Journalize and post the adjusting entries for the month of January. Omit explanations. Denote each adjustment as Adj. Compute each account balance, and denote the balance as Bal.Begin by journalizing the adjusting entries for the month of January. Omit explanations. (Record debits first, then credits. Exclude explanations from any journal entries.)

x Requirements 1. Journalize and post the January transactions. Omit explanations. Use the ledger provided for posting. 2. Journalize and post the adjusting entries for the month of January. Omit explanations. Denote each adjustment as Adj. Compute each account balance, and denote the balance as Bal. In addition, Better Boat Company provides this data: a. A physical count of the inventory at the end of the month revealed the cost was $1,076. b. The company estimated sales returns will be $48 with a cost of $24. c. Office supplies used, $100. d. The Unearned Revenue has now been earned. e. Interest expense accrued on the notes payable, $120. f. Rent of one month has been used. (On December 1, the company prepaid $4,800 for three months' rent on the warehouse where the company stores the canoes. On December 31, the company recorded one month's worth of rent expense for the month of December in the amount of $1,600.) g. Monthy depreciation on the building amounts to $1,000. h. Monthy depreciation on the canoes amounts to $125. 3. Prepare the month ended January 31, 2025, single step income statement of Better Boat Company. 4. Journalize and post the closing entries. Omit explanations. Denote each closing amount as Clo, and each balance as Bal. After posting all closing entries, prove the equality of debits and credits in the ledger by preparing a post-closing trial balance. 5. Compute the gross profit percentage for January for Better Boat Company. Print Done Merchandising Transactions Jan. 1 Purchased 12 T-shirts at $7 each and paid cash. Jan. 2 Sold 2 T-shirts for $24 each, total cost of $14. Received cash. Jan. 3 Purchased 70 T-shirts on account at $8 each. Terms 3/10, n/30. Jan. 7 Paid the supplier for the T-shirts purchased on January 3, less discount. Jan. 8 Realized 10 T-shirts from the January 1 order were printed wrong and returned them for a cash refund. Jan. 10 Sold 20 T-shirts on account for $24 each, total cost of $160. Terms 3/15, n/45. Jan. 12 Received payment for the T-shirts sold on account on January 10, less discount. Jan. 14 Purchased 130 T-shirts on account at $7 each. Terms 5/15, n/30. Jan. 18 Better Boat Company called the supplier from the January 14 purchase and told them that some of the T-shirts were the wrong color. The supplier offered a $90 purchase allowance. Jan. 20 Paid the supplier for the T-shirts purchased on January 14, less the allowance and discount. Jan. 21 Sold 100 T-shirts on account for $24 each, total cost of $699. Terms 2/20, n/30. Jan. 23 Received a payment on account for the T-shirts sold on January 21, less discount. Jan. 25 Purchased 360 T-shirts on account at $8 each. Terms 2/10, n/30, FOB shipping point. Jan. 27 Paid freight associated with the January 25 purchase, $36. Jan. 29 Paid for the January 25 purchase, less discount. Jan. 30 Sold 300 T-shirts on account for $24 each, total cost of $2,210. Terms 3/10, n/30. Jan. 31 Received payment for the T-shirts sold on January 30, less discount. Print