I need help to see if my journal entry is correct and rest.
AYAYAI CORP. Balance Sheet December 31, 2021 Cash $12,300 Accounts payable $12,800 Accounts receivable 22.750 Common stock ($10 par) 40,000 Allowance for doubtful accounts (750) Retained earnings 63.700 Supplies 2,200 Land 20,000 Buildings 71,000 Accumulated depreciation-buildings (11,000) $116,500 $116,500 During 2022, the following transactions occurred. 1. On January 1, Ayayai issued 600 shares of $40 par, 7% preferred stock for $24,600. 2. On January 1, Ayayai also issued 450 shares of the $10 par value common stock for $10,500. 3. Ayayai performed services for $160,000 on account. 4. On April 1, 2022, Ayayai collected fees of $18,000 in advance for services to be performed from April 1, 2022, to March 31, 2023. 5. Ayayai collected $138,000 from customers on account. 6. Ayayai bought $17.550 of supplies on account. 7. Ayayai paid $16,100 on accounts payable. 8. Ayayai reacquired 200 shares of its common stock on June 1 for $28 per share. 9. Paid other operating expenses of $94,100. 10. On December 31, 2022, Ayayai declared the annual preferred stock dividend and a $1.20 per share dividend on the outstanding common stock, all payable on January 15, 2023. 11. An account receivable of $850 which originated in 2022 is written off as uncollectible. Myaya performed services for $160,000 on account. 4. On April 1, 2022, Ayayai collected fees of $18,000 in advance for services to be performed from April 1, 2022, to March 31, 2023. 5. Ayayai collected $138,000 from customers on account. 6. Ayayai bought $17,550 of supplies on account. 7. Ayayai paid $16,100 on accounts payable. 8. Ayayai reacquired 200 shares of its common stock on June 1 for $28 per share. 9. Paid other operating expenses of $94,100. 10. On December 31, 2022, Ayayai declared the annual preferred stock dividend and a $1.20 per share dividend on the outstanding common stock, all payable on January 15, 2023. 11. An account receivable of $850 which originated in 2022 is written off as uncollectible. Adjustment data: 1. A count of supplies indicates that $2,950 of supplies remain unused at year-end. 2. Recorded revenue from item 4 above. 3. The allowance for doubtful accounts should have a balance of $1,750 at year end. 4. Depreciation is recorded on the building on a straight-line basis based on a 30-year life and a salvage value of $5,000. 5. The income tax rate is 30%. (Hint: Prepare the income statement up to income before taxes and multiply by 30% to compute the amount.) Prepare journal entries for the transactions listed above and adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Record journal entries in the order presented in the problem.) No. Account Titles and Explanation Debit Credit 1. Cash 24600 No. Account Titles and Explanation Debit Credit Cash 24600 Preferred Stock 24000 Paid-in Capital in Excess of Par Value-Preferred Stock 600 Cash 10500 Common Stock 4500 Paid-in Capital in Excess of Par Value-Common Stock 6000 Accounts Receivable 160000 Service Revenue 160000 Unearned Service Revenue 18000 Cash 18000 5. Accounts Receivable 138000 Cash 138000 Supplies 17550 Accounts Payable 17550 Accounts Payable 16100 Cash 16100 8. Common Stock 5600 Cash 5600 9. Cash 94100 Other Operating Expenses 94100 10. Dividends Payable 720 Cash 720 Bad Debt Expense 850 Accounts Receivable 850 Adjusting entries Supplies Expense 14600 Supplies 14600 Prepare an income statement. AYAYAI CORP. Income Statement For the Year Ending December 31, 2022 e Textbook and Media List of Accounts Prepare a retained earnings statement for the year ending December 31, 2022. (List items the AYAYAI CORP. Statement of Retained Earnings e Textbook and Media AYAYAI CORP. Balance Sheet At December 31, 2022 Assets Current Assets Liabilities and Stockholders' Equity Liabilities and Stockholders' Equity TdM
