Need help with my practice set part 2.

ACCOUNTING OCTETY Part Two Instructions: Before you prepare the ten adjusting journal entries below in an Excel spreadsheet please make sure corrections have been made to any previous joumal entries. The following are the adjusting journal entries for the month of January. Record all adjusting entries on January 31, 2021. Record Adjusting Entries: Record the following month end adjusting entries for the month of January. Write the journal entries in a new Excel Spreadsheet. a. $150 of office supplies remained on hand. b. $200 of shipping supplies remained on hand. C. $2.300 of wages for the part-time help from Irene's Temp Services for January should be accrued. Do not worry about payroll taxes: Temp Services Inc. will handle these. d. Make the necessary adjusting entries for one month's depreciation for the Computer Equipment using Straight Line Depreciation e. Make the necessary adjusting entry for one month's depreciation for the truck using Straight Line Depreciation 1. Make the necessary adjusting entry for one month's depreciation for the metal shelving using Straight Line Depreciation g. One month of the prepaid insurance has expired. n. One month of the prepaid rent has expired. Record the interest for the loan for $20.000 from Western Bank for one month. Record the interest for the loan for the land from Western Bank for one month. Follow the same instructions for the adjusting journal entries that you did in part one. Once the adjusting entries have been completed in the spreadsheet use the spreadsheet to answer the questions in Blackboard then upload the spreadsheet to Blackboard. Follow these instructions. Step 1: Write the adjusting journal entries in an Excel spreadsheet or Word document Step 2: Use the Excel spreadsheet or Word document to answer the questions in Blackboard in the content folder in the corresponding week. Step 3: Once you complete entering information click on the "Practice Set" tab on the navigation pane Step 4: When it opens, click on the corresponding assignment of the practice set Step 5: Once the assignment opens, scroll down and click on "Browse Local Files Step 6: When you are done uploading the files, scroll down and click on the "Submit" button CCOUNTING SOCIETY Below is the Chart of Accounts that will be used in the journal entries. Use the account numbers listed below. Chart of Accounts Current Assets 10000 Cash 11000 Accounts Receivable Current Liabilities 12000 Inventory - Orange Roller 20000 Accounts Payable Blades 23100 Wages Payable 12100 Inventory - Black Roller 23200 Interest Payable Blades 23300 Sales Tax Payable 13100 Office Supplies 23400 Utility Payable 13200 Shipping Supplies 27000 Note Payable-Western 14000 Prepaid Rent 27100 Note Payable-Computer, Inc 14100 Prepaid Insurance Stockholders' Equity 39003 Common Stock Long-Term Assets 39005 Retained Earnings 15000 Metal Shelves 39007 Dividends 17000 Accumulated Depreciation - Metal Shelves 15100 Land 15200 Computer Equipment 17200 Accumulated Depreciation - Revenue Computer Equipment 40000 Sales 15300 Truck 17300 Accumulated Depreciation - Truck Expenses 50000 60100 60150 60200 60300 60350 60400 60450 60500 60550 Cost of Goods Sold Legal Expense Office Supplies Expense Shipping Supplies Expense Insurance Expense Wage Expense Credit Card Expense Delivery Expense Advertising and Promotion Expense Utility Expense 60600 60650 60700 60750 60800 60850 Rent Expense Depreciation Expense Interest Expense Bank Service Fee Gasoline Expense Registration Fee 31 Page Transaction Description 11/02/2021 M Blade met with berlawyer and CPA for advice on ting the business The lawyer told Ms. Blade to register the comportamenti Roller Blades with the County Pase. In addition, is late will get an amplayer identition number from an even ha estat from the state of Texas 21/02/2021 Deposit M. Bude opened a business the countriestern Bank by destine 536,000. The corporation med her a stockcenificate for 9.000 shares of common stock with no par value 3. 