i know its long but all one question just need corrections on the problem

elected transactions completed by Kornett Company during its first fiscal year ended December 31,20 Y8, were as follows: Jan. 3 issued a check to establish a petty cash fund of $4,500. Feb. 26 Replenished the petty cash fund, based on the following summary of petty cash receipts: office supplies, 51,680 ; miscellaneous selling expense, \$570; miscellaneous administrative expense, $880. Apt. 14 Purchased $31,300 of merchandise on account, terms, n/30. The perpetual inventory system is used to account for inventory. May 13 Paid the invoice of April 14 17 Received cash from daly cash sales for $21,200. The amount indicated by the cash register was $21,240 Jun. 2 Recelved a 60 -day, 8% note for $180,000 on the Ryanair account. Aug 1 Recelved amount owed on June 2 note plus interest at the maturity date. Assume a 360-day year 24 Received $7,600 on the Finley account and wrote off the remainder owed on a $9,000 accounts receivable balance. (The allowance method is used in accounting for uncolvectiole recelvables) Sep. 15. Reinstated the Finley account written off on August 24 and recelved $1,400 cast in full payment. (Record as two entries) ecord the following on journal page 22 Sep. 15 Purchased land by issuing a $670,000,90-day note to Zahorik Co., which discounted it at 9%. Assume a 360 -day year. Oct. 17 Sold office equipment in exchange for $135,000 cash plus receipt of a $100,000,90-day, 9% note. The equipment had a cost of $320,000 and accumulated depreciation of $64,000 as of October 17 . Nov. 30 Journalized the monthly payroll for November, based on the following data: 30 Journalized the employer's payrot taxes on the payroll. Dec if Jounalized the payment of the seplenber is note at maturity. 31 The pension cost for the year was $190,400, of which $139,700 was paid to the pension plan inustee. Required: 1. Joumalize the selected transactions, starting on page 21 of the journal. 2. Based on the following data, prepare a bank reconciliation for December of the current year ". a. Balance according to the bank statement at December 31,$283,000. b. Balance according to the ledger at December 31,$245,410 c. Checks outstanding at December 31,$68,540 d. Deposit in transit, not recorded by bank, $29,500 e. Bank debit memo for service charges, $750 1. A check for $12.700 in payment of an invoice was incorrectly recorded in the accounts as $12,000 "Be sure to complote the statement heading Refer to the Labels and Amount Descrptions for the exact wording af text entres. Add "or numbers 3. Based on the bank reconchiation prepared in (2). joumalize the entry ar entres to be made by Komett company ph popel as orche journa/ Kornett Company uses the Miscelianeous Administrative Expense Gccountror bank semice charges: Estimated uncollectivie accounts at December 31,$16,000, based on an aging o' accounts recelvabie Tpe palance of Allowance for Doubtul Accounts at December 31 was $2.000 (debit). 