Done - - X Ledger Sales Revenue O Bal. 48 Jan. 2 Jan. 466 10 Jan. 2,352 21 Jan. 6,984 30 9,850 Bal. Cash Accounts Payable Bal. 11,460 4,250 Bal. Jan. 2 48 84 Jan. 1 Jan. 7 560 560 Jan. 3 Jan. Jan. Jan. 8 70 543 Jan. 7 18 90 910 14 Jan. Jan. Jan. Jan. 12 466 779 20 20 820 2,880 25 Jan. Jan. Jan. 23 2,352 36 27 29 2,880 Jan. Jan. 31 6,984] 2,822 29 4,250 Bal. Bal. 17,1161 Utilities Payable Accounts Receivable 230 Bal. Bal. 6,000 Jan. Jan. 10 466 466 12 230 Bal. Jan. Jan. 21 2,352 2,352 23 Jan. Jan. 30 6,984 6,984 31 Telephone Payable Bal. 6,000 350 Bal. . Canoe Rental Revenue O Bal. O Bal. Merchandise Inventory 350 Bal. Cost of Goods Sold Bal. 0 Jan. 2 14 Jan. 10 1601 Jan. 21 699 Jan. 30 2,2101 Bal. 3,083 Bal. 0 84 560 14 Jan. 2 17 Jan. 7 Wages Payable 1,050 Bal. Jan. 1 Jan. 3 Jan. 14 Jan. 910 25 2,880 1,050 Bal. Rent Expense Jan. 27 36 Bal. 0 70 Jan. 8 Jan. 160 10 Jan. 90 18 Jan. 41 20 Jan. 699 21 Jan. 58 29 Jan. 2,210 30 Refunds Payable O Bal. Bal. O Bal. Wages Expense 0 Bal. 1,111 Bal. Interest Payable 120 Bal. Estimated Returns Inventory Bal. Bal. 0 120 Bal. Utilities Expense 0 Bal. 0 Bal. - x Ledger Jan. 58 29 Jan. 2,210 30 O Bal. Wages Expense Bal. 1,111 Bal. Interest Payable 120 Bal. Bal. Estimated Returns Inventory Bal. 0 120 Bal. Utilities Expense 0 Bal. Bal. Unearned Revenue 250 Bal. Bal. Office Supplies 150 Bal. 250 Bal. Telephone Expense Bal. 0 Bal. 150 Notes Payable 4,800 Bal. Bal. 0 Prepaid Rent 3,200 Bal. 4,800 Bal. Supplies Expense 0 Bal. 3,200 Bal. Land Bal. Bal. 90,000 Depreciation Expense- Building Bal. 0 Bal. 90,000 Bal. Building 145,000 Washington, Capital 255,560 Bal. Bal. Depreciation Expense- Canoes Bal. 0 Bal. 145,000 255,560 Bal. Accumulated Depr.- Building 1,000 Bal. Bal Income Summary O Bal. Interest Expense 0 1,000 Bal. O Bal. Bal. Bal. Bal. Bal. Canoes 12,000 12,000 Accumulated Depr.- Canoes 200 Bal. 200 Bal. Begin by journalizing the adjusting entries for the month of January. Omit explanations. (Record debits first, then credits. Exclude explanations from any journal entries.) (a) A physical count of the inventory at the end of the month revealed the cost was $1,076. Date Accounts Debit Credit Jan. 31 Adj. (a) the information. We will do that in the following step. (b) The company estimated sales returns will be $48 with a cost of $24. Begin by preparing the entry to journalize the sales portion of the adjustment. Do not record the expense adjustment related Date Accounts Debit Credit Jan. 31 Adj. (b) Now journalize the expense adjustment related to the estimated sales retums. Date Accounts Debit Credit Jan. 31 Adj. (b) (c) Office supplies used, $100. Date Accounts Debit Credit Jan. 31 Adj. (c) (d) The Unearned Revenue has now been earned. (The Uneamed Revenue balance was initially recorded in December as part of fees paid by customers for the future rental of canoes.) Date Accounts Debit Credit Jan. 31 Adj. (d) (e) Interest expense accrued on the notes payable, $120. Date Accounts Debit Credit Jan. 31 Adj. (e) (f) Rent of one month has been used. (On December 1, the company prepaid $4,800 for three months' rent on the warehouse where the company stores the canoes. On December 31, the company recorded one month's worth of rent expense for the month of December in the amount of $1,600.) Debit Credit Date Accounts Jan. 31 Adj. (f) (9) Monthy depreciation on the building amounts to $1,000. Date Accounts Debit Credit Jan. 31 Adj. (g) (h) Monthy depreciation on the canoes amounts to $125. Date Accounts Debit Credit Jan. 31 Adj. (h) x Requirements 1. Journalize and post the January transactions. Omit explanations. Use the ledger provided for posting. 