Coronado Companys balance sheet at December 31, 2021, is presented below.

CORONADO COMPANY Balance Sheet December 31, 2021
Cash		$27,600		Accounts Payable		$12,650
Inventory		28,290		Interest Payable		230
Prepaid Insurance		5,520		Notes Payable		46,000
Equipment		34,960		Owners Capital		37,490
		$96,370				$96,370

During January 2022, the following transactions occurred. (Coronado Company uses the perpetual inventory system.)

1.		Coronado paid $230 interest on the note payable on January 1, 2022. The note is due December 31, 2023.
2.		Coronado purchased $240,212 of inventory on account.
3.		Coronado sold for $404,800 cash, inventory which cost $243,800. Coronado also collected $26,312 in sales taxes.
4.		Coronado paid $211,600 in accounts payable.
5.		Coronado paid $15,640 in sales taxes to the state.
6.		Paid other operating expenses of $27,600.
7.		On January 31, 2022, the payroll for the month consists of salaries and wages of $60,000. All salaries and wages are subject to 7.65% FICA taxes. A total of $8,200 federal income taxes are withheld. The salaries and wages are paid on February 1.

Adjustment data:

8.		Interest expense of $230 has been incurred in January on the notes payable.
9.		The insurance for the year 2022 was prepaid on December 31, 2021.
10.		The equipment was acquired on December 31, 2021, and will be depreciated on a straight-line basis over 5 years with a $1,840 salvage value.
11.		Employers payroll taxes include 7.65% FICA taxes, a 5.4% state unemployment tax, and an 0.6% federal unemployment tax.

(a)

Prepare journal entries for the transactions listed above and the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.)

No.	Account Titles and Explanation	Debit	Credit
1.	enter an account title	enter a debit amount	enter a credit amount
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2.	enter an account title	enter a debit amount	enter a credit amount
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3.	enter an account title to record sales revenue	enter a debit amount	enter a credit amount
	enter an account title to record sales revenue	enter a debit amount	enter a credit amount
	enter an account title to record sales revenue	enter a debit amount	enter a credit amount
	(To record sales revenue.)
	enter an account title to record cost of goods sold	enter a debit amount	enter a credit amount
	enter an account title to record cost of goods sold	enter a debit amount	enter a credit amount
	(To record cost of goods sold.)
4.	enter an account title	enter a debit amount	enter a credit amount
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7.	enter an account title	enter a debit amount	enter a credit amount
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8.	enter an account title	enter a debit amount	enter a credit amount
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9.	enter an account title	enter a debit amount	enter a credit amount
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10.	enter an account title	enter a debit amount	enter a credit amount
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11.	enter an account title	enter a debit amount	enter a credit amount
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