Our homework requires us to write out journal entries for the following transactions, and to post the entries from our journal to General Ledger accounts. I have completed the homework but i want to check my answers before I turn it in. Can some one please help me so I can confirm my answers to see what i got correct and what i did not. Thank you.

ADJUSTING ITEMS		Description
1		Based on prior experience, GBI estimates that approximately % of the net credit sales (gross credit sales minus returns of credit sales) for the month will become bad debt. GBI writes off bad debts as they occur and recognizes bad debt expense based on anticipated bad debts as an adjusting entry each month.
2		As a control measure, physical inventories are taken on a periodic basis alternating between the raw materials inventory, finished goods inventory and trading goods inventory. Physical inventory of the trading goods inventory was taken at the end of January. It was determined that the value of the trading goods merchandise on hand was $40,710.
3		GBI counted the office supplies on hand after the close of business on the last day of the month and determined the cost of the unused office supplies to be $620.
4		Production Machinery, Equipment and Fixtures are expected to last 15 years with no salvage value. The bar-code system has a 5-year life and no salvage value. GBI depreciates fixed assets on a straight-line basis and those assets acquired in the first half of the month are depreciated for the entire month, while fixed assets placed in service during the last half of the month are not depreciated until the second month. Depreciation is rounded to the nearest dollar and assets are depreciated monthly (i.e., number of days in the month is not of consequence).
5		GBI used the Internet to review the monthly charges for utilities the business consumed during January. Based on the internet report, the amount to be billed by the utilities company for January usage is $1,046.
6		Liability insurance for the six-month period ending on February 28 in the amount of $15,000 was paid last August on the first of the month. Liability insurance is assumed to be utilized uniformly over the six-month policy period.
7		GBI needs to recognize the wages expense for the month. Since all employees are paid salaries and no changes have been made, this amount is the same as the previous month salaries. (For purposes of this assignment, ignore manufacturing and assume all labor costs will be expensed.)
8		GBI needs to recognize $4,500 of rent expense that had been prepaid.