2. Journalize and post the adjusting entries for the month of January. Omit explanations. Denote each adjustment as Adj. Compute each account balance, and denote the balance as Bal. In addition, Better Boat Company provides this data: a. A physical count of the inventory at the end of the month revealed the cost was $1,076. b. The company estimated sales returns will be $48 with a cost of $24. c. Office supplies used, $100. d. The Unearned Revenue has now been earned. e. Interest expense accrued on the notes payable, $120. f. Rent of one month has been used. (On December 1, the company prepaid $4,800 for three months' rent on the warehouse where the company stores the canoes. On December 31, the company recorded one month's worth of rent expense for the month of December in the amount of $1,600.) g. Monthy depreciation on the building amounts to $1,000. h. Monthy depreciation on the canoes amounts to $125. 3. Prepare the month ended January 31, 2025, single step income statement of Better Boat Company. 4. Journalize and post the closing entries. Omit explanations. Denote each closing amount as Clo, and each balance as Bal. After posting all closing entries, prove the equality of debits and credits in the ledger by preparing a post-closing trial balance. 5. Compute the gross profit percentage for January for Better Boat Company. Print Done Merchandising Transactions Jan. 1 Purchased 12 T-shirts at $7 each and paid cash. Jan. 2 Sold 2 T-shirts for $24 each, total cost of $14. Received cash. Jan. 3 Purchased 70 T-shirts on account at $8 each. Terms 3/10, n/30. Jan. 7 Paid the supplier for the T-shirts purchased on January 3, less discount. Jan. 8 Realized 10 T-shirts from the January 1 order were printed wrong and returned them for a cash refund. Jan. 10 Sold 20 T-shirts on account for $24 each, total cost of $160. Terms 3/15, n/45. Jan. 12 Received payment for the T-shirts sold on account on January 10, less discount. Jan. 14 Purchased 130 T-shirts on account at $7 each. Terms 5/15, n/30. Jan. 18 Better Boat Company called the supplier from the January 14 purchase and told them that some of the T-shirts were the wrong color. The supplier offered a $90 purchase allowance. Jan. 20 Paid the supplier for the T-shirts purchased on January 14, less the allowance and discount. Jan. 21 Sold 100 T-shirts on account for $24 each, total cost of $699. Terms 2/20, n/30. Jan. 23 Received a payment on account for the T-shirts sold on January 21, less discount. Jan. 25 Purchased 360 T-shirts on account at $8 each. Terms 2/10, n/30, FOB shipping point. Jan. 27 Paid freight associated with the January 25 purchase, $36. Jan. 29 Paid for the January 25 purchase, less discount. Jan. 30 Sold 300 T-shirts on account for $24 each, total cost of $2,210. Terms 3/10, n/30. Jan. 31 Received payment for the T-shirts sold on January 30, less discount. Print Done - - X Ledger Sales Revenue O Bal. 48 Jan. 2 Jan. 466 10 Jan. 2,352 21 Jan. 6,984 30 9,850 Bal. Cash Accounts Payable Bal. 11,460 4,250 Bal. Jan. 2 48 84 Jan. 1 Jan. 7 