January Transactions

1-thg 1 Performed car repair services and received cash at the time of sale, $4,350.

2-thg 1 Paid for the car parts purchased on account last year, $790.

4-thg 1 Paid wages and salaries for $2,575, part of which was accrued in December.

10-thg 1 Paid the utility bill that was already accrued in December in utilities payable.

16-thg 1 Collected cash from credit sales made last year, $1,800.

20-thg 1 Purchased $4,500 of equipment, paid $2,250 cash and issued a note for $2,250.

22-thg 1 Performed car repair services on account, $3,940.

27-thg 1 Paid dividends to the company's owners, $300.

January Adjusting Entries

31-thg 1 The estimated depreciation on building and equipment is $770.

31-thg 1 One month of rent has expired, $850. 31-thg 1 The annual interest rate is 4% on all notes and paid quarterly. It was last paid on Dec 31 of the prior year. Round to the nearest dollar. 31-thg 1 The supplies remaining at the end of the month was $680.

31-thg 1 Accrued wages and salaries worked in January that will be paid 2-4, $1,790.

31-thg 1 The estimated income taxes for the month is $655.

• Record January transactions in the General Journal and post to the General Ledger.
• Record adjusting entries for January in the General Journal and post to the General Ledger.
• Prepare the adjusted trial balance as of January 31.