Check for Updates keep up-to-date without updates and improvements. Choose Chuck for Us Chart of Accounts Ch Accounts Receivable Asowance for Doubtful Accounts Prepaid Rent Inventory Accounts Payable Deferred Revenge Wages Payable Notes Payable Common Stock Retained Emines Sales Revenue Service Revenue Cost of Goods Sold Bad Debt Expense Supplies Expense Wage Experise Setup & Instructions: You just started your new job as a staff accountant for Auckle Gear, Inc a company that sells Augsburg University clothing, mugs, hats, etc. You're pretty excited about your new job because you've heard all the stories about how accountants are essentially the rock stars of the business world. The stories are true. Anyway, your company had transactions "A" through "H* noted below throughout the month of January 2021. Setup & Instructions: You just started your new job as a staff accountant for Auggie Gear, Inc., a company that sells Augsburg University clothing, mugs, hats, etc. You're pretty excited about your new job because you've heard all the stories about how accountants are essentially the rock stars of the business world. The stories are true. Anyway, your company had transactions "A" through "H" noted below throughout the month of January 2021. Instructions. For each transactions "a" through "h" below: 1) First, record the necessary Journal entry (utilize the "Chart of Accounts" below). 2) After recording each entry, post the effects of the Journal Entry to the appropriate T-accounts. 3) Utilizing the ending balances in each T-account to complete the financial statements on the second tab of this Document Refer Date Transactions ence - January 2021 a) 2-Jan On January 2nd, Auggie Gear purchased and received 3,000 t-shirts, purchased on account, with plans of selling the shirts to the campus book store. The t-shirts cost $3 each. 8-jan b) c) 16 Jan 24- Jan d) On January 8th, Augle Gear purchased and received another 1,750 t-shirts on account that you plan to sell to customers throughout the year. The t-shirts cost $$ each On January 16th, you paid employees of Auggie Gear their wages of $6,200 for the pay period from 1/1/21 1/15/21, On January 24th, Auggie Gear purchased and received 600 more t-shirts on account that they plan to sell to customers throughout the year. The T-shirts cost $5.75 each On January 30th, sold 1,000 t-shirts on account for $15 per shirt. Ausgie Gear uses LIFO as their inventory costing method On January 31st Auggie Gear sold an additional 2,000 t-shirts for $15 per shirt. The customer paid $500 cash on the date of purchase, and will pay the remaining balance due on February 28th You owe your employees wages for the pay period from 1/16/21 through 1/31/21 totaling $6,350. The wages will be paid on February 2nd, 2021. e) 30 Jan 31- Jan 1) 2) 31- Jan h) 25 Jan Aurgie Gear management elects to utilize the "Percentage of Credit Sales" method to estimate their bad debt each month. Based on her history with a similar business, your manager estimates that you ultimately won't collect 2.0% of sales made on account during the month