can someone PLEASE help me with these accounting questions? i especially need the 10 adjusted entries and the T-accounts.

Home Insert Draw Data Review View Page Layout Formulas 9AA Arial General Paste $ % 9 og fx. Mason Automotive sells 20,000,000 shares at $1 par for $20 on January 1st, 2019, A B C D E Mason Automotive is an automotive parts company that sets car parts and provides car service to customers. This is Mason's first year of operations and they have hired you as their CPA to prepare the income statement and balance sheet for their company. As such, January 1st 2019 was the first day that Mason was in business. For the month of January, record at the necessary pumal entries for transactions that occured during the month in addition, please prepare all necessary adjusting joumalanthes as of the end of the month From the information below, please out the oumal entstab" for all the necessary oumal entries. Furthermore, please complete the "T. Accounts" tab for the individual accounts so that the trial balance tab can be updated automatically prepared the first journal entry for you in the joumal entries tab and T-Accounts tab. Ensure you label the entries similar to how I have shown in Entry 01. Once al entries are record and the T-Accounts tab is updated, please prepare the financial statements income statement and balance sheet) for the month of January Sualny1 Mason Automotive sels 20.000.000 shares at $1 par for $20 on January 1st, 2019 Journal Entry #2 Ed Mason, the CEO, hires 4,500 employees, whom will receive a combined salary of $5 Million on a monthly basis. The employees started on 1 January 1st and will be paid for the month of January on February 4th Employee's withholdings are as follows: 10% for federal income taxas 5.5% 2 for state income taxes and 9 for FICA Record the necessary anty as of January 1, 2019 4 Journal Entry #3 On January 201h, Mason Automotive decides to purchase 100,000 shares of Treasury stock at $23 per share 2 Journal Entry #4 Mason Automotive issues a bond payable on January 1st, 2010 with a face value of $100 Milon at 97. The bond will have a useful ife of 20 years with an interest payment of 6% Annual Percentage Rate) due at the end of the month Record the necessary oumal entry as of January 1st 2019 Note: When considering the amortization of the discount or premium assume the straight line method is used Journal Entry #5 On January 1st, Mason Automotive receives $50 Milion advance payment from a customer, Highland Inc., to manufacture 5,000 cars. Journal Entry 16 Mason Automotive purchased 253 Million dollars worth of inventory on January 2nd, 2019.587 Milion was paid w balance on account. Mason notes that will use a perpetual inventory system to track inventory ash with the remaining Journal Entry 07 On January 2nd, Mason Automotive shipped an order to Panther Paws Corporation. The shipping terms were FOB shipping point. The sales value of the order was $207 Milion and the inventory cost was $157 Mlion. Assume that this sale was made on account Journal Entry Maison Automotive pre-pays for Rent Expense for the next year of $15.6 Million on January 3rd, 2019 Journal Entry 09 Mason Automotive purchased 55 Mlion dollars worth of supplies on count on January 2nd, 2019 Journal Entry 10 Mason Automotive buys a patent from Apple for $21 Million on January 3rd, 2019. The patent has a legalife of 25 years and useful life of 20 van Re tys e the potenthusing cash Information Journal Entries Accounts Thal Balance income Statement Balance SA Ready Format Tools Data Window Help AutoSaver BESU: Insert Draw Page Layout Formulas Zaeske Project (Student Version) Home Data Review View 9 WAA = = General EE BIU $ % Mason Automotive sells 20,000,000 shares at $1 par for $20 on January 1st, 2019, C D E F G H I 30 of the order was 5207 Mon and the inventory costs $157 M . Assume that this was made on account 12 Journal Entry 13 Mason Automotive pre-pays for Rent Expense for the next year of $15 5 Million on January 3rd, 2019 s Journal Entry & Mason Automotive purchased 5 Million dollars worth of supplies on account on January 2nd, 2019 8 Journal Entry #10 9 Mason Automotive buys a patent from Apple for $21 Milion on January 3rd, 2019. The patent has a legal life of 25 years and useful life of 20 years. Record the necessary entry as of January 3rd, 2019. Assume the patent was purchased using cash Journal Entry 011 Mason Automotive purchases fixed assets of $170 Milion that will have a useful life of 20 years and a salvage value of $20 millon on January 4th, 2019. $30 million was paid with cash with the remaining balance on account. These assets are depreciated using the straight-line method. 