I need the adjusting entries
Create a T-Account for all accounts listed below. Don't forget to put them in color!!! 6 (1) Bassy 8haterica's ohutters and oheds ehatt of oiccounts *When doing joumal entries, all inventory will be combined into a single inventory account (Account 103) Sales P= cost Cl+ markut ) Sassy Shaterica's Shutters and Sheds Transactions X1. October 1: Stockholder's invest \$424,208 into the company in exchange for Sassy's Shaterica's Shutters and Sheds common stock. 2. October 1: Sassy Shaterica paid in advance for a 5-month insurance policy, which will begin today. She paid $3,345 cash for the policy. 8. October 1: Sassy Shaterica purchased some land and a building for a total of $539,837 using $119,837 cash and then borrowing the rest from the bank. Based on the total purchase price of $539,837, the land was $95,657 and the building was the remainder. The loan from the bank will be paid off over the next 12 years ( 1/12 of the principal will be paid off at the end of each year). The loan carries an interest rate of 12.88%. Interest accrued will be paid off at the end of every year. The building has an expected life of 55 years and will be depreciated using the straight-line method. 82200 October 6: Sassy Shaterica purchased eight SHED2GR8T-4U's, five 1 B1 GASIID-4U's, fifty-tive 5515 ISHUT1-2's, and eighty SIUUT4U-2's from Harley \& Charley Davidson's Pit Palace. See Inventory Costing List for costs. The credit terms are 8/20, n/90_ De bit invertory, credit accounts payable A. October 7: Sassy Shaterica paid FedEx $2,212 cash to ship the shutters and sheds she bought from Harley \& Charley Davidson's Pit Palace. 6 October 12: Sassy Shaterica purchased $1,976 worth of supplies from Roscoes R' Us paying cash. 7. October 13: Sassy Shaterica sold two 1B1GASHD-4U's (markup 95\%) and fifteen ISHUT1-2's (markup 140% ) to Madi's Massive Mansions. Use Inventory Costing List for markups and costs. The credit terms are 2/20,n/50. \%. October 14: Madi's Massive Mansions paid DHL $313 cash to ship the bikes she just bought. \%. October 16: Sassy Shaterica bought a Shutterer Machine for $55,536 using $5,536 cash and then borrowing the rest from the bank. The loan will be paid off over the next 4 years ( 1/4 of the principal will be paid at the end of each year). The loan carries an interest rate of 6 percent. Interest accrued will be paid off at the end of every year. The Shutterer Machine has an expected life of 8 years, salvage value of $1,200, and will be depreciated using the straight-line method. 10. October 18: Sassy Shaterica hires Patty P. Promo for promotional purposes. She estimates her salary to be $15 hour. She will probably work 25 hours over the next month. M October 21: Sassy Shaterica's pay period ends and she now owes her employees $2,487 in salaries. These salaries will be paid on October 26th. 12. October 24: Sassy Shaterica paid off the balance due from Harley \& Charley Davidson's Pit Palace. 13. October 26: Sassy Shaterica paid her employees the salaries owed. 14. November 1: Madi's Massive Mansions paid her balance off for the shutters and sheds she purchased. P5. November 5: Sassy Shaterica purchased/more from Harley \& Charley Davidson's Pit Palace. She purchased twelve SHED2GR8T-4U's, nine IB1GASHD-4U's, forty-five ISHUTI-2's, and twenty SHUT4U-2's. The credit terms are 4/25EOM,n/75. (2050) D6. November 8: Harley \& Charley Davidson's Pit Palace paid UPS $2,091 cash to ship the shutters and sheds to Sassy Shaterica. 17. November 13: Sassy Shaterica sold sixty ISHUT1-2's (markup 200\%), seventy-five SHUT4U-2's (markup 220\%), twelve SHED2GR8T-4U's (markup 350\%), and six 1B1GASHD-4U's (markup 78. November 14: Sassy Shaterica paid FedEx $3,333 to ship the shutters and sheds to Willow's Windows. 19 November 16: Sassy Shaterica bought a Shedding Machine for $22,383 using $4,383 cash and then borrowing the rest from the bank. The loan will be paid off over the next 3 years (1/3 of the principal will be paid at the end of cach year). The loan carries an interest rate of 18 percent. Interest accrued will be paid off at the end of every year. The Shedding Machine has an expected life of 4.5 years, salvage value of $567, and will be depreciated using the straight-line method. >0. November 21: Sassy Shaterica's pay period ends and she now owes her employees $2,501 in salaries. These salaries will be paid on November 26th. 21. November 23: Sassy Shaterica returned one 1B1GASHD4U 's and three ISIIUT1-2's to Harley \& Charley Davidson's Pit Palace. 