Description Office furniture Computer. Printer.. Date placed in service Cost Life Salvage Value 6/1/21 7/1/21 $1,400 $4,620 60 months $200 36 months $300 7/1/21 $ 900 24 months $ 0 All equipment is depreciated using the straight-line method. As of 12/31/21, she owed $3,500 to Dell Finance. The monthly payment on that loan is $150 including interest at 5%. Sally's last payment to Dell was 12/31/21. Over the next month or so, Sally plans to expand her business by selling some of her favorite accounting and personal software products directly to her clients. She has already purchased the following items. You make adjusting journal entries for the month of January as needed. (Start with Journal no. Jan22.1.) You carefully consider the following: Salish Software Solutions used the straight-line method to determine depreciation expense for all fixed assets. None of the assets purchased prior to 12/31 were fully depreciated. TIP: Use the in- formation provided in the table included in Background Information at the top of this assignment to determine the monthly amount. You make adjusting journal entries for the month of January as needed. (Start with Journal no. Jan22.1.) You carefully consider the following: Salish Software Solutions used the straight-line method to determine depreciation expense for all fixed assets. None of the assets purchased prior to 12/31 were fully depreciated. TIP: Use the in- formation provided in the table included in Background Information at the top of this assignment to determine the monthly amount. O Sally paid $960 for software on 1/7. She expected the software to last two years, with no salvage value. The software was not placed in service until 1/7 so y you decide to take 75% of a full month's depreciation. The storage cabinets were installed on 1/28. The cost was $1,500. Sally expects the cabinets to last for five years. You don't think the cabinets will have any resale value at the end of the five years. Sally started using the cabinets on February 1. You check the supplies on hand. You estimate that $175 of supplies were used during January. The insurance policy premium paid in January was $720. The policy term is 1/1-12/31/22. You check to make sure that all the revenue recorded in January was earned during the month. You ask Sally about the Butter and Beans installation work. She says that she has com- pleted about half the work (20 of the 40 hours billed on INV-1009 for $3,000). O You also take a look at INV-1011 to Albus Software. The workshop will be held in mid-February. TIP: Consider whether you need to create a new account here. Choose an account number that fits with the account numbering scheme (assets are 100s; liabilities are 200s; revenues are 400s; expenses are 600s). Sally's last payment to Dell Finance was 12/31/21. That payment included interest through 12/31. The next payment of $150 is due on February 1. The annual interest rate (simple interest) on the loan is 5%. O TIP: Think about what that February 1st payment will cover. Does any of the amount relate to January activity? You may need to create a new account