Journal entry

2) 1/1: Insurance exp. 22,800 dr.

Cash. 22,800cr.

5) 1/11: Franchise agreement 34,800 dr.

Cash 34,800cr.

8) 2/1: equipment 30,900 dr

Cash. 30,900 cr.

Please help me with these journal entries:

14)March 31: The company records the depreciation adjusting entry on the equipment purchased on February 1 (see Journal entry #8). Assume a sum-of-years'-digits method of depreciation.

15)March 31: The company records the adjusting entry to record the insurance used (see Journal entry #2).

16)March 31: The company checks and records any impairment on its franchise (see Journal entry #5). Assume that the franchise has a $34,800 book value, a $41,000 fair value, and $27,400 in expected future net cash flows.

17)March 31: The company pays its employees every Friday at the end of the weekly pay period (Monday through Friday). The company uses separate salaries and wages expense accounts for its sales and office staff. Assume that the sales staff is paid $7,400 each week, the office staff is paid $19,300 each week, and that March 31 falls on a Thursday. Ignore any taxes or withholdings addressed in Chapter 13.

18)March 31: The company estimates that 4% of its outstanding accounts receivable will be uncollectible (hint: use the ending accounts receivable ledger balance and your current allowance balance for your calculation).

19)March 31: The company uses an LCM method (individual-item level) to check for obsolete inventory and records any adjustment needed with the cost method. Assume that there are 41 tablets in ending inventory costing $250 each, having a replacement cost of $280 each, having an NRV of $230 each, and having an NRV minus normal profit of $200 each.

20)March 31 (do only after the income statement is completed): The company records the income tax expense for the quarter (hint: this number can be found in the income statement). Assume that the income tax will not be paid for another month. It is recommended to enter amounts manually into this entry to avoid a "circular reference error."

21)March 31 (do only after the income statement and retained earnings statement are completed): The company records the quarter's closing entries (all 4 steps). It is recommended to enter amounts manually into the closing entry to avoid a "circular reference error." Hint #1: The "income summary" account is not used in any of the statements nor ledgers; it is only a temporary account used during closing. Hint #2: Gains and adjunct-revenue accounts should be closed when revenues are, while losses and contra-revenue accounts should be closed when expenses are.