I need help with the Adjusting entries and for someone to look over my answers and make sure they're correct. The journal entries need to be labeled from the pool of account names on the Chart of accounts. The yellow Boxes indicate how many Credits and Debits there are supposed to be for each part. so i know I'm missing a few. If someone could please let me know what i need to correct as well as what to put for the adjusting entries that would be amazing. Please label whats a credit and what's a debit so I know where it goes.

Instructions: 1. Prepare the journal entries for transactions A-T below and record them on the "Journal Entries' tab. 2. Once you have created the journal entries, post them to the "T-Accounts" tab. 3. Prepare journal entries for adjusting journal entries 1-6. 4. Post the adjusting entries to the correct T-Accounts in the "T-Accounts" tab. Transaction No. Transaction A January 1: Pane purchases inventory on account to make stained glass windows. The contract has terms of 2/10, n/30. The goods were purchased under the shipping terms of FOB destination. Inventory Purchased Shipping Cost $9,750,000 $5,050 B January 3: Pane receives rent for the 2 years from a tenant who rents one of their empty warehouses. Total Rent Paid $63,000 C January 5: Pane pays for the inventory purchased in transaction A. D February 12: Pane purchased a one year insurance policy on account with coverage beginning on March 1. Insurance Policy $20,000 E March 1: Pane purchases additional inventory on account to make stained glass windows. The goods were purchased under the shipping terms of FOB shipping point. Inventory Purchased Shipping Cost $12,325,000 $9,000 F May 31: Pane sells window panes to customers. Some customers paid in cash, others purchased their goods on account. Pane uses the perpetual method to track their inventory. Cash Sales Sales on account Cost of Goods Sold 5,367,000 40,054,000 13,250,000 G June 1: Pane pays for the inventory purchased in transaction E. July 1: Pane pays cash for a patent that will allow them to produce a revolutionary new window for boats and other marine vehicles called "T-Panes". Cost of Patent Remaining legal life of patent (in years) $90,000 9 1 July 28: Pane issued shares of common stock Number of shares Par Value Price Per Share 5,230 $2 $124 J August 6: Pane purchases land with cash. At the time of purchase, Pane also had to pay for survey fees related to the land. Cost of Land Survey Fees $124,000 $600 K November 1: Pane lends one of their employees $200,000 in exchange for a note receivable. The employee is required to pay Pane back for the principal and interest on September 1, 2019. Principal Interest Rate Maturity Date $200,000 9% 9/1/2019 Student Info Company Info Chart of Accounts Transactions Journal Entries T-Accounts November 15: Pane sales additional goods to customers on account. Sales on account Cost of Goods Sold $20,000,000 $6,350,000 M December 1: Pane puchases a piece of machinery with cash that will assist in making "T-Panes" Cost of Machinery Installation Fees Transportation Costs $890,000 $4,250 $1,030 N December 10: Pane collects a portion of their accounts receivable Amount collected $43,758,000 o December 18: Pane sold a piece of their equipment for $10,000 in exchange for cash. Sale Price Equipment Historical Cost Accumulated Depreciation for this equipment $10,000 $55,000 $38,000 P December 31: Pane paid the IRS their 2018 income tax. Income Tax Paid $2,000,000 ansaction No. Transaction N December 10: Pane collects a portion of their accounts receivable Amount collected $43,758,000 0 December 18: Pane sold a piece of their equipment for $10,000 in exchange for cash. Sale Price Equipment Historical Cost Accumulated Depreciation for this equipment $10,000 $55,000 $38,000 P December 31: Pane paid the IRS their 2018 income tax. Income Tax Paid $2,000,000 Q The payroll information for the year is shown below. All salaries and wages were previously paid for in cash, however this activity has not been recorded on Pane's books. Number of Employees Employee payment (daily) Days worked in the current year 200 $175 250 S On December 31, Pane was notified that their one of their customers filed bankruptcy and would not be able to pay off their $3,000 acc T On December 31, Pane paid cash dividends of $8,000 to its shareholders. STOP: Post each of the preceding journal entries to the appropriate T-Accounts before preparing the adjusting journal ent 1 Instructions: 3 1. Prepare the journal entries for transactions A-T below and record them on the "Journal Entries" tab. 4 2. Once you have created the journal entries, post them to the "T-Accounts" tab. 5 3. Prepare journal entries for adjusting journal entries 1-6. 