Chapter Question 1 (53 points/100 total) Journalize the following entries for IcanDo This Inc. Include the date, account name, and dollar amount in journal NO JE description needed. Jan 1. A group of investors provide $50,000 to IcanDoThis Inc. in exchange for Common Stock Jan 2 IcanDoThis Inc. Pays $4,500 for January, February, and March rent. Jan. 3 IcanDo This Inc. purchases $5,000 of equipment and pays half with cash and the rest on account. Jan. 4 IcanDo This Inc. purchases $10,000 of inventory on credit. Jan 8 IcanDoThis Inc. sells inventory to customers for $9,000. The cost of the inventory is $3,000. Jan 12 IcanDo This Inc. sells inventory to customers for $6,000. The cost of the inventory is $2,000. The customer- IcanDoThis Inc. next week. Jan 15 IcanDoThis Inc. purchases supplies on account for $2,500. The supplies will be used over the next 3 month Jan 20 IcanDo This Inc. receives $6,000 cash from the Jan. 12" sale. Jan 22 IcanDo This Inc. pays $2,500 for the supplies purchased on Jan 15 Jan 23 IcanDoThis Inc. A telephone bill in the amount of $117 covering Jan charges is unpaid at Jan 31 Jan 24 IcanDo This Inc. Pays wages of $500 and utilities of $250 for January. Jan 31 IcanDoThis Inc. pays dividends of $300 to the stockholders. Jan 31 IcanDoThis Inc's utility expense for January was incurred but not paid prior to Jan. 31" totaled $520. Jan 31 IcanDo This Inc. owed their employees $1,900 in wages that will be paid on Sept 1". Jan 31 Supplies were counted at the end of the period and there were $2,000 supplies on hand. Jan 31 The equipment purchased on January 5 has no salvage value. IcanDoThis Inc. will use it for 5 years. Round nearest dollar. Interest is $500 per month. Please make any adjusting entries necessary for the above transactions. Date DR CR Page 3 of 9