given the follwoing journal entries and list of accounts, record the adjusting journal entries, and T accounts.

OCIETY Part Two Instructions Once all journal entries are recorded in the practice set, record the eight adjusting journal entries below and round to the nearest cent if necessary. The following are the adjusting journal entries for the month of January. Record all adjusting entries on January 31, 2020. 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 furniture and fixtures 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 Part Three Instructions All T-accounts with the correct balances should be prepared. (There is an example of how to set up the T-Accounts in Excel at the end of the practice set. Make sure all accounts that were used in the Chart of Accounts are included and if they have a zero balance that you place the zero on the normal balance side.) Blackboard Instructions: When entering in the journal entries into Blackboard please follow the examples below exactly 1. There will be a box where you will enter each transaction on one line. First the debit and then the credit. Do NOT enter any account names only account 1. No JE 2. Dr 10000 $70,000.00 Cr 39003 $70,000.00 3. Dr 14000 $9,000.00 Cr 10000 $9,000.00 4. Dr 14100 $4,000.00 Cr 10000 $4,000,00 5. Dr 15100 $5,200.00 Cr 21200 $5,200,00 6. Dr 10000 $10,000.00 Cr 21100 $10,000.00 7. Dr 13200 $1,100.00 Cr 10000 $1,100.00 8. Dr 15000 $14,600.00 Cr 10000 $14,600.00 9. Dr 15100 $750.00 Cr 10000 $750.00 10. Dr 13100 $450.00 Cr 10000 $450.00 11. Dr 12000 $8,000.00 Cr 20000 $8,000.00 12. Dr 12100 $6,000.00 Cr 20000 $6,000.00 13. Dr 60100 $940.00 Cr 10000 $940.00 14. NO JE 15. Dr 10000 $7,794.00 Cr 23300 $594.00 Cr 40000 $7,200.00 Dr 50000 $4,100,00 Cr 12000 $3,000.00 Cr 12100 $1,100.00 16. Dr 60450 $250.00 Cr 10000 $250.00 17. Dr 12000 $4,410.00 Cr 20000 $4,410,00 18. Dr 10000 $8,985.00 Cr23300 5685.00 Cr 40000 $8,300.00 Dr 50000 $4,500.00 Cr 120000 $2,500.00 Cr 121000 $2,000.00 19. Dr 60850 $200.00 Cr 10000 $200.00 20. No JE 21. Dr 60500 $800.00 Cr 20000 $800.00 22. Dr 20000 $800,00 Cr 10000 $800.00 23. Dr 20000 $6,000.00 Cr 10000 $6,000.00 24. Dr 10000 $9,743.00 Cr 23300 $743.00 Cr 40000 $9,000.00 Dr 50000 $4,500.00 Cr 12000 $3,000.00 Cr 12100 $1,500.00 25. Dr 20000 $12,410,00 Cr 10000 $12,410.00 26. Dr 60800 $235.00 Cr 10000 $235.00 27. Dr 60550 $445.00 Cr 23400 $445.00 28. Dr 21200 $866.67 Dr 60700 $43.33 Cr 10000 910.00 29. Dr 10000 $3,248.00 Cr233005248,00 Cr 40000 $3,000.00 Dr 50000 $1,800.00 Cr 12000 $1,100.00 Cr 12100 $700.00 30. Dr 23300 $2,270.00 Cr 10000 $2,270.00 31. Dr 39007 $650.00 Cr 10000 $650.00 Record the January 2020 transactions in the general journal (last section of this practice set) using the following events. No explanation is required for the journal entries. Instead of er. Prepare the journal entries as shown in the practice set. Transactions Date Deposit No. Check No. Description 1. 1/02/2020 2 . 1/02/2020 Deposit #1 3. 1/03/2020 Ck #1001 4. 1/03/2020 Ck #1002 5. 1/03/2020 Blaise met with his lawyer and CPA for advice on starting the business. The lawyer told Mr. Maverick to register the company name Maverick's Boards with the County of . In addition, Mr. Maverick will get an employer identification number (EIN) from the Internal Revenue Service and get a sales tax permit from the state of Texas. Mr. Maverick opened a business checking account at Wells Fargo Bank by depositing $70,000. The corporation issued him a stock certificate for 7,000 shares of common stock with no par value. Mr. Maverick signed a one-year rental. He was required to pay $9,000 for rent for the months of January 1, 2020 - June 30, 2020. Arranged for a general business liability insurance policy and paid $4,000 to State Penn Insurance. This premium is for twelve months coverage. Purchased a new computer system that cost $5,200 from Computer Inc. for use in the business. Mr. Maverick signed a 6 month, 10% note payable for the cost of the system. The computer system has an estimated useful life of five years the residual (salvage) value is $400. This will be recorded as Computer Equipment. Depreciation will be an adjusting entry using straight- line depreciation. Signed a note payable to borrow $10,000 from Wells Fargo bank. Interest is 12% annually and the note is to be repaid with interest in twelve months. Interest will be an adjusting entry. Paid $1,100 for shipping supplies. Paid $14,600 for furniture and fixtures. The estimated service life of these assets is 8 years. The residual (salvage) value is $200. These items will be recorded as Furniture and Fixtures and depreciated accordingly. Depreciation will be done in the adjusting journal entries using straight-line depreciation. Arranged for Sun City Movers to make the delivery of the computer system and paid the delivery charge of $750. This charge should be added to the cost of the computer equipment purchased and depreciated on the same 6. 