Comprehensive Accounting Cycle Review 11-1... Need the entire question answered... please help!!

Comprehensive Accounting Cycle Review 11-1 Ayayal Corp's balance sheet at December 31, 2016, is presented below AYAYAI CORP Balance Sheet December 31, 2016 Cash $26,000 Accounts payable $27,000 75,000 46,000 Common stock ($10 par) Allowance for doubtful accounts Supplies Land Buildings Accumulated depreciation-buildings (1,900) Retained earnings 138,650 4,800 44,500 144,000 (22,750) $240,650 $240,650 During 2017, the following transactions occurred. 1. 2. 3. on January 1, 2017, Ayayal issued 1,300 shares of $49 par, 8% preferred stock for $66,300. On January 1, 2017, Ayayai also issued 840 shares of the $10 par value common stock for $20,500. Ayayai performed services for $322,000 on account. On April 1, 2017, Ayayai collected fees of $37,000 in advance for services to be performed from Aoni 1 April 1, 2017, to March 31, 2018. 5. Ayayal collected $285,000 from customers on account. 6. Ayayai bought $36,000 of supplies on account. 7. Ayayai paid $30,000 on accounts payable. 8. 9. Ayayai reacquired 470 shares of its common stock on June 1, 2017, for $27 per share. Paid other operating expenses of $180,000. On December 31, 2017, Ayayai dedared the annual preferred stock dividend and a $1.00 per share dividend on the outstanding common stock, all payable on January 15, 2018. 10. 11. An account receivable of $1,900 which originated in 2016 is wrtten off as uncollectible. Adjustment data: 1. A count of supplies indicates that $5,900 of supplies remain unused at year-end 2. Recorded revenue from item 4 above. 3. The allowance for doubtful accounts should have a balance of $3,400 at year end. 4. Depreciation is recorded on the building on a straight-line basis based on a 30-year life and a sa The income tax rate is 30%. (Hint: Prepare the income statement up to income before taxes ar by 30% to compute the amount.) value of $7,500. ounal entries for the transactions listed above and adjusting entries. (Credit account t mount is entered. Do not indent manually. If no entry is 5 0 for the amounts. Record journal ent