1/03/2010 Modeseda one per She was readired to pay $17.00 for rent for the north of anuary 1, 2021 - Aer 10, 2021 4 1/03/2012 Assanged for a pinerals liability in polity and paid $6.000 to Stuten. This premium a fur ve month coverage 5 17/2071 Dpt.2 Sredno payable to brow 20.000 en Weitere Bin Wand www and the matte be without wine Ontwed and then tangan 61/01/2001 Puchared Of Super 53,00 SA 7. 1/05/2021 Purchased metallveg on account for $3,000 will be deprecated over 5 years ingapreciation and will have 5500 of salvaje los at the end of 5 years Derection will be cated at the end of the marthand in headustino L1/07021 Rheed Shipping Supplies 51.000 91/05/2021 2004 Purchased and for a fun viding site 575.000 510,000 in cash and giving a wote pale from Western Bank for the romaner. The bank wote will carry it and will be repaid in 9 months. The fest ofere will be paid in the adjusting joutul antre at the end of the month 10. 1/06/2021 Purchased are computer system that cost 5.255 from Computer Inc. for use in the business Ms Badesigned a month, 10 note able to the cost of the system. The computer has an estimated five years the residus salge value $400. This will be recorded as Computer Et Depcion and inter will be at aditional entry ingrene depreciation to read with interest months and will be cone the end of the morth 111/09/2020 10 Arranged for Mowe Wust to make the delivery computer system and the delivery charge of 5550. This charge thelbedded to the cost of the computers and deprecated on the cares the computer. The depreciation will be called Musing the end of the more 12 1/08/2021 Puhe 20 marchandise inventory.cange roller Budes for $200 aut. The vender nattended turm 12 1/09/2011 Purch 250 de inventory backroleren for $7.500 on arount. There were creditor Brompt payment 16 1/1/2021 a 1000 Mt. Blade received and paid the $1.000 charpe on her law 13 1142021 107 Pusha werd 1.000 The truck wil word wr2 years. The relation will be and will be an adjusting metry the end of them 16 1/14/2020 Rockin' Relie Badeshow open for us 17. 1/14/2021 Suldrande fue 519.00 Salus Tawa S16H3SO. The The Roller Hates is on the staf range Roller Bades is $3.900 Puto this samuthedafir to the customer. The marchandise wil hipere destination 16 1/16/207110 Paid 527 to ship the merchandise 16 1/16/2011 Purchased editional Orange rulerblade e account for too. Crede termi w 2/15, 1/30. Autume credeterm bewed 20. 1/17/2031 Puchatonal back of adent for St. Crest terms were 2/15/30. Anume credit torms wil bewed CETIN 21. 1/20/2021 Deposit 14 Recorded cash sales that totaled $15,000. Sales tax is $1.237.50. The cost of merchandise sold was $7.500 (orange blades were $3,750, black blades were $3,750) 22. 1/22/2021 Ck #1009 Ms. Blade signed up for a Roller Blade Exhibition. She paid the registration fee of $250 23. 1/23/2021 Ms. Blade participated in a rollerblade exhibition held at the convention center sponsored by the Chamber of Commerce. She felt this was a good way to publicize her new business. The cost to participate was $800 and she considers this an Advertising expense and paid on account 24. 1/26/2021 Ck #1010 Paid for the roller blades purchased on 1/09/2021. 25. 1/27/2021 Deposit #5 Ms. Blade recorded cash sales totaling $10.500. Sales tax is 586625. The cost of the merchandise sold was $5,250 (orange blades $2.250, black blades $3,000) 26. 1/27/2021 Ck # 1011 Paid the Advertising expense billed on account in transaction 123 27. 1/27/2021 Ck #1012 Paid the balance due for the roller blades. There are three invoices 28. 1/30/2021 Ck #1013 American Express sent a bill for $235 for gasoline expense and the bill was paid. 29. 1/30/2021 Received but did not pay the utility bill for the month, 5445 30. 1/30/2021 Ck #1014 Paid the first monthly installment on the computer equipment. $52.13 is for interest and $1,042.50 is for principal 31. 1/30/2021 Deposit #6 Recorded sales made for the last week of the month. Sales tax is $891. Total cash sales were $10,800. The cost of the merchandise sold was $5.400 (orange blades $1.650 black blades $3,750). 32. 1/31/2021 Ck #1015 Paid the sales tax to the proper taxing authority 33. 1/31/2021 ck #1016 Declared and paid a cash dividend of $200 to Ms Blade. 