January 2021 Transactions: Notes: You must make a Journal Entry for each transaction below. January Paydays: 15th and 29th. Enter for the Store clerk only. The store clerk makes $80.00 per day, Monday through Friday. Pay periods are from Monday through Sunday. Paydays are every other week (bi-weekly) on Fridays for the previous two pay periods (weeks). There will be no deductions from the paycheck for the store clerk. Store Clerk started on January 4th, 2021. How many days of wage accrual for January? J-1 - On January 1, 2021, Max Kolbe invested $12,000 of his own money to become the majority stockholder of CWS and to encourage other investors to buy stock. J-2 - On January 1, 2021, CWS issued $10,000 of common stock. J-3 - On January 1, 2021, CWS borrowed $30,000.00 at 8.5% from Central Coast Credit Union. J-4 - On January 1, 2021, CWS prepaid (paid in advance) for the year Advertising cost of $1,500.00 from A-Town Advertising. J-5 - On January 1, 2021, CWS prepaid (paid in advance) for the year Insurance cost of $1,920.00 from Farmtown Insurance. J-6 - On January 1, 2021, CWS prepaid (paid in advance) for the first three months Rent of $5,400.00. J-7 - On January 1, 2021, CWS purchased $5,360.00 of equipment. The equipment has an expected life of 5 years. The salvage value is estimated to be $800.00. J-8 - On January 1, 2021, CWS purchased $4,532.00 of Furniture & Fixtures. The equipment has an expected life of 7 years. The salvage value is estimated to be $500.00.

J-9 - On January 4, 2021, CWS purchased merchandise with cash from Surfers Supply for $12,000.00. J-10 - On January 4, 2021, CWS purchased Store Supplies using cash for $1,000 from Premier Distributing. J-11 - On January 15, 2021, CWS will pay the store clerk for the first time. J-12 - On January 29, 2021, CWS will pay the store clerk. J-13 - On January 31, 2021, CWS recognized $7,500 in Sales with credit cards for the month. Sales tax is 7.75% J-14 - On January 31, 2021, CWS recognized $3147.85 in cash Sales for the month. Sales tax is 7.75% J-15 - On January 31, 2021, CWS recognized $1,550 of Lesson Revenue. All transactions were cash. J-16 - On January 31, 2021, CWS recognized $790 of Repair Revenue. All were transaction were cash. J-17 - On January 31, 2021, CWS paid the telephone bill of $173.15 to AT&T. J-18 - On January 31, 2021, CWS paid the utility bill of $151.92 to Pacific Gas and Electric. 12 January Adjustments: J-19 - On January 31, 2021, CWS recognizes Advertising expense for the month and makes the adjustment entry. J-20 - On January 31, 2021, CWS recognizes Insurance expense for the month and makes the adjustment entry. J-21 - On January 31, 2021, CWS recognizes Rent expense for the month and makes the adjustment entry. J-22 - On January 31, 2021, CWS recognizes Depreciation expense for Equipment for the month and makes the adjustment entry. J-23 - On January 31, 2021, CWS recognizes Depreciation expense for Furniture & Fixtures for the month and makes the adjustment entry. J-24 - On January 31, 2021, CWS recognizes Interest expense for the month and makes the adjustment entry. J-25 - On January 31, 2021, CWS recognizes accrued wages expense for the store clerk and makes the adjustment entry. J-26 - On January 31, 2021, CWS performed a count of the store supplies at month-end indicated that there was $513.13 of supplies on hand and makes the adjustment entry.