Make any adjusting journal entries for the year-end 2022 from the following:

1. BOFL also required additional operating capital, so borrowed $700,000 from DTO Bank on October 1, 2022. This installment loan has a 1-year term and carries interest at 9%. The terms of the loan provide for two repayments of $350,000 on April 1, and October 1, 2023.
2. Sales staff receive remuneration as follows: a monthly base salary, plus every three months a bonus of 15% of their sales for the quarter. The bonus is paid at the end of each quarter. The team was paid an $80,000 bonus in October 2022 relating to their third-quarter sales. The final quarter bonus has not yet been paid.
3. On 15 September 2022 she was paid $180,000 for all of her shares. This was recorded as DR Deepas Shares Account $180,000 CR Cash $180,000
4. On November 1, 2022, the remaining shareholders decided that Jim Beaumont would be issued 5,000 common shares in the business for cash of $15 per share as reward for his long-standing advisory role. This was recorded as follows: DR Cash $75,000 CR JB Shares Account $75,000
5. On December 1, 2022, after some heated discussion about cash management, the Board of Directors declared the following dividends to shareholders of record on December 1, 2022: common share dividend of $2 per share, to be paid March 1, 2023; full year preferred share dividend to be paid March 8, 2023.

3 5 6 DRAFT Unadjusted Trial Balance At December 31, 2022 Dr Cr CO 8 Cash Accounts receivable 13.543 825,500 9 Prepaid insurance 8,200 10 Inventory 688,800 11 Buildings 3,000,000 12 Accumulated depreciation 18,750 13 Warehouse equipment 990,000 14 Accumulated depreciation 154.200 15 Office and storage equipment 575,000 16 Accumulated depreciation 30,000 17 Accounts payable 242,902 18 Bonds payable 19 Bank loan from DTQ 1,752,697 700,000 20 Common shares 400,000 21 Preferred Shares 1,000,000 22 JB Shares account 75,000 23 Deepas Shares Account 180,000 24 Retained earnings 1,233,234 6,773,924 25 Sales 26 Cost of goods sold 3,866,350 28,000 27 Insurance expense 28 Sales and warehouse salaries 719,000 80,000 29 Sales bonus expense 290,000 30 Office and administrative expenses 855.400 31 Distribution & warehouse expenses 170,000 32 Marketing and advertising expense 2,000 33 Gain on sale of office equipment 120,000 34 Interest expense 35 12,396,250 12,396,250 36 0 37 38 39 A