61 Page ACCOUNTING OCTETY Part Two Instructions: Before you prepare the ten adjusting journal entries below in an Excel spreadsheet please make sure corrections have been made to any previous joumal entries. The following are the adjusting journal entries for the month of January. Record all adjusting entries on January 31, 2021. Record Adjusting Entries: Record the following month end adjusting entries for the month of January. Write the journal entries in a new Excel Spreadsheet. a. $150 of office supplies remained on hand. b. $200 of shipping supplies remained on hand. C. $2.300 of wages for the part-time help from Irene's Temp Services for January should be accrued. Do not worry about payroll taxes: Temp Services Inc. will handle these. d. Make the necessary adjusting entries for one month's depreciation for the Computer Equipment using Straight Line Depreciation e. Make the necessary adjusting entry for one month's depreciation for the truck using Straight Line Depreciation 1. Make the necessary adjusting entry for one month's depreciation for the metal shelving using Straight Line Depreciation g. One month of the prepaid insurance has expired. n. One month of the prepaid rent has expired. Record the interest for the loan for $20.000 from Western Bank for one month. Record the interest for the loan for the land from Western Bank for one month. Follow the same instructions for the adjusting journal entries that you did in part one. Once the adjusting entries have been completed in the spreadsheet use the spreadsheet to answer the questions in Blackboard then upload the spreadsheet to Blackboard. Follow these instructions. Step 1: Write the adjusting journal entries in an Excel spreadsheet or Word document Step 2: Use the Excel spreadsheet or Word document to answer the questions in Blackboard in the content folder in the corresponding week. Step 3: Once you complete entering information click on the "Practice Set" tab on the navigation pane Step 4: When it opens, click on the corresponding assignment of the practice set Step 5: Once the assignment opens, scroll down and click on "Browse Local Files Step 6: When you are done uploading the files, scroll down and click on the "Submit" button CCOUNTING SOCIETY Below is the Chart of Accounts that will be used in the journal entries. Use the account numbers listed below. Chart of Accounts Current Assets 10000 Cash 11000 Accounts Receivable Current Liabilities 12000 Inventory - Orange Roller 20000 Accounts Payable Blades 23100 Wages Payable 12100 Inventory - Black Roller 23200 Interest Payable Blades 23300 Sales Tax Payable 13100 Office Supplies 23400 Utility Payable 13200 Shipping Supplies 27000 Note Payable-Western 14000 Prepaid Rent 27100 Note Payable-Computer, Inc 14100 Prepaid Insurance Stockholders' Equity 39003 Common Stock Long-Term Assets 39005 Retained Earnings 15000 Metal Shelves 39007 Dividends 17000 Accumulated Depreciation - Metal Shelves 15100 Land 15200 Computer Equipment 17200 Accumulated Depreciation - Revenue Computer Equipment 40000 Sales 15300 Truck 17300 Accumulated Depreciation - Truck Expenses 50000 60100 60150 60200 60300 60350 60400 60450 60500 60550 Cost of Goods Sold Legal Expense Office Supplies Expense Shipping Supplies Expense Insurance Expense Wage Expense Credit Card Expense Delivery Expense Advertising and Promotion Expense Utility Expense 60600 60650 60700 60750 60800 60850 Rent Expense Depreciation Expense Interest Expense Bank Service Fee Gasoline Expense Registration Fee 31 Page Transaction Description 11/02/2021 M Blade met with berlawyer and CPA for advice on ting the business The lawyer told Ms. Blade to register the comportamenti Roller Blades with the County Pase. In addition, is late will get an amplayer identition number from an even ha estat from the state of Texas 21/02/2021 Deposit M. Bude opened a business the countriestern Bank by destine 536,000. The corporation med her a stockcenificate for 9.000 shares of common stock with no par value 3. 