6 4. Post the adjusting entries to the correct T-Accounts in the "T-Accounts" tab. 7 8 Transaction No. Transaction 104 Year-End Adjusting Entries: 105 106 1 Recognize the revenue earned from the rent paid in transaction B. 107 108 2 Recognize the expiration of the prepaid insurance policy, purchased in transaction D. 109 110 3 Recognize the interest earned on the note receivable issued in transaction K 111 112 4 Record the bad debt expense for the year, assuming uses 3% of accounts receivable to estimate their uncollectible accounts. 113 114 5 Depreciation Expense for the year is 2,556,000 115 116 6 Amortization Expense for the year is 3,000 117 118 Post each of the adjusting journal entries to the appropriate T-Accounts-DO NOT prepare closing journal entries yet 119 Student Info Company Info Chart of Accounts Transactions Journal Entries T-Accounts Adjusted Trial Balance Journal Entries Closing Chart of Accounts 2 3 Account Title Account Number 100 4 5 110 6 115 120 8 130 135 9 10 140 11 160 12. 170 13 180 Cash Accounts Receivable Allowance For Bad Debts Inventory Notes Receivable Accumulated Depreciation Equipment Buildings Land Patents Accumulated Amortization Interest Receivable Prepaid Insurance Expense Accounts Payable Unearned Rent Revenue Salaries Payable Dividends Payable Common Stock Additional Paid in Capital Retained Earnings 14 185 15 190 16 6 195 17 200 18 205 210 19 20 230 21 300 310 22 23 340 340 400 405 410 415 500 510 518 520 540 560 570 599 600 Retained Earnings Sales Revenue Rent Revenue Interest Revenue Loss on Sale of Equipment Cost of Goods Sold Depreciation Expense Amortization Expense Bad Debt Expense Salaries Expense Insurance Expense Interest Expense Income Tax Expense Dividends Student Info Company Info Chart of Accounts Transactions Journal Entries actio . Account Name Credit Debit $ 9,755,050 A Dr. Inventory Cr. Accounts Payable $ 9,755,050 B Dr. Cash $ 63,000 Cr. Rent Revenue $ 63,000 $ C Dr. Accounts Payable Cr. Cash 9,559,949 $ 9,755,050 $ 195,101 Cr. Discount D Dr. $ Pre-Paid Insurance Cr. Cash 20,000 $ 20,000 E Dr. $ 12,334,000 Inventory Cr. Accounts Payable $ 12,334,000 F Dr. Cash S 5,367,000 Cr. Sales Revenue $ 5,367,000 Dr. Dr. Accounts Reciveable Cost of Goods Sold Cr. Sales Revenue $ 40,054,000 $ 13,250,000 $ 26,804,000 G Dr. Accounts Payable Cr. Cash $ 12,334,000 $ 12,334,000 Datante Student Info annon Company Info Chart of Accounts Transactions Journal Entries bau Debt CX A B D E F G H H Dr. $ 90,000 Patents Cr. Cash $ 90,000 I Dr. Cash $ 648,520 $ Cr. Common Stock Cr. Additional Paid-In Capital 638,060 10,460 $ J Dr. $ 124,000 Land Cr. Cash $ 124,000 K Dr. $ 200,000 Notes Recievable Cr. Cash $ 200,000 L Dr. Accounts Reciveable Cr. Sales Revenue $ 26,350,000 $ 26,350,000 Dr. Cr. $ M Dr. Equipment Cr. Cash 895,280 $ 895,280 NDr. Cash Cr. Accounts Reciveable $ 43,758,000 $ 43,758,000 O Dr. Cash Loss on Sale of Equipment Dr. Dr. $ $ 10,000 7,000 Cr. Equipment $ 17,000 P Dr. Income Tax Student Info Company Info Chart of Accounts $ 2,000,000 Transactions Journal Entries E F G H Cr. Cash $ 200,000 L Dr. Accounts Reciveable $ 26,350,000 Cr. Sales Revenue $ 26,350,000 Dr. Cr. $ 895,280 M Dr. Equipment Cr. Cash $ 895,280 NDr. $ 43,758,000 Cash Cr. Accounts Reciveable $ 43,758,000 O Dr. Cash Loss on Sale of Equipment $ $ 10,000 7,000 Dr. Dr. Cr. Equipment $ 17,000 $ 2,000,000 P Dr. Income Tax Cr. Cash $ 2,000,000 Q Dr. Salaries Expense Cr. Cash $ 8,750,000 $ 8,750,000 S Dr. Bad Debt Expense Cr. Accounts Reciveable $ 3,000 $ 3,000 T Dr. S Dividend Cr. Cash 8,000 $ 8,000 Student Info Company Info Chart of Accounts Transactions Journal Entries $ 3,000 3,000 74 75 Adjusting Entries 76 77 AJE 1 Dr. 78 Cr. 79 80 AJE 2 Dr. 81 Cr. 82 83 AJE 3 Dr. Interest Revenue 84 Cr. 85 86 87 AJE 4 Dr. 88 Cr. 89 90 AJE 5 Dr. 91 Cr. 92 93 AJE 6 Dr. 94 Cr 95 96 97 Check figures: Total debits should equal total credits. 98 99 185,583,799 159,474,001