Need some help completing the rest of the questions. Part 1 already completed by me, but I need help in trying to figure out how to get the answers for the rest

Week-1 Basic Journal Entries Week-2 Adjusting Journal Entries and Income Statement Pal's Planes, an airplane manufacturing company, begins business on 1/1/2017. Pal's specializes in selling and repairing airplanes. A listing of all of At the end of the month, Pal's needs to make the following adjusting journal entries. Please record these adjusting journal entries in the Pal's trial balance accounts can be found in "trial balance" tab below. For the transactions below, please record the necessary journal entries in the 'Journal Entries" tab and update the balances in the unadjusted trial balance. I have provided a "T-Account" tab for each individual trial balance Statement" tab. "journal entries", "T-Accounts", and "Trial Balance" tabs and prepare a single-step and multiple step income statement in the "Income account to track the changes during the period. Transaction #1 On January 1, 2017, Pal invests $250,000 in exchange of 2,500 shares of $1 par Common Stock. Transaction #10 : One month of expenses has been incurred for rent and insurance expenses. Transaction #2 On January 1, 2017, Pal's buys $17,000 worth of office supplies with cash. Transaction # 11: John, Frank, and Mccoy worked for a full-month as salary employees. They will be paid on February 5th. Transaction #3 On January 1, 2017, Pal pre-pays the following expenses for the next 12 months: Rent Expense $36,000 and Insurance Transaction #12: At then end of the month, Pal's does an inventory of the supplies room and notes that $9,500 worth of supplies is still Expense $6,000 remaining in the stock room. Transaction #4 On January 1, 2017 Pal buys $90,000 worth of machines that will be used in modifying planes that will be sold. Pal noted that these machines will have useful life of 10 years and no salvage value at the end of the 10 years. Pal will use the straight- Transaction #13: One month of depreciation has been incurred as of Janary gist on the machines purchased. Record the applicable entry. line depreciation method in depreciating the asset. Pal bought these machines with cash. Transaction $5 On January 1, 2017 Pal hires three employees: John Schultz, Office Manager, Frank Foster, Repairs Manager, and Mccoy McDonald, Sales Manager. Each of the three employees will have a monthly salary of $6,000, which will be paid on the 5th Transaction #14: As of January 3ist, Pal's Planes has completed repair services on 2 of the 6 Ozark Planes. Based on the terms of the day of the next month. agreement Pal's may record revenue. Transaction #15: McCoy McDonald has noted that the customer that purchased the three planes on account is in financial trouble and collectiablity may or may not occur. Based on discussions with the customer, Pal's expects to receive 90% of the puchase price of the planes On January 2nd, Ozark Planes pre-pays Pal's Planes $96,000 to perform repair services on 6 planes. For each plane on account. As such, Pal's has decided to reserve for the 10% in an allowance account and will not completely write off the accounts Transaction #6 repaired, Pa's will receive $16,000 in revenue. receivable. Transaction #16: After review of the bank statement at month-end, you note that $150 of interest income was earned and wired into cash account at First Hawaiian Bank for interest related to our account balance for the month of January. Transaction #7 On January 2nd, John Schultz purchased 6 planes for $50,000 each at the boat action. These planes are ready for re-sale and were put into inventory on this date. Pal's purchased these boats on account and will be paid in 90 days. Prepare Single Step and Multiple Step Income Statements on the "Income Statement" tab for the month of January. Assume no income tax. On January 15th, Pal's sold 3 planes for $75,000 each to a customer. The customer will pay in cash for these planes in 30 Transaction #8 days. (Hint: Remember there are two entries with a sale of goods) Transaction #9 On January goth, Pal's announces that is has declared and paid a dividend of $1 to all shares of common stock.Assets Liabilities and Equity Account #|Account Description Income Statement ooo Cash Account # |Account Description Account #|Account Description 1100 Accounts Receivable 2000 Accounts Payable 1000 