4. Based on the following selected data, joumalize the adjusting entries as of December 31,20Y8 on page 23 of the joumal:" Estimated uncoliectible accounts at December 31,$16,000, based on an aging of accounts receivable. The balance of Allowance for Doubtrul Accounts at December 31 was $2,000 (debit). a. The physical imventory on December 31 indicated an imventory shrinkage of $3,300. b. Prepaid insurance expired during the year, $22,820. c. Orfice supplies used during the year, $3,920. d Depreciation is computed as follows: 1. A patent costing $46,000 when acquired on January 2 has a relnaining legal ife or 10 years ard is expected to have vaive for eight years 9. The cost of mineral nghts was $546,000 or the estimated deposit or 910,000 tons of ore 50,000 toris were mined and sold dunng the year h. Vacation pay expense for December, $10,500 h. Vacation pay expense for December, $10,500 1. A product warranty was granted beginning December 1 and covenng a one-year period, The estimated cost is 4% or sales, which totaled $1,900,000 in December. 1. Interest was accrued on the note recervable recened on October 17. Assume a 360-day year. "Refer to the chart of accounts for the exact wording of the account titles. CNOWjournals do not use lines for joumal explanations. Every line on a joumal page is used for debit or credit entries. CNOW joumals wil automatically indent a credit enty when a credit amount is entered 5. Based on the following information and the post-ciasing trai batance that follows, prepare a balance stieet in report form at December 31 or the current year. Be sure to complete the heading of the balance sheet. Enter assots in the order in which they appearin the post-closing trial balance. Refer to information given in the probiem and the Labeis and Amount Descriptions ilst for exact wording of text entries, There is no Enter af amounts as positive numbers. The merchandise inventory is stated at cost by the LiFo method. The product wartanty payobio is a curront fiability Vacation pay payable: Vacation pay payable: \begin{tabular}{|l|l|} \hline Current liability & $7,140 \\ \hline Long-term liability & 3,360 \\ \hline \end{tabular} The unfunded pension liability is a long-term liability. Notes payable: \begin{tabular}{|l|l|} \hline Current liability & $70,000 \\ \hline Long-term fiability & $30,000 \\ \hline \end{tabular} Kornett Company POST-CLOSING TRIAL BALANCE December 31, 20r8 ACCOUETT TITLE DERT CREDIT Peryicash 450000 Instructions POST-CLOSING TRIAL BALANCE December 31,20Y8 \begin{tabular}{|c|c|c|c|} \hline & ACCOUNT TITLE & DEBrT & CREDTT \\ \hline 1 & PettyCash & 4.500 .00 & \\ \hline 2 & Cash & 243,960.00 & \\ \hline 3 & Notes Receivable & 100,000,00 & \\ \hline 4 & Accounts Receivable & 470,000.00 & \\ \hline 3 & Allowance for Doubtful Accounts & & 16,000.00 \\ \hline 6 & Merchandise Inventory & 320,000.00 & \\ \hline 7 & Interest Receivable & 1.875 .00 & \\ \hline 8 & Prepaid insurance & 45.64000 & \\ \hline , & Office Supplies & 15390.00 & \\ \hline 18 & Land & 6545000 & \\ \hline 41 & 1. Buildings & 900,00000 & \\ \hline u & Accurnulated Depreciation Buildings & & 36.000 .00 \\ \hline \end{tabular} Instructions \begin{tabular}{|c|c|c|c|} \hline 11 & Buildings: & 900.000 .00 & \\ \hline 12 & Accumulated Depreciation-Buildings & & 36,000.00 \\ \hline 15 & Office Equipment & 246,000.00 & \\ \hline 14 & Accumulated Depreciation-Office Equipment & & 44,000.00 \\ \hline 15 & Store Equipment & 112,000.00 & \\ \hline 16 & Accumulated Depreciation-Store Equipment & & 5.000 .00 \\ \hline 2) & Minerat Rights & 546.000 .00 & \\ \hline u & Accumulated Depletion & & 30,000.00 \\ \hline 19 & Patents & 42,000,00 & \\ \hline 20 & Social Security Tax Payable & & 25,470.00 \\ \hline a & Medicare Tax Payable & & 4.710 .00 \\ \hline n. & Employees federal Income Tax Payable & & 40.000 .00 \\ \hline 3 & State Unimployment