5 Month End Adjusting Entries There are 10 applicable adjusting entries that need to be made as of the end of the month based on the information provided above. When recording these adjusting entries consider the following facts: 1.) Interest expense will be recorded as a operating expense Items on the income statement 2) Record the necessary adjusting entries related to pre-paid expense as separate joumal entries 3.) When reviewing the supply room as of the end of the month, Mason Automation noted that it had $36 Million worth of supplies sta on hand 4.) As of the end of the month, 2.500 cars were completed for Michael Scott Paper Company and the performance obligation had been met on those 2.500 cars. As such, revenue was determined to be eamed on those 2,500 vehicles and was noted that each vehicle costed $5 300 to manufacture. (These oumal entries are considered 2 of the 10 total adjusting entries) 5.) Mason Automation uses the balance sheet approach in estimating the allowance for doubtful accounts as of the end of the period Based on industry average, Mason noted that it will use 5.5% of receivables as an estimation Balance SheetExtra information: 1.) When preparing the balance sheet, dose out net income to retained eamings. Information Journal Entries Accounts Trial Balance. Income Statement Balance S Format * Tools Data Window Help AutoSaver BESU Insert Draw Page Layout Formulas 2 Zaeske Project (Student Version) Home Data Review View 11 Arial 9 A A = = 2 ED General LI PasteABU D A $ % 20% L19 D E F G H I J K L O P Q C ne secamous M N Nighlighed for each FI ST_ JL 11 TI 11 10 11 1 : | IN 1 LI 18 19 HARASAARRRRRRRRRRRRRRR JU dll 11 / 1 Information Journal Entries T-Accounts Trial Balance. Income Statement Balance Sheet Ready Information Journal Entries T-Accounts Trial Balance Income S Ready % 9 0 2 .09 000 Conditional Format Formatting as Table Cell Styles E Format Sales Revenue Cost of Goods Sold Credits Depreciation Espans Debits Depreciation Expense Dabits Credits Amortization Expense Patent) Debits Credits S Bad Debt Expense Debits Credits Supplies Expense Debits nterest Expense Sheet + Window Help Zaeske Project (Student Version) File Edit View Insert Format Tools Data AutoSave ABES Home Insert Draw Page Layout Formulas Arial A A Pete BLUB A E View Data E A Review = = E = 29 Wrap Text General D B Merge & Center $ % 26-8 WA NO ITEMS IN WHITE ARE ITEMS THAT COULD BE FILLED IN BY YOU JUST BECAUSE IT IS WHITE, DOES NOT MEAN THERE HAS TO BE SOMETHING 1 Mason Automation Multiple Step Income Statement Procol Month End Fill this number in ONMOONHEMMET Income Statement 9 0 100% 2 F Zaeske Project (Student Version) File Edit View insert Format Tools Data Window Help Auto ABES: Home Insert Draw. Page Layout Formulas Data Review Arial w wAA EE = Parte I . 32 29 Wine Text Tan Lins . Mure Gallery $ % W 41 Sandton for ITEMS THAT COULD ALL DINLEY YOU JUST BECAUSE I T DOES NOT MEAN THERE HAS TO BE SOMETHING THERE REAFTALERFORETTE 1999AAAAA Home Insert Draw Data Review View Page Layout Formulas 9AA Arial General Paste $ % 9 og fx. Mason Automotive sells 20,000,000 shares at $1 par for $20 on January 1st, 2019, A B C D E Mason Automotive is an automotive parts company that sets car parts and provides car service to customers. This is Mason's first year of operations and they have hired you as their CPA to prepare the income statement and balance sheet for their company. As such, January 1st 2019 was the first day that Mason was in business. For the month of January, record at the necessary pumal entries for transactions that occured during the month in addition, please prepare all necessary adjusting joumalanthes as of the end of the month From the information below, please out the oumal entstab" for all the necessary oumal entries. Furthermore, please complete the "T. Accounts" tab for the individual accounts so that the trial balance tab can be updated automatically prepared the first journal entry for you in the joumal entries tab and T-Accounts tab. Ensure you label the entries similar to how I have shown in Entry 01. Once al entries are record and the T-Accounts tab is updated, please prepare the financial statements income statement and balance sheet) for the month of January Sualny1 Mason Automotive sels 20.000.000 shares at $1 par for $20 on January 1st, 2019 Journal Entry #2 Ed Mason, the CEO, hires 4,500 employees, whom will receive a combined salary of $5 Million on a monthly basis. The employees started on 1 January 1st and will be paid for the month of January on February 4th Employee's withholdings are as follows: 10% for federal income taxas 5.5% 2 for state income taxes and 9 for FICA Record the necessary anty as of January 1, 2019 4 Journal Entry #3 On January 201h, Mason Automotive decides to purchase 100,000 shares of Treasury stock at $23 per share 2 Journal Entry #4 Mason Automotive issues a bond payable on January 1st, 2010 with a face value of $100 Milon at 97. The bond will have a useful ife of 20 years with an interest payment of 6% Annual Percentage Rate) due at the end of the month Record the necessary oumal entry as of January 1st 2019 Note: When considering the amortization of the discount or premium assume the straight line method is used Journal Entry #5 On January 1st, Mason Automotive receives $50 Milion advance payment from a customer, Highland Inc., to manufacture 5,000 cars. Journal Entry 16 Mason Automotive purchased 253 Million dollars