My numbers for X,Y, and Z are X:9, Y:6, Z:1.

I mostly need help with the journal entry for the adjusted entries thanks!

Income Statement (previous month) \begin{tabular}{lrr} \hline Sales Revenue & 60,000 & \\ Cost of Goods Sold & 12,000 & \\ \cline { 2 - 2 } Gross Profit & & 48,000 \\ Salaries Expense & 9,000 & \\ Bad Debt Expense & 6,000 & \\ Rent Expense & 7,000 & \\ Office Supplies Expense & 3,000 & \\ Depreciation Expense & 8,000 & 33,000 \\ Operating Income & & 15,000 \\ Gain on Sale of Equipment & 3,000 & \\ Interest Expense & (5,000) & (2,000) \\ Net Income & & 13,000 \\ \hline \end{tabular} Statement of Retained Earnings \begin{tabular}{lr} \multicolumn{2}{c}{ (previous month) } \\ \hline Beginning Retained Earnings & 40,000 \\ Net Income & 13,000 \\ Dividends & (3,000) \\ Ending Retained Earnings & 50,000 \\ \cline { 2 - 2 } & \end{tabular} Additional information at the BEGINNING of the month: 1. Inventory consists of 1,000 pairs of "Zips", each costing $18. Zipparoo uses the LIFO inventory method. Round all inventory calculations to the nearest dollar. 2. The net method is used for recording purchases. 3. The Equipment of $100,000 was originally purchased 10 years ago. At that time, it was estimated that the equipment would have a useful life of 20 years and a salvage value of $30,000. Zipparoo uses the straight-line depreciation method. 4. Zipparoo uses the Percentage-of-Receivables method of accounting for bad debts. 5. Round all calculations to the nearest dollar. Transactions during the month: Jan. 1 Paid $2,400 for a one-year premium on property and casualty insurance. The policy covers the period January 1, 20X1 to December 31,20X2 Jan. 1 Sold 7X0 "Zips" to Joey on account for $6X each, terms 2/10, net 30 . Jan. 2 Zipparoo purchased additional equipment for cash for $2Y,000. The equipment has an expected life of 10 years and an estimated salvage value of $4,Z00. Jan. 5 Joey returned 6X pairs of "Zips" because of defections. The inventory could not be resold and was disposed of. Jan. 8 Purchased 6X0 pairs of "Zips" from Bluey on account for $2X each, terms 3/10, net 60 . Jan. 9 Office supplies totaling $7,Y00 were purchased on account. Jan. 9 Joey paid the full amount owed. Round calculations to the nearest dollar. Jan. 12 Sold 7X pairs of "Zips" to Pete on account for $8X each, terms 2/10, net 30 . Jan. 14 Purchased 4Z0 pairs of "Zips" from Kanga on account for $1Z each, terms 2/10, net 30 . Jan. 17 Paid full amount owed to Bluey from Jan. 8 purchase. Jan. 18 Paid $1X,000 for workers' salaries. This amount includes amounts owed from the previous month. Jan. 23 Delivered 3Y0 pairs of "Zips" to Flash, who had purchased them in advance last month, $1Y,000. Jan. 24 Paid interest on Long-Term Debt, $5,Z00. Jan. 25 Paid dividends to stockholders, $3,Z00. Jan. 26 Received cash from customers billed in the previous month, $1X,000. Jan. 27 Pete paid the full amount owed. Jan. 27 Paid full amount owed to Kanga from Jan. 14 purchase. Jan. 28 One of Zipparoo's customers, Rooth, owes $2,Y00 but has informed Zipparoo that he will not pay because of bankruptcy. Zipparoo writes off Rooth's account as uncollectible. Jan. 30 Paid utilities for January of $475. 1. Make copies of the required forms (see attached forms and instructions). Then, using the chart of accounts shown below, set up the general ledger. NOTE: YOU MUST USE THE 2. Jour 3. Post the entries to the ledger. 4. Prepare a trial balance as of January 31, 20X1. USE THE FORMAT SHOWN ON PAGE 84 OF THE CLASS TEXT. 5. Journalize and post the adjusting entries using the following information: a. Zipparoo estimates that 10% of accounts owed to the company would not be collected. Round to the dollar. b. Office Supplies at the end of the year totaled $3,000. c. Must take depreciation for equipment use this month for both old and new equipment. Round Total depreciation to the dollar. d. Salaries of $2,Y00 for January will not be paid until February 5 of next month. e. In a prior month, 12 months rent had been purchased in advance for $96,000. Page 4 of 5 f. Must record insurance use this month. g. A physical count of inventory indicates there is $2,500 of inventory on hand. 6. Prepare an adjusted trial balance. USE THE FORMAT SHOWN ON PAGE 132 OF THE CLASS TEXT. 7. Using the adjusted trial balance, prepare an income statement, a statement of retained earnings, and a balance sheet. USE THE FORMATS STARTING ON PAGE 134 OF THE CLASS TEXT. You will have to include the Cost of Goods Sold requirements of the Income Statement. Note: For our problem, there are no income taxes. 8. Journalize and post the closing entries. 