i just need help with the adjusting journal entries and the closing journal entries.

On January 2, 2018 you started a business corporation named Ace Corporation. Business is slow, so you only have a few transactions during the year, and it appears you will make very little profit. Given the attached chart of Accounts and other worksheets you are required to enter the journal entries to record the transactions and post them to the ledger as they occur. At the end of the calendar year you will need to prepare a trial balance. You will also enter the adjusting journal entries, post the adjusting journal entries to the ledger and complete the adjusted trial balance. Next prepare the income statement for year ending December 31, 2018. Prepare the statement of stockholders' equity for year ending December 31, 2018. Enter the closing Journal entries and Post them to the ledger.

Requirement 1

Prepare the journal entries for the following transactions and post each journal entry to the ledger.

1. On January 2, 2018 Ace Corporation receives $300,000 cash from the stockholders and in turn issued common stock to them.

2. On January 2, 2018 Ace prepaid $39,000 cash to rent office space for 3 years.

3. On January 2, 2018 to furnish the office Ace purchased office furniture and equipment for $17,000 cash.

4. On February 1, 2018 Ace purchased inventory for $20,000 cash to sale to its customers.

5. On April 15, 2018 Ace recorded cash sales of $13,800.

6. On July 1, 2018 Ace obtains a 1-year loan from a local bank for $50,000. The bank is charging Ace interest at an annual percentage rate of 8%. Interest is payable January 1, 2019 and July 1, 2019.

7. On August 15, 2018 Ace recorded sales on account of $16,000.

8. On September 30, 2018 Ace received $8,000 cash for part of the sales on account recorded on August 15, 2018.

9. On November 15, 2018 Ace purchased $15,000 of inventory on account.

10. On December 1, 2018 Ace recorded cash sales of $17,500.

11. On December 10, 2018 Ace paid $14,000 cash for the $15,000 purchase of inventory on account on November 15, 2018.

12. On December 15, 2018 Ace paid $2,800 for a utility bill.

Adjusting Journal Entries Description PAGE 1 Debit Reference Date December 31, 2018 Record Office Rent Expense for 2018 December 31, 2018 Record Loan Interest Expense December 31, 2018 Record Cost of Goods Sold for 2018 December 31, 2018 Record Depreciation Expense for 2018 Closing Journal Entries Reference Date December 31, 2018 Description Credit Debit Close Sales Revenue to Retained Earnings V,W,X,Y,Z December 31, 2018 Close Expenses to Retained Earnings lo Journal Entries Brence Date January 2, 2018 Cash Debit $300,000 Credit Description $300,000 Common Stock Issued Stock for Cash January 2, 2018Prepan Ket Prepaid Rent for Office Space January 2, 2018OCice, FUrniture SI1,000 EgaP Purchased Office Furniture for Cash February 1, 2018 41 820000 nventory cash Purchased Inventory for Cash 1320,000 513,800 $13.800 April 15, 2018 caSn Sales Cash Sales R50.000 July 1, 2018 cash T0,000 Obtained Bank Loan August 15, 2018ccants Recievable Saies Sales on Account IS2 58.000 8 September 30, 2018 Casn Accosnts Recievable Received Cash for Sales on Account 58.000 November 15, 2018 inventory 15,000 6. Accmphts Baharte Purchased Inventory on Account 515000 December 1, 2018 Cash 6317,500 10 Sajes Cash Sales 517,500 December 10, 2018Arcounts Payable 11 $14000 Cash Paid for Inventory Purchased on Account A15000 12 December 15, 20180+ili ky FExpense cash Paid Utility Bill 155 21800 k2.500