1/05/2020 Deposit #2 7. 8. 1/05/2020 Ck #1003 1/06/2020 Ck #1004 9. 1/06/2020 Ck #1005 10. 1/08/2020 Ck #1006 11. 1/08/2020 12.1/09/2020 13. 1/13/2020 Ck #1007 14.1/14/2020 15. 1/14/2020 Deposit #3 16. 1/16/2020 Ck #1008 17. 1/16/2020 18. 1/20/2020 Deposit #4 basis as the computer equipment. The depreciation will be calculated in the adjusting journal entries. Purchased $450 of office supplies for cash from Office Supplies Co. Purchased $8,000 of merchandise inventory (surfboards) on account. The vendor did not extend credit terms. Purchased $6,000 of merchandise inventory (wakeboards) on account. There were no credit terms for prompt payment. Mr. Maverick received and paid the $940 charge from lawyer. Maverick's Boards is now open for business. Sold merchandise for $7,200 cash. Sales Tax was $594. The cost of the Surfboards is $3,000; the cost of the Wakeboards is $1,100. Part of this sale must be delivered to the customer. The merchandise will be shipped FOB destination. Paid $250 to ship the merchandise. Purchased additional surfboards on account for $4,500. Credit terms were 2/15, n/30 Recorded cash sales that totaled $8,300. Sales tax is $685. The cost of merchandise sold was $4,500 (surfboards were $2,500; wakeboards were $2,000). Mr. Maverick joined the $0 Chamber of Commerce. He paid the registration fee of $200. Mr. Maverick participated in a surfboard exhibition held at the convention center. He felt this was a good way to publicize his new business, Convention Center charged Mr. Maverick $800. He will pay the bill later. He considers this an advertising and promotion expense. Mr. Maverick paid the Convention Center rental. Paid for the wakeboards purchased on 1/09/2020. Mr. Maverick recorded cash sales totaling $9,000. Sales tax is $743. The cost of the merchandise sold was $4,500 (surfboards $3,000; wakeboards $1,500). Paid the balance due for the surfboards. There are two invoices. American Express sent bill for $235 for gasoline. This was automatically deducted from Blaise's checking account as a debit memo. Received but did not pay the utility bill for the month, $445. Paid the first monthly installment on the computer equipment. The payment amount is $910. Of this amount, $43.33 is for interest and $866.67 is for principal. 19. 1/22/2020 Ck #1009 20. 1/23/2020 21. 1/23/2020 22. 1/26/2020 Ck #1010 23. 1/26/2020 Ck #1011 24. 1/27/2020 Deposit #5 25. 1/27/2020 Ck #1012 26. 1/30/2020 27. 1/30/2020 28. 1/30/2020 Ck #1013 29. 1/30/2020 Deposit #6 Recorded sales made for the last week of the month. Sales tax is $248. Total cash sales were $3,000. The cost of the merchandise sold was $1,800 (surfboards $1,100; wakeboards $700). Paid the sales tax to the proper taxing authority. Declared and paid a cash dividend of $650 to Mr. Maverick. 30. 1/31/2020 Ck #1014 31. 1/31/2020 Ck #1015 Below is the Chart of Accounts that will be used in the journal entries. Use the account numbers listed below. Chart of Accounts Current Assets 10000 Cash 11000 Accounts Receivable 12000 Inventory - Surfboards 12100 Inventory - Wakeboards 13100 Office Supplies 13200 Shipping Supplies 14000 Prepaid Rent 14100 Prepaid Insurance Current Liabilities 20000 Accounts Payable 21100 Note Payable-Wells Fargo 21200 Note Payable - Computer Equip. 23100 Wages Payable 23200 Interest Payable 23300 Sales Tax Payable 23400 Utility Payable Stockholders' Equity 39003 Common Stock 39005 Retained Earnings 39007 Dividends Long-Term Assets 15000 Furniture and Fixtures 17000 Accumulated Depreciation - Furniture and Fixtures 15100 Computer Equipment 17100 Accumulated Depreciation -Computer Equipment Revenue 40000 Sales 60850 Registration & Dues Fee Expenses 50000 60100 60150 60200 60300 60350 60400 60450 Cost of Goods Sold Legal Expense Office Supplies Expense Shipping Supply Expense Insurance Expense Wage Expense Credit Card Expense Delivery Expense Advertising and Promotion Expense Utility Expense Rent Expense Depreciation Expense Interest Expense Bank Service Fee Gasoline Expense 60500 60550 60600 60650 60700 60750 60800