Journal Entries, T accounts, Ending Balance of each T account, and fill in adjusted trial balance

Accounting 203/207 Project Fall 2019 Group 4 On January 1" 2019, Jenny Z her friends call her jes) started a business, OK Boomerang Inc. The company sells high tech boomerangs to middle aged men. On the first day, her business has transactions. (1) Jenny issues shares of $i per common stock for cash. (2) She issues shares of 100 par S cumulative preferred stock for cash 13) She issues 5 year 10% coupon bonds for cash and receives of the face value of the bonds. Each bond has a $1,000 face value. The bonds pay interest once per year beginning December 31" 2019. The market rate of interest for these bonds lield) was 123 (4) On January 24, Jenny purchased a delivery van for each Jenny estimates that the business will use the van for 8 years and that it will have a resale value after 8 years for son of the purchase price. In addition to the purchase price of the van, Jenny had to pay $1,000 for tax and delivery charge (5) Alo on January 2 Jenny signed a three year lease on retail space at the local mall. The rent on the retail space is normally $1,100 per month. However, the landlord offers a discount iftenants prepay the rent. Jenny pays $36,000 in cash for three years of rent ($1.000 per month (6) In her final transaction for January 2, Jenny purchase office supplies on account (7) On January 3, Jenny purchased boomerangs from a boomerang factory for cash 18) Jenny opens the store and the selles several boomerangson Count Jenny warrantees the boomerang for one year. She estimates that of the boomerang sold will need warrantee service and that the repairs should, on average cost $10 per repair 191 On February 2 enny pays for the office supplies purchased in transaction (10) in March, customers paid 4ON of the balance owing from the sale in trmation 8 111) in September, Jenny notices that the price of boomerangsis rising and decides to purchase more for Description Quantity 1 Sell common stock 6,000 2 Sell Preferred stock 130 3 Issue Bond 260 4 Purchase price of Van 5 Pay 3 years rent 6 Purchase office supplies 1,000 7 Purchase inventory 780 & Sell boomerangs 9 Pay for office supplies 1,000 10 Receive payment for sale 250 11 Purchase more inventory 1,482 12 Actual Repair boomerangs 18 13 Sell additional boomerang 1.526 14 Suppiles inventory ending 200 15 Estimated bad debt 1 16 Make bond interest payment 17 Pay preferred dividend 18 Record warrantee expense 18 Record rent Expense 20 Record depreciation Expense Quantity X Price Price 39 234,000 105 13,650 9301 241.800 24,000 24,000 12,000 36,000 1 1,000 601 46.800 180 112,320 1 1 ,000 180 44,928 6190,402 271 486 185 282.310 200 500 5001 (12) in October, several boomerangs were returned for warrantee servke and Benny paid to have them repaired. (13) Aho in October and November, Jenny sold more boomerangson account. She uses LIFO inventory valuation (14) in December Jenny counted supplies inventory and found that SON of the supplies had been used during the year. (15) Based on an aging of accounts receivable, Jenny estimates that $500 of the accounts receivable will never be collected. She records bad debt expense accordingly. At the end of the year Jenny made the following transactions (16) She made a coupon payment on the bond. (17) She declared but did not pay the preferred dividend (dividend will be paid in January 2020 Finally after the close of business on December 31", Jenny records expenses relating to the following adjusting entries (18) warrantee expense (19) rent expense (20) depreciation expense using double declining balance. Accounting 203/207 Project Fall 2019 Group 4 On January 1" 2019, Jenny Z her friends call her jes) started a business, OK Boomerang Inc. The company sells high tech boomerangs to middle aged men. On the first day, her business has transactions. (1) Jenny issues shares of $i per common stock for cash. (2) She issues shares of 100 par S cumulative preferred stock for cash 13) She issues 5 year 10% coupon bonds for cash and receives of the face value of the bonds. Each bond has a $1,000 face value. The bonds pay interest once per year beginning December 31" 2019. The market rate of interest for these bonds lield) was 123 (4) On January 24, Jenny purchased a delivery van for each Jenny estimates that the business will use the van for 8 years and that it will have a resale value after 8 years for son of the purchase price. In addition to the purchase price of the van, Jenny had to pay $1,000 for tax and delivery charge (5) Alo on January 2 Jenny signed a three year lease on retail space at the local mall. The rent on the retail space is normally $1,100 per month. However, the landlord offers a discount iftenants prepay the rent. Jenny pays $36,000 in cash for three years of rent ($1.000 per month (6) In her final transaction for January 2, Jenny purchase office supplies on account (7) On January 3, Jenny purchased boomerangs from a boomerang factory for cash 18) Jenny opens the store and the selles several boomerangson Count Jenny warrantees the boomerang for one year. She estimates that of the boomerang sold will need warrantee service and that the repairs should, on average cost $10 per repair 191 On February 2 enny pays for the office supplies purchased in transaction (10) in March, customers paid 4ON of the balance owing from the sale in trmation 8 111) in September, Jenny notices that the price of boomerangsis rising and decides to purchase more for Description Quantity 1 Sell common stock 6,000 2 Sell Preferred stock 130 3 Issue Bond 260 4 Purchase price of Van 5 Pay 3 years rent 6 Purchase office supplies 1,000 7 Purchase inventory 780 & Sell boomerangs 9 Pay for office supplies 1,000 10 Receive payment for sale 250 11 Purchase more inventory 1,482 12 Actual Repair boomerangs 18 13 Sell additional boomerang 1.526 14 Suppiles inventory ending 200 15 Estimated bad debt 1 16 Make bond interest payment 17 Pay preferred dividend 18 Record warrantee expense 18 Record rent Expense 20 Record depreciation Expense Quantity X Price Price 39 234,000 105 13,650 9301 241.800 24,000 24,000 12,000 36,000 1 1,000 601 46.800 180 112,320 1 1 ,000 180 44,928 6190,402 271 486 185 282.310 200 500 5001 (12) in October, several boomerangs were returned for warrantee servke and Benny paid to have them repaired. (13) Aho in October and November, Jenny sold more boomerangson account. She uses LIFO inventory valuation (14) in December Jenny counted supplies inventory and found that SON of the supplies had been used during the year. (15) Based on an aging of accounts receivable, Jenny estimates that $500 of the accounts receivable will never be collected. She records bad debt expense accordingly. At the end of the year Jenny made the following transactions (16) She made a coupon payment on the bond. (17) She declared but did not pay the preferred dividend (dividend will be paid in January 2020 Finally after the close of business on December 31", Jenny records expenses relating to the following adjusting entries (18) warrantee expense (19) rent expense (20) depreciation expense using double declining balance