Please answer the last 11 entries of the general journal and the last 4 of the adjusting journal entries. Thank you!
C. Brown, his family, and friends all invest $70,000 cash in the corporation, in exchange for 14,000 shares of common stock (\$5 par value). 1 Received and paid the bill for a two-year premium for insurance, $12,240. 1 Borrowed $25,000 for Alpine Bank, promising to pay back the principal on 1 June 1,2024 and interest (6%) monthly on July 1. Using the money borrowed from Alpine Bank, Brown bought two rafts, $6,000 each 2 (total $12,000 ) and a truck, valued at $12,500 paying cash for all three. 3 Rented a shop and paid rent for the first 3 months, $3,600. 3 Signed a contract to take the staff at Colorado Mountain College (CMC) on 2 days worth of float trips over the summer. CMC paid $5,000 up-front for the float trips. 4 Bought 6 fly rods, on account from Winston FlyRod Company for $1200. (Debit Inventory 4 fly rods). 4 Bought 1200 flies on account from FlyDeals, $300 (Debit Supplies). 5 Hired two employees - one head guide and a shop manager. The head guide will be paid $1000/ wk and the shop manager makes $15/hr. 6 Took a client on a guided float trip down the Roaring Fork River and received $500 for 6 the trip. 7 Sold one fly rod to a customers for $800 cash. (Note: CB FlyShop uses a perpetual inventory system). 10 Took another 5 clients on guided fishing trips, float trip income for these trips totaled 10$2,500 which was paid in cash. 10 Took another 5 clients on guided fishing trips, float trip income for these trips totaled $2,500 which was paid in cash. 15 Received and paid for a bill for advertising in the Post Independent $300. 17 Paid the bill from Winston FlyRod company. 18 Took one of the rafts to Alpine Rafting to fix a tear in the floor. Alpine made minor repairs on the raft and sent CB FlyShop an invoice for $200. (Hint: Debit repair expense). 19 Paid the head guide for his first two weeks of work. 19 The shop manager has worked 30 hours since starting and was paid on June 19. A client purchases a fly rod ($800) and goes on a float trip. The client doesn't have any 22 cash on hand but promises to pay the shop for both the trip (\$450) and the fly rod next month. 24 Took half of the CMC employees on the first float trip. 27 Received and paid the telephone bill, \$150. 28 Paid Alpine Rafting on account, \$200. 29 Paid investors $200 in dividends. Adjusting Entries: 30 Prepaid insurance expired for the month of June 30 Monthly depreciation of the truck. $500 salvage value with a 6 year life. 30 Monthly depreciation of the rafts. The rafts have 6 year life and no salvage. 30 Incurred wages through June 30 . The Head Guide worked 1 week and the shop manager worked 20 hours. 30 Prepaid rent expired for the month of June 30 Half of the supplies purchased were used in June 30 Accrued interest on the Note Payable 30 Accrue income taxes at the current corporate rate of 35%
