help plz with month end adjusting entries

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JE Activity For The Month of January 1 Mason Automotive sells 5,000,000 shares at 54 par for S22 on January 1st, 2021. Ed Mason, the CEO, hires 3,500 employees, whom will receive a combined salary of $5.6 Million on a 2 monthly basis. The employees started on January 1st and will be paid for the month of January on February 4th. Employee's withholdings are as follows: 11% for federal income taxes 5.6% for state income taxes and 7.65% for FICA. Record the necessary entry as of the date of hire, January 1st, 2021. 3 Mason Automotive pre-pays for rent Expense for the next three years of 522 Million on January 1st, 2021 Mason Automotive purchased $175 Million dollars worth of inventory on January 3rd, 2021. 585 Million 4 was paid with cash with the remaining balance on account. Mason notes that it will use a perpetual inventory system to track inventory. s Mason Automotive purchased 58 Million dollars worth of supplies on account on January 4th, 2021. Mason Automotive purchases Fored assets of $155 Million that will have a useful life of 15 years and a 6 salvage value of 540 million on January 5th, 2021 555 million was paid with cash with the remaining balance on account. These assets are depreciated using the straight-line method Mason Automotive issues a bond payable on January 7th 2021 with a face value of $115 Million at 97 The bond will have a useful life of 15 years with an interest payment of 7,5% Annual Percentage Rate due at the end of the month. Record the necessary journal entry as of January 8th, 2021 57 15 Note: When considering the amortization of the discount or premium assume the straight line method is used Interest will be accrued on a monthly basis 8 19 20 On January 8th, Mason Automotive receives 549 Mon advance payment from a customer, Highland inc. to manufacture 7.000 cars. Nason Automotive buy a patent from Apple for $13.75 Mion on January 10th, 2021. The patent has a legal life of 27 years and useful life of 15 years. Record the necessary entry as of January 10th, 2021 Assume the patent was purchased using cash On January 11th, Mason Automotive shipped an order to Panther Paws Corporation. The shipping terms 10 were FOB shipping point. The sales value of the order was 5165 Mion and the inventory cost was 595 Mon Assume that this sole was made on account 11 On January 21, Mason Automotive decides to purchase 135.000 shares of Treasury stock at 526 per share There are 10pplicable due Month End Adjustin Fot ITEM 1 DEBIT($) $ 110,000,000 CREDIT(S) ACCOUNTS TITLE AND EXPLANATION Dr. Cash (5,000,000 X $22) Cr. Common Stock (5,000,000 X 54) Dr. Paid in capital in Excess of Par-Common (To record issue of common stock at $22 per share) NO ENTRY $ 20,000,000 $ 90,000,000 2 3 $ 22,000,000 $ 22,000,000 4 Dr. Prepaid Rent Cr. Cash To record rent paid in advance for 3 years) Dr. Merchandise invnetory Cr. Cash Cr. Accounts Payable (To record inventory purchased by making part payment and part on account) $175,000,000 $ 85,000,000 $ 90,000,000 5 $ 8,000,000 $ 8,000,000 Dr. Supplies Cr. Accounts Payable (To record purchase of supplies on account) Dr. Fixed Assets Cr. Cash Cr. Accounts Payable (To record purchase fixed assets) $ 155,000,000 $ 55,000,000 $ 100,000,000 7 $ 111,550,000 $ 3,450,000 Dr. Cash Dr. Discount on bonds payable Cr. 7.5% Bonds Payable (To record bond issued $ 115,000,000 8 $ 49,000,000 $ 49,000,000 9 $ 13,750,000 $ 13,750,000 10 $185,000,000 Dr. cash Cr. Customer Advance Account- Hinc (To record advance received from customers) Dr. Patent Cr. Cash (To record patent purchase in cash) Dr. Accounts Receivable Cr.Sales revenue To record sales on account) Dr. Cost of goods sold Cr. Merchandise invnetory (To record cost of goods sold) Dr. Treasury Stock (135,000 X $26) Cr. Cash (To repruchase of own stock) $ 185,000,000 $ 95,000,000 $ 95,000,000 11 $ 3,510,000 $ 3,510,000 Month End Adjusting Entries There are 10 applicable adjusting entries that need to be made as of the end of the month based on the information provided above. When recording these adjusting entries consider the following facts: 1. Interest expense will be recorded as an operating expense item on the income statement. 