9. Prepare a post-closing trial balance. USE THE FORMAT SHOWN ON PAGE 142 OF THE CLASS TEXT. 10. After you have completed the problem, arrange the pages of your solution in the following order (DO NOT turn in the problem requirements packet or any pages other than those listed below!): h. Project Title Page i. Journals j. Ledger k. Trial Balance 1. Adjusted Trial Balance m. Post-closing Trial Balance n. Income Statement Income Statement (previous month) \begin{tabular}{lrr} \hline Sales Revenue & 60,000 & \\ Cost of Goods Sold & 12,000 & \\ \cline { 2 - 2 } Gross Profit & & 48,000 \\ Salaries Expense & 9,000 & \\ Bad Debt Expense & 6,000 & \\ Rent Expense & 7,000 & \\ Office Supplies Expense & 3,000 & \\ Depreciation Expense & 8,000 & 33,000 \\ Operating Income & & 15,000 \\ Gain on Sale of Equipment & 3,000 & \\ Interest Expense & (5,000) & (2,000) \\ Net Income & & 13,000 \\ \hline \end{tabular} Statement of Retained Earnings \begin{tabular}{lr} \multicolumn{2}{c}{ (previous month) } \\ \hline Beginning Retained Earnings & 40,000 \\ Net Income & 13,000 \\ Dividends & (3,000) \\ Ending Retained Earnings & 50,000 \\ \cline { 2 - 2 } & \end{tabular} Additional information at the BEGINNING of the month: 1. Inventory consists of 1,000 pairs of "Zips", each costing $18. Zipparoo uses the LIFO inventory method. Round all inventory calculations to the nearest dollar. 2. The net method is used for recording purchases. 3. The Equipment of $100,000 was originally purchased 10 years ago. At that time, it was estimated that the equipment would have a useful life of 20 years and a salvage value of $30,000. Zipparoo uses the straight-line depreciation method. 4. Zipparoo uses the Percentage-of-Receivables method of accounting for bad debts. 5. Round all calculations to the nearest dollar. Transactions during the month: Jan. 1 Paid $2,400 for a one-year premium on property and casualty insurance. The policy covers the period January 1, 20X1 to December 31,20X2 Jan. 1 Sold 7X0 "Zips" to Joey on account for $6X each, terms 2/10, net 30 . Jan. 2 Zipparoo purchased additional equipment for cash for $2Y,000. The equipment has an expected life of 10 years and an estimated salvage value of $4,Z00. Jan. 5 Joey returned 6X pairs of "Zips" because of defections. The inventory could not be resold and was disposed of. Jan. 8 Purchased 6X0 pairs of "Zips" from Bluey on account for $2X each, terms 3/10, net 60 . Jan. 9 Office supplies totaling $7,Y00 were purchased on account. Jan. 9 Joey paid the full amount owed. Round calculations to the nearest dollar. Jan. 12 Sold 7X pairs of "Zips" to Pete on account for $8X each, terms 2/10, net 30 . Jan. 14 Purchased 4Z0 pairs of "Zips" from Kanga on account for $1Z each, terms 2/10, net 30 . Jan. 17 Paid full amount owed to Bluey from Jan. 8 purchase. Jan. 18 Paid $1X,000 for workers' salaries. This amount includes amounts owed from the previous month. Jan. 23 Delivered 3Y0 pairs of "Zips" to Flash, who had purchased them in advance last month, $1Y,000. Jan. 24 Paid interest on Long-Term Debt, $5,Z00. Jan. 25 Paid dividends to stockholders, $3,Z00. Jan. 26 Received cash from customers billed in the previous month, $1X,000. Jan. 27 Pete paid the full amount owed. Jan. 27 Paid full amount owed to Kanga from Jan. 14 purchase. Jan. 28 One of Zipparoo's customers, Rooth, owes $2,Y00 but has informed Zipparoo that he will not pay because of bankruptcy. Zipparoo writes off Rooth's account as uncollectible. Jan. 30 Paid utilities for January of $475. 1. Make copies of the required forms (see attached forms and instructions). Then, using the chart of accounts shown below, set up the general ledger. NOTE: YOU MUST USE THE 2. Jour 3. Post the entries to the ledger. 4. Prepare a trial balance as of January 31, 20X1. USE THE FORMAT SHOWN ON PAGE 84 OF THE CLASS TEXT. 5. Journalize and post the adjusting entries using the following information: a. Zipparoo estimates that 10% of accounts owed to the company would not be collected. Round to the dollar. b. Office Supplies at the end of the year totaled $3,000. c. Must take depreciation for equipment use this month for both old and new equipment. Round Total depreciation to the dollar. d. Salaries of $2,Y00 for January will not be paid until February 5 of next month. e. In a prior month, 12 months rent had been purchased in advance for $96,000. Page 4 of 5 f. Must record insurance use this month. g. A physical count of inventory indicates there is $2,500 of inventory on hand. 6. Prepare an adjusted trial balance. USE THE FORMAT SHOWN ON PAGE 132 OF THE CLASS TEXT. 7. Using the adjusted trial balance, prepare an income statement, a statement of retained earnings, and a balance sheet. USE THE FORMATS STARTING ON PAGE 134 OF THE CLASS TEXT. You will have to include the Cost of Goods Sold requirements of the Income Statement. Note: For our problem, there are no income taxes. 8. Journalize and post the closing entries. 9. Prepare a post-closing trial balance. USE THE FORMAT SHOWN ON PAGE 142 OF THE CLASS TEXT. 10. After you have completed the problem, arrange the pages of your solution in the following order (DO NOT turn in the problem requirements packet or any pages other than those listed below!): h. Project Title Page i. Journals j. Ledger k. Trial Balance 1. Adjusted Trial Balance m. Post-closing Trial Balance n. Income Statement