Revenue-Plane Sales 150 Allowance for Doubtful Accounts 2100 Unearned Service Revenue 1100 Revenue-Repair Services 200 Inventory 2200 Wages and Salaries Payable 5000 Cost of Goods Sold 300 Pre-Paid Expense 3000 Common Stock 3050 Additional Paid In Capita 6ooo Wages and Salaries Expense 1400 Supplies 6100 Rent Expense 100 Dividends 1500 Machines 6200 Supplies Expense 1550 Accumulated Depreciation Machine 5goo Insurance Expense 5400 Depreciation Expense $50o Interest Income 6600 Bad Debt Expense Journal Entry # Account # Account Description Debit Credit 1000 Cash 250,000 3000 Common Stock 2.500 3050 Additional Paid In Capital 247500 2 400 Supplies 17,000 1000 Cash 17,000 31 1300 Pre-Paid Expense 42,000 ooo Cash 42,000 1500 Machines 90,000 ooo Cash 90,000 No Entry No Entry 6 1000 Cash 96,000 2100 Unearned Service Revenue 96,000 200 Inventory 300,000 2000 Accounts Payable 300,000 8 1100 Accounts Receivable 225,000 1000 Revenue-Plane Sales 225,000 ooo Cost of Goods Sold 150,000 200 Inventory 150,000 9 100 Dividends ooo Cash 2.500 2.500 10Assets Liabilities and Equity 718.500 Income Statement Check Figure 1000-Cash 643,500 Debit Credit 2000-Accounts Payable 75,000 Debit Credit 4000-Revenue-Plane Sales Beginning Balance Beginning Balance Debit Credi JE $1 250,000 Beginning Balance JE #2 JE $7 17,000 300,000 JE $8 225,000 JE43 42,000 JE $4 JE $6 90,000 96,000 JE 49 2.500 Ending Balance 194,500 Ending Balance 300,000 Ending Balance 225,000 1100-Accounts Receivable Debit 2100-Unearned Service Revenue Beginning Balance Credit Debit (100-Revenue- Repair Services Beginning Balance Credit Debit JE FE JE. DE Beginning Balance Credit 225,000 96,000 Ending Balance 225,000 Ending Balance 96,000 Ending Balance 1150-Allowance for Doubtful Accounts Debit 2200-Wages and Salaries Payable Beginning Balance Credit Debit 5000-Cost of Goods Sold Beginning Balance Credit Debit Credit Beginning Balance JE 150,000 Ending Balance Ending Balance Ending Balance 150,000 1200-Inventory Debit Credit 3000-Common Stock 60o0-Wages and Salaries Expense Beginning Balance Debit Credi Debit Credit JE $7 Beginning Balance 300,000 Beginning Balance JE + 8 JE $1 2,500 150,000 Ending Balance 150,000 Ending Balance 2,500 Ending Balance 1300-Pre-Paid Expenses Debit 3050-Additional Paid In Capital Beginning Balance Credit Debit Beginning Balance Credit 6100-Rent Expense Debit Credit JE $3 42,000 Beginning Balance JE 247,500 Ending Balance 12,000 Ending Balance 247.500 Ending BalanceAssets Liabilities and Equity Income Statement Check Figure 718.500 543.500 75.000 1400-Supplies 9100-Dividends 6200-Supplies Expense Debit Credit Debit Credit Debit Credit Beginning Balance Beginning Balance Beginning Balance JE $2 17,000 JE 49 2,500 Ending Balance 17,000 Ending Balance 2,500 Ending Balance 1500-Machines 3200-Retained Earnings 6goo-Insurance Expense Debit Credit Debit Credit Debit Credit Beginning Balance Beginning Balance Beginning Balance JE $4 90,000 Ending Balance 90,000 Ending Balance Ending Balance 1550-Accumulated Depreciation Machines 6400-Depreciation Expense Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance 6500-Interest Income Debit Credit Beginning Balance Ending Balance 560o-Bad Debt Expense Debit Credit Beginning Balance Ending BalanceWeek 1 Week 2 Unadjusted Trial Balance Adjusted Trial Balance Account # Account Description Debit Credit Debit Credit 10o0 Cash 194.500 1100 Accounts Receivable 225.000 1150 Allowance for Doubtful Accounts 1200 Inventory 150,000 1goo Pre-Paid Expense 42,000 Assets= 1400 Supplies 17,000 1500 Machines 90,000 1550 Accumulated Depreciation Machine 2000 Accounts Payable 300,000 2100 Unearned Service Revenue 96,000 Liabilities (+) 2200 Wages and Salaries Payable 3000 Common Stock 2.500 3050 Additional Paid In Capital 247,500 3100 Dividends 2.500 Equity (+) 3200 Retained Earnings 1000 Revenue-Plane Sales 225,000 4100 Revenue-Repair Services 5000 Cost of Goods Sold 150.000 6000 | Wages and Salaries Expense 6100 Rent Expense 6200 Supplies Expense Income Statement 6go0 Insurance Expense 6400 Depreciation Expense 6500 Interest Income 6600 Bad Debt Expense Check Figure Check FigurePal's Planes Pal's Planes Single Step Income Statement Multiple Step Income Statement For the Month Ended, January 31, 2017 For the Month Ended, January 31, 2017 Total Income Gross Margin Operating Expenses Total Operating Income Operating Expenses Total Expenses Net Income Net Income