Tax Payable: & & 27000 \\ \hline 3 & Federat Unempioyment Tax Payable & & 3000 \\ \hline is & Salaries Payzble & & 15700000 \\ \hline \end{tabular} Instructions \begin{tabular}{|c|c|c|c|} \hline 197 & Patents & 42,000.00 & \\ \hline 20 & Social Security Tax Payable & & 25,470.00 \\ \hline 21 & Medicare Tax Payable & & 4,710.00 \\ \hline 22 & Employees Federal Income Tax Payable & & 40,000.00 \\ \hline 23 & State Unemployment Tax Payable & & 270.00 \\ \hline 24 & Federal Unemployment Tax Payable & & 30.00 \\ \hline 25 & Salaries Payable & & 157,000.00 \\ \hline 26 & Accounts Payable & & 131.600 .00 \\ \hline 27 & 7 interest Payable & & 28,000,00 \\ \hline as & a Product Warrenty Payable & & 76.000 .09 \\ \hline 29 & 18. Vacation Pay Payable & & 10.500 .00 \\ \hline & 10 Unfunded Pension Liability & & 50.70000 \\ \hline & 14 Notes Payable & & 700,00000 \\ \hline & 32 L.Kornett. Capital & & 274501000 \\ \hline & " Totals & & 570079000 \\ \hline \end{tabular} Joumalize the selected transactions, starting on page 21 of the journal. "Scroll down for pages 22 and 23 of the journal. Based on the bank reconcliation prepared in (2), journalize the entry or entries to be made by Kornett company on page 23 of the joumal: * Kornett Company uses the Miscellaneous Administrative Expense account for bank service charges, Based on the selected data, joumaize the adjusting entries" as of December 31,20Y8 on page 23 of the journal. " -Refer to the chart of accounts for the exact wording of the account tittes. CNOWjoumals do not use lines for journal explanations. Every line on a joumal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered "For grading purposes, use one compound depreciation entry rather than three simple entries with separate dates. \begin{tabular}{|c|c|c|c|c|c|c|} \hline & DATE & DESCRIPTION & POST REF: & DEBIT & CREDIT & ASSETS \\ \hline 1 & tan03 & Petty Cash & & 4,500.00 & & 1 \\ \hline 2 & & Cash & & & 4,500.00 & 1 \\ \hline 3 & Feb. 26 & Office Supplies & & 1,680,00 & & \\ \hline 4 & & Miscellaneous Selling Expense & & 570.00 & & \\ \hline 5 & & Miscellaneous Administrative Expense & & 880.00 & & \\ \hline 6 & & Cash & & & 3,130.00 & t \\ \hline & Apr. 14 & Merchandise Inventory & & 31,300.00 & & \\ \hline 1 & & Accounts Payable & & & 31,300,00 & \\ \hline 9 & May 13 & Cash & s. & 21.200 .00 & & i. \\ \hline 10 & & Cash Short and Over: & & 40.00 & & \\ \hline 11 & & Sales & & & 21.240 .00 & \\ \hline 11 & Jun. 02 & Notes Receivable & & 180,000,00 & & i \\ \hline 15 & & Accounts Receivable & & & 180,000,00 & 1 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline Aug. 01 & Cash & 182,400.00 & & \\ \hline & Notes Receivable & & 180,000.00 & 1 \\ \hline & Interest Revenue & & 2,400.00 & \\ \hline \multirow[t]{3}{*}{ Sep.15 } & Cash & 7,600.00 & & \\ \hline & Allowance for Doubtful Accounts & 1,400.00 & & \\ \hline & Accounts Receivable & & 9,000.00 & 1 \\ \hline \multirow[t]{2}{*}{Sep,15} & Accounts Receivable & 1.400 .00 & & \\ \hline & Allowance for Doubtful Accounts & & 1,400,00 & \\ \hline \multirow[t]{3}{*}{ Sep.15 } & Land & 654,925.00 & & 1 \\ \hline & Interest Expense & 15,075,00 & & \\ \hline & Notes Payable & & 670,000,00 & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Joumal } & \multicolumn{3}{|c|}{ Shaded cells have fo } \\ \hlineV & & JOURNAL & & & Score: 217/295 & & DUNTIN \\ \hline & DATE & DESCRUPTIOH & POST: REF & DEERT & CREDT & ASSETS & UABEI \\ \hline 