2. Record the necessary adjusting entries related to pre-paid expense as separate journal entries. When reviewing the supply room as of the end of the month, Mason Automation noted that it had $4.6 3. Million worth of supplies still on hand. As of the end of the month, 3,500 cars were completed for Highland Inc. and the performance obligation had been met on those 3,500 cars. As such, revenue was determined to be earned on those 3,500 vehicles and it was noted that each vehicle costed $5,000 to manufacture. (These journal entries are considered 2 of the 10 total adjusting entries). Mason Automatio uses the balance sheet approach in estimating the allowance for doubtful accounts as of the end of the period. Based on industry average, Mason noted that it will use 7.5% of receivables as 5. an estimation. 6. There should be two separate pntries Ancalentries Precord and the LA tabisundisted please creare the financial statements JE Activity For The Month of January 2. Mason Automotive sells 5,000,000 Shares at 54 par for $22 on January 1st, 2021. Ed Mason, the CEO hires 3500 employees, whom will receive a combined salary of $5.6 Million on a 2 monthly basis. The employees started on January 1st and will be paid for the month of January on February 4th. Employee's withholdings are as follows: 11% for federal income taxes 5.6% for state income taxes and 7.65% for FICA. Record the necessary entry as of the date of hire, January 1st, 2021. 9 10 3. Mason Automotive pre-pays for rent Expense for the next three years of $22 Million on January 1st, 2021. Mason Automotive purchased 5175 Million dollars worth of inventory on January 3rd, 2021. 585 Million 4 was paid with cash with the remaining balance on account. Mason notes that it will use a perpetual inventory system to track inventory. 11 12 13 14 5 Mason Automotive purchased S8 Million dollars worth of supplies on account on January 4th, 2021 Mason Automotive purchases foxed assets of S155 Million that will have a useful life of 15 years and a 6 salvage value of $40 million on January 5th, 2021 555 million was paid with cash with the remaining balance on account. These assets are depreciated using the straight-line method. 18 Mason Automotive issues a bond payable on January 7th, 2021 with a face value of $115 Million at 97 The bond will have a useful life of 15 years with an interest payment of 7.59 (Annual Percentage Rate due at the end of the month. Record the necessary journal entry as of January 8th 2021 17 18 Note: When considering the amortization of the discount or premium assume the straight line method is used. Interest will be accrued on a monthly basis Sa 19 On January @th, Mason Automotive receives S49 Million advance payment from a customer, Highland in 8 to manufacture 7.000 cars. Mason Automotive buys a patent from Apple for $13.75 Million on Suary 10th, 2021. The patent has a legal life of 27 years and useful life of 15 years. Record the necessary entry as of January 10th, 2021 Assume the patent was purchases using can RE On anuary 11th, Mason Automotive shipped into Panther Paws Corporation. The shipping terms 10 were FOB shipping point. The sales atue of the order was $185 Mon and the inventory cost was 595 Min foname that this sale was made on sccount BRO 1. On lancary 21 Masen Automotive Becoesto purchase. 195.000 shares of TV 526 ger share There are 10 applicabit ad Month End Adjus Month End Adjusting Entries There are 10 applicable adjusting entries that need to be made as of the end of the month based on the information provided above. When recording these adjusting entries consider the following facts: 1. Interest expense will be recorded as an operating expense item on the income statement. 2. Record the necessary adjusting entries related to pre-paid expense as separate journal entries. When reviewing the supply room as of the end of the month, Mason Automation noted that it had $4.6 3. Million worth of supplies still on hand. As of the end of the month, 3,500 cars were completed for Highland Inc. and the performance obligation had been met on those 3,500 cars. As such, revenue was determined to be earned on those 3,500 vehicles and it was noted that each vehicle costed $5,000 to manufacture. (These journal entries are considered 2 of the 10 total adjusting entries). Mason Automatio uses the balance sheet approach in estimating the allowance for doubtful accounts as of the end of the period. Based on industry average, Mason noted that it will use 7.5% of receivables as 5. an estimation. 6. There should be two separate pntries