts. 13th : Made sales on account totalling $237,600 to garden centres. The greenhouse units sold had cost Oriole $134,200. 15th : Purchased additional greenhouse kits from a supplier on account for $82,500. 17: Paid accounts payable that were due to creditors totalling $132,000. 18: Paid salaries of $77.000, which included the accrued salaries owing at the end of 2020 and $39.600 related to salaries earned to date in January. 21: Purchased supplies on account for $1,650. 24: Received a shipment of additional greenhouses from a supplier. The invoice for $107,800 is due in 30 days. 26: Made sales of $138,600, of which $63,800 was on account and the remainder was cash. The cost of the greenhouses sold was $74,800. 31: Delivered a custom greenhouse that a customer had ordered and put a $27,500 deposit down on. The total sales price was $55,000 and the greenhouse had cost Oriole $38,500. The customer Oriole reconciles its bank account at the end of every month and makes any necessary journal entries. The following information was gathered from reviewing the company's bank statement for the month of January: 1. There were outstanding cheques of $13.200. 2. The service charges on the account were $45 for the month. 3. A deposit for $27,500 was made using the bank's night depository slot on January 31. This deposit is not reflected on the company's bank statement for January. 4. A cheque from one of Oriole's customers for $10,780 that had been deposited during the month was returned by the bank due to the customer having insufficient funds in their account. 5. The company's account balance at January 31 was $199,275 according to the bank statement. Oriole records adjustments monthly on the last day of the month. Adjusting entries were required for the following:
1. Record depreciation on the equipment assuming that Oriole uses the straight-line method to depreciate its equipment and the equipment is expected to have a useful life of six years.
2. Accrue interest for the month on the bank loan.
3. When supplies were counted, it was determined that supplies with a cost of $1,430 were still on hand.
4. Accrued salaries payable are $39,600.
5. The company earned $61,600 of the deferred revenue. The cost of the goods sold was $42,900.
6. The estimated income taxes owing for the month of January was $17,600.
Oriole had the following transactions during January 2021 : 8 Recehed carmeris of 5195.800 from nustomorsin evyment of their scrourts. th Purchand ald thianal groenhowe bica frott a awpolier oa atcourt for $82.500. 17. Pabi acrounts payatie that were die to oedtors teraling $13006. 18. Paif talaries of $77 Dob, which indufed the acteved salaries owing at the end of 2020 and $39 Ab0 reiated to saleries earned to date in aruark. 22 Puechaved supoties onaccourt far 51600 1. There mere atstanding ch cques of 512.260. 2. Acole interest far the montt on the barklas. bate Accoknt Titses and Fxplanation son 31 IToresed descosutien ecosrial 31 Iforecoud nibrest eapente| 31 froperoid susplies Expensel 31 TTormerd salariest 31 (To record salaries) 31 31 31 (To record income tax expense) Vas antwer a carist. \begin{tabular}{|l|l|} \hline Jan.24 & 107800 \\ \hline \end{tabular} Accounts Payable 107800 Jan. 26 Cash 74800 Accounts Receivable 63800 Sales (To record sale on account) Cost of Goods Sold 74800 Inventory (To record cost of goods sold) Jan. 31 Deferred Revenue \begin{tabular}{|r|} \hline 27500 \\ \hline \end{tabular} Cash 27500 Sales (To record sale) Cost of Goods Sold 38500 Inventory (To record cost of goods sold) Oriole had the following transactions during January 2021 : 8 Recehed carmeris of 5195.800 from nustomorsin evyment of their scrourts. th Purchand ald thianal groenhowe bica frott a awpolier oa atcourt for $82.500. 17. Pabi acrounts payatie that were die to oedtors teraling $13006. 18. Paif talaries of $77 Dob, which indufed the acteved salaries owing at the end of 2020 and $39 Ab0 reiated to saleries earned to date in aruark. 22 Puechaved supoties onaccourt far 51600 1. There mere atstanding ch cques of 512.260. Oriole records adjustments monthly on the last day of the month. Adjusting entries were required for the following: 1. Flecord depreciation on the equipment assuming that Oriole uses the straight-line method to depreciate its equipment and the equipment is expected to have a usetul iffe of six years. 2. Acerue interest for the manth on the bank loan- 3. When supplies were counted, it was determined that supplies with a cost of $1,430 were still on hand. 4. Accrued salaries pyoble are \$39,660. 5. The compary earned $61,600 of the deferred revenue. The cost of the goods sold was $42,900. 