75001225 32. November 26: Sassy Shaterica paid her employees the salaries owed. 20. November 30: Sassy Shaterica paid cash dividends of $2,345. 24. December 2: Willow's Windows returned two SHED2GR8T-4U's due to parts falling off: 25. December 5: Sassy Shaterica purchased twenty 1B1GASHI-4L's and twenty-two SHED2GR8T4 U's from Jeremy's Joyful Junk \& More. The credit terms are 1/10 EOM, n/60. 26. December 7: Sassy Shaterica paid FedEx $3,000 to have the sheds shipped to her. 27. December 10: Sassy Shaterica paid a utilities bill in the amount of $3,247. 28. December 15: Sassy Shaterica sells sheds to Taco Terrier and Pits Campgrounds. They purchased twenty-four SHED2GR8T-4U's (markup 425\%) and eighteen I B1 GASHD-4U's (markup 375\%). Credittermsare3/20,n/50.242200(5.25)187500(4.75) 29. December 19: Taco Terrier and Pits Campgrounds paid FedEx $5,000 to ship the sheds they just bought. 30. December 21: Sassy Shaterica's pay period ends and she now owes her employees $2,555 in salaries. These salaries will be paid on December 26th. 31. December 24: Sassy Shaterica paid off the balance due from Harley \& Charley Davidson's Pit Palace. 32. December 26: Sassy Shaterica paid her employees the salaries owed. 33. December 30: Willow's Windows paid her balance off for the shutters and sheds she purchased. Adjustments On December 31 , you notice the following: a) You have $377 worth of supplies on hand b) You need to recognize insurance used up c) You need to recognize depreciation on the building d) You need to recognize depreciation on the shutterer machine e) You need to recognize interest accumulated on the 3 bank loans (do in one transaction) f) You have accrued salaries of $651 g) You need to recognize depreciation on the shedding machine h) You need to recognize/accrue federal income taxes of $299,221. The Accounting Cycle 1. Analyze business transactions 2. Journalize the transactions 3. Post to ledger accounts 4. Prepare a trial balance 5. Joumalize and post adjusting entries 6. Prepare an adjusted irial balance 7. Prepare the financial statements ( 1/S, Stmt of RE, B/S) 8. Joumalize and post closing entries 9. Prepare a post-closing trial balance Create a T-Account for all accounts listed below. Don't forget to put them in color!!! 6 (1) Bassy 8haterica's ohutters and oheds ehatt of oiccounts *When doing joumal entries, all inventory will be combined into a single inventory account (Account 103) Sales P= cost Cl+ markut ) Sassy Shaterica's Shutters and Sheds Transactions X1. October 1: Stockholder's invest \$424,208 into the company in exchange for Sassy's Shaterica's Shutters and Sheds common stock. 2. October 1: Sassy Shaterica paid in advance for a 5-month insurance policy, which will begin today. She paid $3,345 cash for the policy. 8. October 1: Sassy Shaterica purchased some land and a building for a total of $539,837 using $119,837 cash and then borrowing the rest from the bank. Based on the total purchase price of $539,837, the land was $95,657 and the building was the remainder. The loan from the bank will be paid off over the next 12 years ( 1/12 of the principal will be paid off at the end of each year). The loan carries an interest rate of 12.88%. Interest accrued will be paid off at the end of every year. The building has an expected life of 55 years and will be depreciated using the straight-line method. 82200 October 6: Sassy Shaterica purchased eight SHED2GR8T-4U's, five 1 B1 GASIID-4U's, fifty-tive 5515 ISHUT1-2's, and eighty SIUUT4U-2's from Harley \& Charley Davidson's Pit Palace. See Inventory Costing List for costs. The credit terms are 8/20, n/90_ De bit invertory, credit accounts payable A. October 7: Sassy Shaterica paid FedEx $2,212 cash to ship the shutters and sheds she bought from Harley \& Charley Davidson's Pit Palace. 6 October 12: Sassy Shaterica purchased $1,976 worth of supplies from Roscoes R' Us paying cash. 7. October 13: Sassy Shaterica sold two 1B1GASHD-4U's (markup 95\%) and fifteen ISHUT1-2's (markup 140% ) to Madi's Massive Mansions. Use Inventory Costing List for markups and costs. The credit terms are 2/20,n/50. \%. October 14: Madi's Massive Mansions paid DHL $313 cash to ship the bikes she just bought. \%. October 16: Sassy Shaterica bought a Shutterer Machine for $55,536 using $5,536 cash and then borrowing the rest from the bank. The loan will be paid off over the next 4 years ( 1/4 of the principal will be paid at the end of each year). The loan carries an interest rate of 6 percent. Interest accrued will be paid off at the end of every year. The Shutterer Machine has an expected life of 8 years, salvage value of $1,200, and will be depreciated using the straight-line method. 