I need the Journal entries below to be review and make sure they are correct.

Date	Accounts			Debit	Credit
10-Jan	Accounts Receivabel (Rayms)			$ 8,500
	Accounts receivabel (Fischer)			$ 7,600
	Sales (Revenue)				$ 16,100
12-Jan	Inverntories (Purchase)			$ 5,800
	Accounts payable (zapfel)				$ 3,200
	Accounts payable (liotta)				$ 2,600
14-Jan	Accounts receivable (Longhini)			$ 4,500
	Accounts receivable (hall)			$ 2,500
	Bank/cash				$ 7,000
15-Jan	Bank/cash			$ 18,530
	Cash discount received			$ 470
	Accounts payable (Joosten)				$ 9,000
	Accounts Payable (Maida)				$ 10,000
16-Jan	Accounts receivabel (Fischer)			$ 500
	Inverntories (Sales)				$ 500
21-Jan	Bank/cash			$ 5,742
	Cash discount received			$ 58
	Accounts payable (zapfel)				$ 3,200
	Accounts payable (liotta)				$ 2,600
9-Feb	Accounts Receivabel (Rayms)			$ 8,500
	Accounts receivabel (Fischer)			$ 7,100
	Bank/cash				$ 15,600
1-Mar	Prepaid Rent			$ 9,600
	To Cash/Bank				$ 9,600
12-Apr	Office Supplies			$ 700
	Cash				$ 700
13-Jun	Retained Earning			$ 1,600
	Dividends Payable				$ 1,600
23-Jun	Dividends Payable			$ 1,600
	Cash				$ 1,600
1-Jul	Cash			$ 120,000
	Notes Payable				$ 120,000
5-Jul	Inverntories (Purchase)			$ 32,000
	Accounts Payable (Maida)				$ 32,000
7-Jul	Land			$ 16,000
	Common Share Capital				$ 10,000
	Profit/ Premiun on land exchange				$ 6,000
8-Jul	Inventories (Purchase Return)			$ 300
	Accounts Payable (Maida)				$ 300
1-Aug	Accounts Recivable (Lachey)			$ 80,000
	Sales (revenue)				$ 80,000
4-Aug	Cash/ Bank			$ 31,700
	Accounts Payable (Maida)				$ 31,700
12-Aug	Etillities Expences			$ 11,920
	Cash				$ 11,920
18-Aug	Accounts Receivable (Lachey)			$ 80,000
	Cash				$ 80,000
1-Sep	Cash			$ 7,500
	Accounts Payable (Farmington)				$ 7,500
1-Oct	Cash			$ 115,000
	Notes Payabele				$ 110,000
	Interest Payable				$ 1,500
	Interest Expensed				$ 3,500
2015	Cash			$ 16,500
	Sales				$ 16,500
2015	Salaries and wages			$ 27,500
	Salaries and wages Payable				$ 2,500
	Cash				$ 25,000
31-Dec	Utillities Expenses			$ 1,250
	Utillities Payable				$ 1,250
31-Dec	Interest Expenses (BondPayable)			$ 15,000
	Cash				$ 15,000
				$ 637,970	$ 637,970
31-Dec	Depreciation Expenses			$ 14,800
	Accmulated Depreciation				$ 14,800
31-Dec	Income Tax Expenses			$ 5,550
	Income Tax Payable				$ 5,550
31-Dec	Inventories			$ 41,164
	Purchase				$ 41,164
31-Dec	Bad Debt Expenses			$ 2,000
	Procision on Doubtful Debt				$ 2,000
31-Dec	Unearned Revenue			$ 2,000
	Sales				$ 2,000
31-Dec	Supplies Expenses			$ 700
	Office Suplies				$ 700
				$ 704,184	$ 704,184

The 2014 balance sheet of the Captain Fishing Inc. is attached. During 2015, the following events occurred.

1. On January 10, sold merchandise on account to Rayms $8,500 and Fischer $7,600. Terms 2/10, n/30.

2. On January 12, purchased merchandise on account from Zapfel $3,200 and Liotta $2,600. Terms 1/10, n/30.

3. On January 14, received checks, $4,500 from Longhini and $2,500 from Hall, for sales on account after discount period has lapsed.

4. On January 15, sent checks to Joosten for 9,000 less 3% cash discount, and to Maida for $10,000 less 2% cash discount.

5. On January 16, issued credit of $500 to Fischer for merchandise returned.

6. On January 21, paid off the balances to Zapfel and Liotta for the purchases made on January 12.

7. On Feburary 9, received payment in full from Rayms and Fischer.

8. On March 1, paid rent of $9,600 for a two-year term starting from July 1, 2015.

9. On April 1, the company CEO paid $49,999 from her savings bank account to purchase a car for personal use.

10. On April 12, paid $700 cash for office supplies.

11. Cash dividends totaling $1,600 were declared on June 13 and paid to stockholders on June 23.

12. Issued a note of $120,000 to bank (one year, annual interest rate 4%) for cash on July 1.

13. On July 5, purchased merchandise from Maida $32,000, terms 3/10, n/30.

14. On July 7, issued common stock 1000 shares, $10 par, in exchange of a land with a fair market value of $16,000.

15. On July 8, returned $300 of merchandise to Maida and received credit.

16. On August 1, sold merchandise to Lachey on account $80,000, term 1/10, n/30.

17. Paid off the balance to Maida on August 4.

18. On Auguest 8, paid utilities expense, $11,920.

19. On August 18, Lachey paid off its balance.

20. On September 1, paid cash $7,500 to Farmington for merchandise purchased last year.

21. On October 1, paid off notes payable $110,000 (issued in 2014) and associated interest $5,000 (this amount includes $1,500 interest payable on the balance sheet).

22. Over the year, cash sales to other retail customers were $16,500.

23. Over the year, sales and office employees earned $27,500 in salaries and wages, of which $2,500 remained as payable at the end of year.

24. On Dec 31, received an utilities bill of $1,250 (for December 2015) and paid off the bill on January 10, 2016.

25. On Dec 31, paid 5% interest on bonds payable.

Additional Information at the end of the year:

1 .Depreciation expense for the year was $14,800.

2. The company estimated that it will pay federal income tax, $5,550.

3. After physically counting, the company decided that the ending inventories was $41,164.

4. Based on its historical data, the bad debts expense are about $2,000.

5. Unearned revenue was decreased by $12,000.

6. The company expenses all of the supplies purchased during the year.

7. No insurance policy was effective during the year (will be effective from Jan 1, 2016).

8. The company uses the gross method to record its purchases and sales on credit.

9. The company adopts the periodic inventory system.

10. Rayms, Fischer, and Lachey had zero balance on account as of Jan 1, 2015.

Instructions:

1. Prepare journal entries for each event.

2. Prepare adjusting entries.

3. Prepare trial balance sheet and adjusted trial balance.

4. Prepare Income Statement, Retained Earnings Statement and Balance Sheet.

5. Prepare closing entries.