I have a big project due in a couple weeks and need some help on the journal entries. I have preliminary answers down for all of them but I'd like some help to make sure I'm doing everything correctly. This is just the first part of a much bigger project so if any of these entries are wrong my entire project will be wrong. I have included the chart of accounts in an Excel sheet.

It is December 31, 20xx and we are to make these adjusting entries:

1. $300,000 in sales on account had not been recorded but were shipped FOB Shipping Point on December 31. The cost of this inventory was $140,000. Roxy and Harley uses a perpetual inventory system. 2. Employees are allowed to carry over up to 10 days of earned vacation days per year up to 40 days. Employees earn an average of $190 per day. A total of 1,000 earned vacation days will be carried over to 2017. It is probable that the employees will take the vacation days. 3. Income tax expense is 30% of income before income tax. 4. The Research and Development account includes current year costs of $380,000 and R& D Equipment with a cost of $200,000 and an estimated useful life of 10 years. 5. You discover that a product sale was made and recorded in December for $100,000; the product had not yet been shipped. The cost of the product was $58,000. 6. The Prepaid Expense account balance includes the $300,000 cost of a two year insurance policy purchased on April 1, 2016. 7. Depreciation & Amortization expense for the year is $275,000 8. Interest expense accrued on its long-term liabilities is $82,620. 9. A dividend of $147,000 was declared on December 16, to be paid on January 15, 2017 10. It is estimated that 6% of accounts receivable will be uncollectable.

Roxy & Harley Corporation Unadjusted Balances in Order Account Number 12/31/2016 Debit 100 Cash $ 850,000 101 Cash Equivalents $ 76,000 102 Investments $ 1,351,735 103 Accounts Receivable $ 1,650,000 104 Allowance for Doubtful Accounts 105 Inventory $ 2,750,000 106 Insurance $ 170,000 107 Other Current Assets $ 51,063 108 Equipment $ 974,000 109 Building $ 1,750,000 110 Land $ 620,000 111 Accumulated Depreciation 112 Goodwill $ 350,000 113 Research and Development $ 580,000 114 Other Intangible Assets $ 500,000 200 Accounts Payable 201 Wages Payable 202 Payroll Taxes Payable 203 Income Tax Payable 204 Interest Payable 205 Dividends Payable 206 Unearned Revenue 207 Long Term Liabilities 300 Common Stock 301 Treasury Stock $ 500,000 302 Paid-in Capital Common Stock 303 Retained Earnings 400 Product Sales Revenue 401 Service Revenue 402 Investment Income 403 Dividends $ 100,000 404 Sales Discounts $ 539,000 405 Sales Returns $ 325,000 500 Cost of Goods Sold $ 10,200,000 600 Accounting Consultants $ 200,000 601 Advertising Expense $ 337,000 602 Bad Debts Expense 603 Depreciation Expense 604 Dues and Subscriptions $ 45,920 605 Equipment Expense $ 300,000 606 Income Tax Expense 607 Interest Expense $ 95,000 608 Legal Fees $ 410,000 609 Maintenance Expense $ 85,000 Credit $ 50,000 $ 915,000 $ 2,289,850 $ 160,000 $ 36,000 $ 25,100 $ 100,000 $ 375,000 $ 1,377,000 $ 1,470,000 $ 315,000 $ 739,400 $ 18,561,346 $ 3,085,356 $ 56,580 610 611 612 613 614 615 616 617 618 619 700 Miscellaneous Expense Office Expense Office Wages Payroll Tax Expense Prepaid Expense Property Tax Expense Telephone Expense Travel & Entertainment Utilities Expense Wages-Employees Expense Gain/Loss on Disposal $ 157,693 $ 430,000 $ 800,000 $ 336,975 $ 245,186 $ 215,662 $ 40,398 $ 440,000 $ 156,000 $ 1,924,000 $ 29,555,632 $ 29,555,632