journlise the the entries

Challenge Exercise 10 C10-2 (Chapters 9-10), City Gravel Month-End Procedures Review: COMPANY, PAYABLES, RECEIVABLES and INVENTORY & SERVICES This exercise is a review of month-end procedures and year-end procedures. 1 > Refer to Exercise 1-1b to unzip the 10 C10-2 Gravel.exe file. 2> Open the 10 C10-2 Gravel file. 3> Record the following December 31, month-end adjustments for City Gravel. City Gravel uses the COMPANY, PAYABLES, RECEIVABLES, and INVENTORY & SERVICES modules and does not use the Account Reconciliation journal. a) Bank service charges for the month are estimated to be $37.90. b) The Prepaid insurance account balance represents 3 months' insurance that has not been used as of December 1. Adjust the account accordingly. c) The value of the Office Supplies on hand was counted, and is $266.00. d) Depreciation of Equipment is estimated at $8,760.00 for the year and has been recorded for 11 months. Depreciation of Office Furniture is estimated at $3, 120.00 for the year and has been recorded for 11 months. f) The manager forgot to create an invoice for 40 cubic yards of medium gravel at $186.00 per cubic yard, plus HST, to a new customer, Your Name Builders. Your actual first and last name must appear as a customer, credit limit $10,000.00. Address is not important. Create an invoice for this customer dated December 31, with credit terms 2/10 net 30 days. g) The long-term bank loan arranged on November 30, 2023, with the Bank of Montreal is for a 5- year period at an interest rate at 8% (effective monthly rate of 0.6434%). The December 31, $236.10 monthly payment (including interest of $75.31) has not been made or recorded. h) Keith Barrett is a part-time employee. The manager made an error in Mr. Barrett's time-sheet and Mr. Barrett was underpaid by $58.00 for the period ending December 31. City Gravel charges all salaries and wages to Pit Crew Wages Expense #5310. The $58.00 will be paid with the next paycheque. Accrue the wages for the December period (ignore CPP and El). 4> Print All Journal Entries for the entries above. 5 > Print a Trial Balance as at December 31. 6 > Back up your data before moving on. Your instructor may require you to: i) Advance the date to January 1 to close the current year and move into 2025. (Do not allow transactions dated before Jan 01, 2025.) j) Close the Drawings Account and reverse the appropriate accruals on January 2. 7 > If required, print All Journal Entries for the January entries above