Credit 63 64 65 Debit 70,000 Date Account Title & Explanation 02-Jan Cash Common Stock (To record issue of common stock) 70,000 66 67 9,000 68 69 70 03-Jan Prepaid Rent Cash (To record payment of Prepaid Rent) 9,000 71 72 4,000 03-Jan Prepaid Insurance Cash (To record Insurance paid in advance) 4,000 73 74 75 76 77 78 79 5,200 03-Jan Computer Equipment Notes Payable -Computer Inc. (To record purchase of Computer Equipment) 5,200 10,000 80 81 82 05-Jan Cash Notes Payable - Wells Fargo Bank (To record cash borrowed) 10,000 83 84 05-Jan Shipping Supplies 1,100 Cash 1,100 (To record amount paid for shipping supplies) 85 86 87 88 14,000 89 90 14,000 06-Jan Bike Racks Cash (To record purchase of bike Racks) 91 92 750 93 06-Jan Delivery Expense Cash (To record Delivery charges) 750 94 95 96 97 98 450 08-Jan Office Supplies Cash (To record Purchase of Office Supplies) 450 8,000 08-Jan Inventory-26" Bikes Accounts Payable (To record Purchase of Inventory on account) 8,000 100 101 102 103 104 105 6,000 09-Jan Inventory -20" Bikes Accounts Payable (To record Purchase of Inventory on account) 6,000 106 107 108 13-Jan Legal Expense 940 107 108 109 940 13-Jan Legal Expense Cash (To record payment of lawyer charges) 940 110 111 112 113 14-Jan No entry 114 12,124 115 14-Jan Accounts Receivable Sales Sales Tax Payable (To record sale of Inventory on account) 11,200 924 116 117 118 119 5,600 Cost of Goods Sold (4000+1600) Inventory - 26" Bikes Inventory-20" Bikes (To record Cost of Goods Sold) 120 121 122 123 124 4,000 1,600 250 12 16-Jan Delivery Charges Cash (To record delivery charges) 5,000 126 127 128 129 130 131 132 16-Jan Inventory - 26" Bikes Accounts Payable (To record Purchase of Inventory on account) 5,000 12,557 133 20-Jan Cash Sales Sales Tax Payable (To record sale of Inventory for cash) 11,600 957 134 135 136 137 5,800 138 139 Cost of Goods Sold Inventory - 26" Bikes Inventory-20" Bikes (To record Cost of Goods Sold) 5,000 800 140 141 200 142 143 22-Jan Dues & Registeration Fees Cash (To record Registration fee) 200 23-Jan No entry 800 144 145 146 147 148 149 150 151 152 153 154 155 23-Jan Advertising and Promotion Expense Accounts Payable (To record advertising expense) 800 800 26-Jan Accounts Payable Cash (To record amount paid) 800 6,000 26-Jan Accounts Payable Cash (To record amount paid) 6,000 8,227 27-Jan Cash Sales Sales Tax Payable (To record sale of Inventory for cash) 7,600 627 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 3,800 Cost of Goods Sold Inventory - 26" Bikes Inventory -20" Bikes (To record Cost of Goods Sold) 1,000 2,800 13,000 100 27-Jan Accounts Payable Inventory - 26" Bikes (5000*2%) Cash (To record cash paid) 12,900 445 30-Jan Utility Expense Utility Payable (To record Utility expense) 445 175 176 177 178 179 180 181 182 183 43.33 866.67 30-Jan Interest Expense Notes Payable - Computer Inc. Cash (To record payment of first instalment) 910 184 30-Jan Inventory - 26" Bikes 7,500 10 (To record payment of first instalment) 182 183 184 7,500 4,000 30-Jan Inventory - 26" Bikes Inventory - 20" Bikes Accounts Payable (To record Purchase of Inventory on account) 11,500 185 186 187 188 189 190 191 192 193 17,320 30-Jan Cash Sales Sales Tax Payable (To record sale of Inventory for cash) 16,000 1,320 194 8,000 195 Cost of Goods Sold Inventory - 26" Bikes Inventory-20" Bikes (To record Cost of Goods Sold) 6,000 2,000 196 197 198 650 30-Jan Dividend Cash (To record payment of dividend) 650 199 200 201 202 203 204 205 206 207 208 209 31-Jan Sales Tax Payable Cash 2,508 2,508 Note; Please provide Adjusting entries for doing remaining question and for preparing Financial statements. Before you prepare the eight adjusting journal entries below in an Excel spreadsheet, please make sure corrections have been made to any previous journal entries. The following are the adjusting journal entries for the month of January. Record all adjusting entries as of January 31, 2021. Record Adjusting Entries: Record the following month-end adjusting entries for the month of January. Write the journal entries in the practice set after the original journal entries. Round all answers to the nearest cent. a. $70 of office supplies remained on hand. b. $200 of shipping supplies remained on hand. c. $1,300 of wages for the part-time help from Irene's Temp Services for January should be accrued. Do not worry about payroll taxes; Temp Services Inc. will handle these. d. Make the necessary adjusting entries for one month's depreciation for the Computer Equipment using Straight-Line Depreciation. e. Make the necessary adjusting entry for one month's depreciation for the Bike Racks using Straight-Line Depreciation. f. One month of the prepaid insurance has expired. g. One month of the prepaid rent has expired. h. Record the interest for the loan from Wells Fargo for one month. Make sure you prepare the journal entries and the adjusting entries and write them in the practice set. Follow the same instructions for the adjusting journal entries that you did in part one. Once the adjusting entries have been completed in the spreadsheet use the spreadsheet to answer the questions in Blackboard then upload the spreadsheet to Blackboard. Follow these instructions