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Please create the journal entries, 1-accounts, following scenario: 1. 1/1/22-Julia decides to start a business and invests $100,000 into the company, Julia's Word Search
Please create the journal entries, 1-accounts, following scenario: 1. 1/1/22-Julia decides to start a business and invests $100,000 into the company, Julia's Word Search Company. She receives 1,000 shares of stock. 2. 1/2/22-Julia borrows $250,000 from the bank - she will pay a simple interest rate of 12%. The loan will be paid entirely on 12/31/22 with the principal and all interest due then. 3. 1/2/22-Julia purchases an office space for $150,000. She pays $90,000 cash and the rest is on account. 4. 1/3/22-Julia gets paid for the remainder of the year 2022 to provide a daily word search (with more than just the name Julia being in the word search). She receives $48,000 for the rest of the year. She will recognize the income monthly. 5. 1/3/22 - Julia purchases inventory (word search books) that she will sell this year. $25,000 for 2,500 books. 6. 1/4/22 - Julia purchases inventory (word search books) that she will sell this year. $30,000 for 2,500 books. 7. 1/5/22 Julia sells 3,000 books for $90,000 (on account). 8. 1/6/22-Julia needs cleaning supplies and purchases supplies for $12,500 cash 9. 1/7/22-Julia purchases inventory (word search books) that she will sell this year. $40,000 for 2,500 books. 10. 1/8/22 - Julia purchases inventory (word search books) that she will sell this year. $30,000 for 1,500 books. 11. 1/9/22 - Julia sells 4,600 books for $145,000 (cash of $100,000 the rest on account) 12. 1/10/22 Julia purchases inventory (word search books) that she will sell this year. $100,000 on account for 7,500 books. 13. 1/11/22 Someone steals 500 books 14. 1/12/22 Julia decides to sell books at a discounted rate to an orphanage - She sells 2,000 books for $60,000 with the terms 5/10 net 30. 15. 1/15/22-Julia hires an employee and prepays the salary for the rest of the month $2,500 cash 16. 1/16/22-Julia buys furniture for the office (couches, chairs, desks, etc.). She got tired of sitting on the floor and working. She pays $24,000 cash 17. 1/20/22 Julia collects from the orphanage 18. 1/24/22-Julia sells 1,500 books for $60,000 on account 19. 1/30/22-Julia realizes that she only has $1,000 worth of supplies left. Very messy. 20. 1/31/22-Julia decides that 1% of sales will be uncollectible. Please prepare the work using FIFO periodic.
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