1 & Oct. 17 & Accumblated Depreciation-Office Equipment & & 135,000.00 & & & \\ \hline 2 & & Loss on Sale of Office Equipment & & 100,000.00 & & & \\ \hline 3 & & Accumulated Depreciation-Office Equipment & & 64,000.00 & & i & \\ \hline 4 & & Loss on Sale of Orfice Equipment & & 21.000 .00 & & & \\ \hline s & & Notes Receivable & & & 320,000.00 & 1 & \\ \hline 6 & 0at. 30 & Sales Salaries Expense & & 135,000.00 & & & \\ \hline 7 & & Employees Federal Income Tax Payable & & 77.500 .00 & & & t \\ \hline 1 & & Social Security Tax Payable & & & 39,266.00 & & i. \\ \hline 3 & & Medicare Tax Payable & & & 12.735 .00 & & 1. \\ \hline : & & Medicare Tax Payable & & & 3,184,00 & & in \\ \hline is & & Salanies Payable & & & 157,31500 & & i. \\ \hline n & Novi 30 & Payroll Tax Expense & & 16.229 .00 & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline 11 & & Salaries Payable & & 157,315.00 \\ \hline 12 & Nov. 30 & Payroll Tax Expense & 16.229 .00 & \\ \hline 13 & & Social Security Tax Payable & & 12.735 .00 \\ \hline 14 & & Medicare Tax Payable & & 3,184.00 \\ \hline 15 & & State Unemployment Tax Payable & & 270.00 \\ \hline 16 & & Federal Unemployment Tax Payable & & 40.00 \\ \hline 17 & Dec 14 & Notes Payable & 670,000.00 & \\ \hline 18 & & Cash & & 670,000.00 \\ \hline 19 & Dec31 & Pension Expense & 190,400.00 & \\ \hline 20 & & Cash & & 139,700.00 \\ \hline 21 & & Unfunded Pension Liability & & 50,700.00 \\ \hline \end{tabular} Question not attempted. \begin{tabular}{|c|c|c|c|c|} \hline 10 & Merchandise inventory & & 320,000.00 & \\ \hline 11 & Interest receivable & & 1,875,00 & \\ \hline 12 & Total current assets & & & $1,183,375.00 \\ \hline 13 & Property. plant and equipment: & & & \\ \hline 14 & Land & & $654,925.00 & \\ \hline 15 & Buildings & $90,000,00 & & \\ \hline 16 & Less: accumulated depreciation & 36,000,00 & 86,400,00 & \\ \hline v) & Office equipment & $246,000.00 & & \\ \hline us & Less: accurnulated depreciation & 44,000.00 & 202.000 .00 & \\ \hline 11 & Store equipment & $112,000,00 & & \\ \hline 30 & Less: accumulated depreciation & 200000 & 110,000,00 & \\ \hline z & Mineral rights & $4,60000 & & \\ \hline \end{tabular} Balance Sheet Shaded cells hav \begin{tabular}{|c|c|c|c|c|} \hline 31 & Employees federal income tax payable & & 40,000,00 & \\ \hline 52 & State unemployment tax payable & x & 270.00 & \\ \hline 35 & Federal unemployment tax payable: & & 40,00 & \\ \hline 34 & Salaries payable & "I & 157,000.007 & \\ \hline 35: & Accounts payable & j & 131,600,00 & \\ \hline 36 & Interest payable & 1 & 28,000.00 & \\ \hline 37 & Product warranty payable & 7 & 76.000 .00 & \\ \hline 34 & Vacation pay payable & & 7.140 .00 & \\ \hline 39 & Notes payable & & 70,000.00 & \\ \hline 40 & Total current liabilities & 7 & & $540.230.00 \\ \hline 4 & Long-term liabilities: & 1 & & \\ \hline (4) & Vacation pay payable & n & $3,360,006 & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline 41 & Long-term liabilities: & & & \\ \hline 42 & Vacation pay payable & y & $3,360.00 & \\ \hline 45 & Unfunded pension tiability & y & 50,700.00 & \\ \hline 4 & Notes payable & & 630.000 .00 & \\ \hline 45 & Total long-term liabilities & & & 684,060.00 \\ \hline 46 & Total liabilities & & & $1.224.290.00 \\ \hline a & Owner's Equity & & & \\ \hline 4 & 1. Kornett capital & & & 2,345,010,00 \\ \hline 4 & Total liabilities and owners equity & x & & $3.569,300.00 \\ \hline \end{tabular} Polnts 65