1/03/2010 Modeseda one per She was readired to pay $17.00 for rent for the north of anuary 1, 2021 - Aer 10, 2021 4 1/03/2012 Assanged for a pinerals liability in polity and paid $6.000 to Stuten. This premium a fur ve month coverage 5 17/2071 Dpt.2 Sredno payable to brow 20.000 en Weitere Bin Wand www and the matte be without wine Ontwed and then tangan 61/01/2001 Puchared Of Super 53,00 SA 7. 1/05/2021 Purchased metallveg on account for $3,000 will be deprecated over 5 years ingapreciation and will have 5500 of salvaje los at the end of 5 years Derection will be cated at the end of the marthand in headustino L1/07021 Rheed Shipping Supplies 51.000 91/05/2021 2004 Purchased and for a fun viding site 575.000 510,000 in cash and giving a wote pale from Western Bank for the romaner. The bank wote will carry it and will be repaid in 9 months. The fest ofere will be paid in the adjusting joutul antre at the end of the month 10. 1/06/2021 Purchased are computer system that cost 5.255 from Computer Inc. for use in the business Ms Badesigned a month, 10 note able to the cost of the system. The computer has an estimated five years the residus salge value $400. This will be recorded as Computer Et Depcion and inter will be at aditional entry ingrene depreciation to read with interest months and will be cone the end of the morth 111/09/2020 10 Arranged for Mowe Wust to make the delivery computer system and the delivery charge of 5550. This charge thelbedded to the cost of the computers and deprecated on the cares the computer. The depreciation will be called Musing the end of the more 12 1/08/2021 Puhe 20 marchandise inventory.cange roller Budes for $200 aut. The vender nattended turm 12 1/09/2011 Purch 250 de inventory backroleren for $7.500 on arount. There were creditor Brompt payment 16 1/1/2021 a 1000 Mt. Blade received and paid the $1.000 charpe on her law 13 1142021 107 Pusha werd 1.000 The truck wil word wr2 years. The relation will be and will be an adjusting metry the end of them 16 1/14/2020 Rockin' Relie Badeshow open for us 17. 1/14/2021 Suldrande fue 519.00 Salus Tawa S16H3SO. The The Roller Hates is on the staf range Roller Bades is $3.900 Puto this samuthedafir to the customer. The marchandise wil hipere destination 16 1/16/207110 Paid 527 to ship the merchandise 16 1/16/2011 Purchased editional Orange rulerblade e account for too. Crede termi w 2/15, 1/30. Autume credeterm bewed 20. 1/17/2031 Puchatonal back of adent for St. Crest terms were 2/15/30. Anume credit torms wil bewed CETIN 21. 1/20/2021 Deposit 14 Recorded cash sales that totaled $15,000. Sales tax is $1.237.50. The cost of merchandise sold was $7.500 (orange blades were $3,750, black blades were $3,750) 22. 1/22/2021 Ck #1009 Ms. Blade signed up for a Roller Blade Exhibition. She paid the registration fee of $250 23. 1/23/2021 Ms. Blade participated in a rollerblade exhibition held at the convention center sponsored by the Chamber of Commerce. She felt this was a good way to publicize her new business. The cost to participate was $800 and she considers this an Advertising expense and paid on account 24. 1/26/2021 Ck #1010 Paid for the roller blades purchased on 1/09/2021. 25. 1/27/2021 Deposit #5 Ms. Blade recorded cash sales totaling $10.500. Sales tax is 586625. The cost of the merchandise sold was $5,250 (orange blades $2.250, black blades $3,000) 26. 1/27/2021 Ck # 1011 Paid the Advertising expense billed on account in transaction 123 27. 1/27/2021 Ck #1012 Paid the balance due for the roller blades. There are three invoices 28. 1/30/2021 Ck #1013 American Express sent a bill for $235 for gasoline expense and the bill was paid. 29. 1/30/2021 Received but did not pay the utility bill for the month, 5445 30. 1/30/2021 Ck #1014 Paid the first monthly installment on the computer equipment. $52.13 is for interest and $1,042.50 is for principal 31. 1/30/2021 Deposit #6 Recorded sales made for the last week of the month. Sales tax is $891. Total cash sales were $10,800. The cost of the merchandise sold was $5.400 (orange blades $1.650 black blades $3,750). 32. 1/31/2021 Ck #1015 Paid the sales tax to the proper taxing authority 33. 1/31/2021 ck #1016 Declared and paid a cash dividend of $200 to Ms Blade. 61 Page