6. The estimated income taxes owing for the month of zanuary was $17,600 Prepare the necessary adjusting entries. (List all debit entries before credit entries. Credit account titles are automatically indented when the a amounts. Round answers to 0 decimal places. e. 5.275.) 31 (To record salaries) 31 31 31 (To record income tax expense) Oriole had the following transactions during January 2021 : 8 Recehed carmeris of 5195.800 from nustomorsin evyment of their scrourts. th Purchand ald thianal groenhowe bica frott a awpolier oa atcourt for $82.500. 17. Pabi acrounts payatie that were die to oedtors teraling $13006. 18. Paif talaries of $77 Dob, which indufed the acteved salaries owing at the end of 2020 and $39 Ab0 reiated to saleries earned to date in aruark. 22 Puechaved supoties onaccourt far 51600 1. There mere atstanding ch cques of 512.260. 2. Acole interest far the montt on the barklas. bate Accoknt Titses and Fxplanation son 31 IToresed descosutien ecosrial 31 Iforecoud nibrest eapente| 31 froperoid susplies Expensel 31 TTormerd salariest 31 (To record salaries) 31 31 31 (To record income tax expense) Vas antwer a carist. \begin{tabular}{|l|l|} \hline Jan.24 & 107800 \\ \hline \end{tabular} Accounts Payable 107800 Jan. 26 Cash 74800 Accounts Receivable 63800 Sales (To record sale on account) Cost of Goods Sold 74800 Inventory (To record cost of goods sold) Jan. 31 Deferred Revenue \begin{tabular}{|r|} \hline 27500 \\ \hline \end{tabular} Cash 27500 Sales (To record sale) Cost of Goods Sold 38500 Inventory (To record cost of goods sold) Oriole had the following transactions during January 2021 : 8 Recehed carmeris of 5195.800 from nustomorsin evyment of their scrourts. th Purchand ald thianal groenhowe bica frott a awpolier oa atcourt for $82.500. 17. Pabi acrounts payatie that were die to oedtors teraling $13006. 18. Paif talaries of $77 Dob, which indufed the acteved salaries owing at the end of 2020 and $39 Ab0 reiated to saleries earned to date in aruark. 22 Puechaved supoties onaccourt far 51600 1. There mere atstanding ch cques of 512.260. Oriole records adjustments monthly on the last day of the month. Adjusting entries were required for the following: 1. Flecord depreciation on the equipment assuming that Oriole uses the straight-line method to depreciate its equipment and the equipment is expected to have a usetul iffe of six years. 2. Acerue interest for the manth on the bank loan- 3. When supplies were counted, it was determined that supplies with a cost of $1,430 were still on hand. 4. Accrued salaries pyoble are \$39,660. 5. The compary earned $61,600 of the deferred revenue. The cost of the goods sold was $42,900. 6. The estimated income taxes owing for the month of zanuary was $17,600 Prepare the necessary adjusting entries. (List all debit entries before credit entries. Credit account titles are automatically indented when the a amounts. Round answers to 0 decimal places. e. 5.275.) 31 (To record salaries) 31 31 31 (To record income tax expense)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669e750fe8663_687669e750f7aa91.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669e75108fa03_688669e751030158.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669e7511250d3_688669e7510c81cc.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669e7511979ca_689669e75114f993.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669e7512391be_689669e7511cba60.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669e7512d2b8a_690669e75127b0df.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669e75136b441_691669e751307513.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669e75140689f_691669e75139ff7b.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669e75149c622_692669e751439b3f.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669e7515233ff_692669e7514caef2.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669e7515b02c9_693669e751554481.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669e7516563fb_693669e7515e75a5.jpg)
Oriole records adjustments monthly on the last day of the month. Adjusting entries were required for the following:
1. Record depreciation on the equipment assuming that Oriole uses the straight-line method to depreciate its equipment and the equipment is expected to have a useful life of six years.
2. Accrue interest for the month on the bank loan.
3. When supplies were counted, it was determined that supplies with a cost of $1,430 were still on hand.
4. Accrued salaries payable are $39,600.
5. The company earned $61,600 of the deferred revenue. The cost of the goods sold was $42,900.
6. The estimated income taxes owing for the month of January was $17,600.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started