n/30 Phillies, Inc. The following transactions were completed by Phillies, Inc. during January of the current year January uses a perpetual inventory system January 2. Aaron Bummer invested $1.700 cash and $100 worth of office equipment to open Phillies Co. in exchange for common stock 2. Paid rent for three months in advance $300. 3. Purchased merchandise on account from Foster Co. $7.000. terms FOB shipping point. 2/10/30, with prepaid freight of $120 added to the invoice. Purchased office equipment on account, 50 5. Purchased merchandise on account from Keuchel Co. $8.500, terms FOB destination, 1/10, 6. Sold merchandise on account to Zack Collins Co., list price $7.000, trade discount 30%, terms 2/10, 1/30. The cost of goods sold was $1.175. 6. Bought office supplies for cash, $70. 8. Collected $400 for services rendered 8. Purchased office supplies for cash $150. 9. Advertising bill was received from ABCD Radio Co. but is not to be paid until next month. $720 10. Returned merchandise purchased on January 5 from Keuchel Co., with an invoice amount of $1,300. 12. Bummer paid the electric bill from the company bank account, $20 13. Paid Foster Co on account for purchase of January 3 14. Purchased merchandise for cash, $10,500 14. Provided $100 worth of services to clients who will not pay until next month 14. Paid part-time receptionist for two weeks' salary, $550. 15. Paid Keuchel Co. on account for purchase of January 5. less return of January 10 16. Received cash on account from sale of January 6 to Zack Collins Co 18. Advertising bill for $70 was received but will not be paid until next month. 19. Sold merchandise on Discover credit cards, $2,250. The cost of goods sold was $980. 22. Sold merchandise for cash to Anderson Co. $3.280. The cost of goods sold was $1,700 24. Sold merchandise on account to Engel Co. 52,350. The cost of goods sold was $1.750 25. Refunded Anderson Co. $1,280 for returned merchandise from sale of January 22. The cost of the returned merchandise was $600. 27. Paid part-time receptionist for two weeks' salary. $550. 28. Paid telephone bill for January, $130. 28. Paid internet bill for January. $200 31. Paid a service processing fee of $120 for Discover sales. Adjusting Entries on January 31 a. Supplies on Hand $13 b. Rent Expired $100 c. Depreciation Office Equipment $20 d. Salaries Accrued $50 Required: 1. Journalize the transactions for the month of January 2. Post the journal entries to the general ledger using T-accounts. 3. Prepare a trial balance as of January 31. 4. Prepare all necessary adjusting journal entries and post the entries to the appropriate T- accounts 5. Prepare an adjusted trial balance as of January 31, 6. Prepare an Income Statement and Statement of Stockholders' Equity for the month of January. Also prepare a Balance Sheet as of January 31, 7. Prepare all closing entries for the temporary accounts and post the entries to the appropriate T-accounts. 8. Prepare a post-closing trial balance as of January 31 CHART OF ACCOUNTS Cash Accounts Receivable Office Supplies Inventory Prepaid Rent Prepaid Insurance Office Equipment Accumulated Depreciation Accounts Payable Salaries Payable Unearned Fees Common Stock Retained Earnings Sales Fees Earned Cost of Goods Sold Credit Card Fees Expense Depreciation Expense Insurance Expense Rent Expense Salaries Expense Supplies Expense Utilities Expense