10. October 18: Sassy Shaterica hires Patty P. Promo for promotional purposes. She estimates her salary to be $15 hour. She will probably work 25 hours over the next month. M October 21: Sassy Shaterica's pay period ends and she now owes her employees $2,487 in salaries. These salaries will be paid on October 26th. 12. October 24: Sassy Shaterica paid off the balance due from Harley \& Charley Davidson's Pit Palace. 13. October 26: Sassy Shaterica paid her employees the salaries owed. 14. November 1: Madi's Massive Mansions paid her balance off for the shutters and sheds she purchased. P5. November 5: Sassy Shaterica purchased/more from Harley \& Charley Davidson's Pit Palace. She purchased twelve SHED2GR8T-4U's, nine IB1GASHD-4U's, forty-five ISHUTI-2's, and twenty SHUT4U-2's. The credit terms are 4/25EOM,n/75. (2050) D6. November 8: Harley \& Charley Davidson's Pit Palace paid UPS $2,091 cash to ship the shutters and sheds to Sassy Shaterica. 17. November 13: Sassy Shaterica sold sixty ISHUT1-2's (markup 200\%), seventy-five SHUT4U-2's (markup 220\%), twelve SHED2GR8T-4U's (markup 350\%), and six 1B1GASHD-4U's (markup 78. November 14: Sassy Shaterica paid FedEx $3,333 to ship the shutters and sheds to Willow's Windows. 19 November 16: Sassy Shaterica bought a Shedding Machine for $22,383 using $4,383 cash and then borrowing the rest from the bank. The loan will be paid off over the next 3 years (1/3 of the principal will be paid at the end of cach year). The loan carries an interest rate of 18 percent. Interest accrued will be paid off at the end of every year. The Shedding Machine has an expected life of 4.5 years, salvage value of $567, and will be depreciated using the straight-line method. >0. November 21: Sassy Shaterica's pay period ends and she now owes her employees $2,501 in salaries. These salaries will be paid on November 26th. 21. November 23: Sassy Shaterica returned one 1B1GASHD4U 's and three ISIIUT1-2's to Harley \& Charley Davidson's Pit Palace. 75001225 32. November 26: Sassy Shaterica paid her employees the salaries owed. 20. November 30: Sassy Shaterica paid cash dividends of $2,345. 24. December 2: Willow's Windows returned two SHED2GR8T-4U's due to parts falling off: 25. December 5: Sassy Shaterica purchased twenty 1B1GASHI-4L's and twenty-two SHED2GR8T4 U's from Jeremy's Joyful Junk \& More. The credit terms are 1/10 EOM, n/60. 26. December 7: Sassy Shaterica paid FedEx $3,000 to have the sheds shipped to her. 27. December 10: Sassy Shaterica paid a utilities bill in the amount of $3,247. 28. December 15: Sassy Shaterica sells sheds to Taco Terrier and Pits Campgrounds. They purchased twenty-four SHED2GR8T-4U's (markup 425\%) and eighteen I B1 GASHD-4U's (markup 375\%). Credittermsare3/20,n/50.242200(5.25)187500(4.75) 29. December 19: Taco Terrier and Pits Campgrounds paid FedEx $5,000 to ship the sheds they just bought. 30. December 21: Sassy Shaterica's pay period ends and she now owes her employees $2,555 in salaries. These salaries will be paid on December 26th. 31. December 24: Sassy Shaterica paid off the balance due from Harley \& Charley Davidson's Pit Palace. 32. December 26: Sassy Shaterica paid her employees the salaries owed. 33. December 30: Willow's Windows paid her balance off for the shutters and sheds she purchased. Adjustments On December 31 , you notice the following: a) You have $377 worth of supplies on hand b) You need to recognize insurance used up c) You need to recognize depreciation on the building d) You need to recognize depreciation on the shutterer machine e) You need to recognize interest accumulated on the 3 bank loans (do in one transaction) f) You have accrued salaries of $651 g) You need to recognize depreciation on the shedding machine h) You need to recognize/accrue federal income taxes of $299,221. The Accounting Cycle 1. Analyze business transactions 2. Journalize the transactions 3. Post to ledger accounts 4. Prepare a trial balance 5. Joumalize and post adjusting entries 6. Prepare an adjusted irial balance 7. Prepare the financial statements ( 1/S, Stmt of RE, B/S) 8. Joumalize and post closing entries 9. Prepare a post-closing trial balance