worth of inventory on January 2nd, 2019.587 Milion was paid w balance on account. Mason notes that will use a perpetual inventory system to track inventory ash with the remaining Journal Entry 07 On January 2nd, Mason Automotive shipped an order to Panther Paws Corporation. The shipping terms were FOB shipping point. The sales value of the order was $207 Milion and the inventory cost was $157 Mlion. Assume that this sale was made on account Journal Entry Maison Automotive pre-pays for Rent Expense for the next year of $15.6 Million on January 3rd, 2019 Journal Entry 09 Mason Automotive purchased 55 Mlion dollars worth of supplies on count on January 2nd, 2019 Journal Entry 10 Mason Automotive buys a patent from Apple for $21 Million on January 3rd, 2019. The patent has a legalife of 25 years and useful life of 20 van Re tys e the potenthusing cash Information Journal Entries Accounts Thal Balance income Statement Balance SA Ready Format Tools Data Window Help AutoSaver BESU: Insert Draw Page Layout Formulas Zaeske Project (Student Version) Home Data Review View 9 WAA = = General EE BIU $ % Mason Automotive sells 20,000,000 shares at $1 par for $20 on January 1st, 2019, C D E F G H I 30 of the order was 5207 Mon and the inventory costs $157 M . Assume that this was made on account 12 Journal Entry 13 Mason Automotive pre-pays for Rent Expense for the next year of $15 5 Million on January 3rd, 2019 s Journal Entry & Mason Automotive purchased 5 Million dollars worth of supplies on account on January 2nd, 2019 8 Journal Entry #10 9 Mason Automotive buys a patent from Apple for $21 Milion on January 3rd, 2019. The patent has a legal life of 25 years and useful life of 20 years. Record the necessary entry as of January 3rd, 2019. Assume the patent was purchased using cash Journal Entry 011 Mason Automotive purchases fixed assets of $170 Milion that will have a useful life of 20 years and a salvage value of $20 millon on January 4th, 2019. $30 million was paid with cash with the remaining balance on account. These assets are depreciated using the straight-line method. 5 Month End Adjusting Entries There are 10 applicable adjusting entries that need to be made as of the end of the month based on the information provided above. When recording these adjusting entries consider the following facts: 1.) Interest expense will be recorded as a operating expense Items on the income statement 2) Record the necessary adjusting entries related to pre-paid expense as separate joumal entries 3.) When reviewing the supply room as of the end of the month, Mason Automation noted that it had $36 Million worth of supplies sta on hand 4.) As of the end of the month, 2.500 cars were completed for Michael Scott Paper Company and the performance obligation had been met on those 2.500 cars. As such, revenue was determined to be eamed on those 2,500 vehicles and was noted that each vehicle costed $5 300 to manufacture. (These oumal entries are considered 2 of the 10 total adjusting entries) 5.) Mason Automation uses the balance sheet approach in estimating the allowance for doubtful accounts as of the end of the period Based on industry average, Mason noted that it will use 5.5% of receivables as an estimation Balance SheetExtra information: 1.) When preparing the balance sheet, dose out net income to retained eamings. Information Journal Entries Accounts Trial Balance. Income Statement Balance S Format * Tools Data Window Help AutoSaver BESU Insert Draw Page Layout Formulas 2 Zaeske Project (Student Version) Home Data Review View 11 Arial 9 A A = = 2 ED General LI PasteABU D A $ % 20% L19 D E F G H I J K L O P Q C ne secamous M N Nighlighed for each FI ST_ JL 11 TI 11 10 11 1 : | IN 1 LI 18 19 HARASAARRRRRRRRRRRRRRR JU dll 11 / 1 Information Journal Entries T-Accounts Trial Balance. Income Statement Balance Sheet Ready Information Journal Entries T-Accounts Trial Balance Income S Ready % 9 0 2 .09 000 Conditional Format Formatting as Table Cell Styles E Format Sales Revenue Cost of Goods Sold Credits Depreciation Espans Debits Depreciation Expense Dabits Credits Amortization Expense Patent) Debits Credits S Bad Debt Expense Debits Credits Supplies Expense Debits nterest Expense Sheet + Window Help Zaeske Project (Student Version) File Edit View Insert Format Tools Data AutoSave ABES Home Insert Draw Page Layout Formulas Arial A A Pete BLUB A E View Data E A Review = = E = 29 Wrap Text General D B Merge & Center $ % 26-8 WA NO ITEMS IN WHITE ARE ITEMS THAT COULD BE FILLED IN BY YOU JUST BECAUSE IT IS WHITE, DOES NOT MEAN THERE HAS TO BE SOMETHING 1 Mason Automation Multiple Step Income Statement Procol Month End Fill this number in ONMOONHEMMET Income Statement 9 0 100% 2 F Zaeske Project (Student Version) File Edit View insert Format Tools Data Window Help Auto ABES: Home Insert Draw. Page Layout Formulas Data Review Arial w wAA EE = Parte I . 32 29 Wine Text Tan Lins . Mure Gallery $ % W 41 Sandton for ITEMS THAT COULD ALL DINLEY YOU JUST BECAUSE I T DOES NOT MEAN THERE HAS TO BE SOMETHING THERE REAFTALERFORETTE 1999AAAAA