560 560 Jan. 3 Jan. Jan. Jan. 8 70 543 Jan. 7 18 90 910 14 Jan. Jan. Jan. Jan. 12 466 779 20 20 820 2,880 25 Jan. Jan. Jan. 23 2,352 36 27 29 2,880 Jan. Jan. 31 6,984] 2,822 29 4,250 Bal. Bal. 17,1161 Utilities Payable Accounts Receivable 230 Bal. Bal. 6,000 Jan. Jan. 10 466 466 12 230 Bal. Jan. Jan. 21 2,352 2,352 23 Jan. Jan. 30 6,984 6,984 31 Telephone Payable Bal. 6,000 350 Bal. . Canoe Rental Revenue O Bal. O Bal. Merchandise Inventory 350 Bal. Cost of Goods Sold Bal. 0 Jan. 2 14 Jan. 10 1601 Jan. 21 699 Jan. 30 2,2101 Bal. 3,083 Bal. 0 84 560 14 Jan. 2 17 Jan. 7 Wages Payable 1,050 Bal. Jan. 1 Jan. 3 Jan. 14 Jan. 910 25 2,880 1,050 Bal. Rent Expense Jan. 27 36 Bal. 0 70 Jan. 8 Jan. 160 10 Jan. 90 18 Jan. 41 20 Jan. 699 21 Jan. 58 29 Jan. 2,210 30 Refunds Payable O Bal. Bal. O Bal. Wages Expense 0 Bal. 1,111 Bal. Interest Payable 120 Bal. Estimated Returns Inventory Bal. Bal. 0 120 Bal. Utilities Expense 0 Bal. 0 Bal. - x Ledger Jan. 58 29 Jan. 2,210 30 O Bal. Wages Expense Bal. 1,111 Bal. Interest Payable 120 Bal. Bal. Estimated Returns Inventory Bal. 0 120 Bal. Utilities Expense 0 Bal. Bal. Unearned Revenue 250 Bal. Bal. Office Supplies 150 Bal. 250 Bal. Telephone Expense Bal. 0 Bal. 150 Notes Payable 4,800 Bal. Bal. 0 Prepaid Rent 3,200 Bal. 4,800 Bal. Supplies Expense 0 Bal. 3,200 Bal. Land Bal. Bal. 90,000 Depreciation Expense- Building Bal. 0 Bal. 90,000 Bal. Building 145,000 Washington, Capital 255,560 Bal. Bal. Depreciation Expense- Canoes Bal. 0 Bal. 145,000 255,560 Bal. Accumulated Depr.- Building 1,000 Bal. Bal Income Summary O Bal. Interest Expense 0 1,000 Bal. O Bal. Bal. Bal. Bal. Bal. Canoes 12,000 12,000 Accumulated Depr.- Canoes 200 Bal. 200 Bal. Begin by journalizing the adjusting entries for the month of January. Omit explanations. (Record debits first, then credits. Exclude explanations from any journal entries.) (a) A physical count of the inventory at the end of the month revealed the cost was $1,076. Date Accounts Debit Credit Jan. 31 Adj. (a) the information. We will do that in the following step. (b) The company estimated sales returns will be $48 with a cost of $24. Begin by preparing the entry to journalize the sales portion of the adjustment. Do not record the expense adjustment related Date Accounts Debit Credit Jan. 31 Adj. (b) Now journalize the expense adjustment related to the estimated sales retums. Date Accounts Debit Credit Jan. 31 Adj. (b) (c) Office supplies used, $100. Date Accounts Debit Credit Jan. 31 Adj. (c) (d) The Unearned Revenue has now been earned. (The Uneamed Revenue balance was initially recorded in December as part of fees paid by customers for the future rental of canoes.) Date Accounts Debit Credit Jan. 31 Adj. (d) (e) Interest expense accrued on the notes payable, $120. Date Accounts Debit Credit Jan. 31 Adj. (e) (f) Rent of one month has been used. (On December 1, the company prepaid $4,800 for three months' rent on the warehouse where the company stores the canoes. On December 31, the company recorded one month's worth of rent expense for the month of December in the amount of $1,600.) Debit Credit Date Accounts Jan. 31 Adj. (f) (9) Monthy depreciation on the building amounts to $1,000. Date Accounts Debit Credit Jan. 31 Adj. (g) (h) Monthy depreciation on the canoes amounts to $125. Date Accounts Debit Credit Jan. 31 Adj. (h)