Please help, I have this information and need to create my 3rd general journal. Thanks!

4 6 1 2 3 4. 5 6 7 8 9 10 11 12 13 The original information for this project is included below. I have provided all of the information related to the Summary Transactions for 2019. Use page 3 of your General Journal to make the adjusting journal entries shown below. After you post the entries to the general ledger, prepare an adjusted trial balance, the template can be found in the Adj. TB Dec. 31, 2019 tab. Summary Transactions for 2019 1 Purchased inventory on account for $300,000. 2 Sold goods for cash $50,000; the cost of goods sold was $15,250. 3 Sales returns were $12,000, and had a cost of $3,660. 4 Sold goods on account for $950,000; the cost of goods sold was $289,750. 5 Collected $960,000 of accounts receivable consisting of $957,150 in cash and discounts of $2,850. 6 Purchased supplies on account $3,200, debit supplies. 7 Paid $320,000 of accounts payable - this includes supplies and inventory. Paid the principal balance of $51,000 on the note payble plus interest of $3,060. The balance in interest 8 payable is related to this interest. Paid salaries of $90,000, this includes the beginning balance in salaries payable, which represents the 9 salaries owed on December 31 of last year. 10 Paid 12-months rent in advance on October 1, 2019 of $24,000, debit pre-paid rent. 11 Purchased equipment for $60,000 on August 1, 2019 by giving a 9-month, 6% note for $60,000. 12 Paid $2,500 for maintenance and repairs. 13 Sold common stock (on January 1), 30,000 shares for $10 per share. The par value is $2 per share. 14 Sold preferred stock, 2,000 shares for $25 per share. The par value is $25 per share. 15 Paid utilities of $4,800. 16 Declared and paid cash dividends to common shareholders, $6,000. 17 Declared and paid cash dividends to preferred shareholders, $2,000. 18 Wrote off $1,450 of uncollectible accounts receivable. Sold equipment having an original cost of $30,000, and accumulated depreciation of $5,000 for $27,000 19 cash. 14 15 16 17 18 19 20 21 22 23 24 25 Sold equipment having an original cost of $30,000, and accumulated depreciation of $5,000 for $27,000 19 cash. 24 25 26 27 28 29 30 31 32 33 34 35 36 Information for Adjusting Entries on December 31, 2019 1 An aging of accounts receivable revealed that 2% of accounts receivable are uncollectible 2 Depreciation Expense: For equipment purchased prior to to 2019, the equipment has a $30,000 salvage value and an 8-year useful life. For equpment purchased during 2019, the equipment has a $12,000 salvage value and a 10-year useful life. 3 Adjust pre-paid rent 4 Salaries accrued and not yet paid are $12,500. 5 Record the accrued interest on the note payable. 6 Utilities owed and not yet paid are $1,600. 7 Supplies on hand are $750. 8 Income Tax Rate is 30% of Income before taxes. 37 4. 4 5 Credit Debit 85,890 33,700 1,250 Our Favorite Store Post-Closing Trial Balance December 31, 2018 Account Title Cash Accounts Receivable Allowance for Doubtful (Uncollectible) Accounts Inventory Supplies Prepaid Rent Equipment Accumulated Depreciation - Equipment Accounts Payable Salaries Payable Interest Payable Income Taxes Payable Notes Payable Common Stock, $2 par value Additional Paid In Capital - Common Preferred Stock, $25 par value Retained Earnings 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 45,000 5,500 13,500 260,000 30,000 48,500 1,800 2,040 6,500 51,000 130,000 85,000 25,000 62,500 443,590 443,590 Transactions TB Dec. 31, 2018 Gen. Journal Gen. Ledger TB Dec. 31, 2019 Ad 2 General Journal General Journal 3 4 Page 1 Credit Page 2 Credit Date PR Date Description PR Debit 300,000 Description Inventory Accounts Payable Debit 24,000 1 10 5 6 x Pre-paid Rent Cash X 300,000 24,000 7 8 2 Cash X 50,000 11 60,000 Equipment Note Payable 9 Sales 50,000 60,000 15,250 12 2,500 Cost of Goods Sold Inventory Maintenance and Repairs Expense Cash 15,250 2,500 3 X 12,000 13 X 300,000 Sales Returns and Allowances Accounts Receivable 12,000 Cash Common Stock APIC - Common 60,000 240,000 3 3,660 Inventory Cost of Goods Sold 3,660 14 50,000 Cash Preferred Stock 50,000 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 4 X 950,000 Accounts Receivable Sales X 950,000 15 X 4,800 Utility Expense Cash X 4,800 Cost of Goods Sold X 289,750 Inventory X 289,750 16 6,000 Dividends Cash X 6,000 5 X Cash Sales Discounts Accounts Receivable 957,150 2,850 X 17 X 2,000 Dividends Cash X 960,000 X 2,000 47 General Journal 48 49 Page 3 Credit Date Description PR Debit 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 Credit 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Unadjusted Trial Balance December 31, 2019 Account Title Debit Cash 966,680 Accounts Receivable 10,250 Allowance for Doubtful (Uncollectible) Accounts 200 Inventory 43,660 Supplies 8,700 Prepaid Rent 37,500 Equipment 290,000 Accumulated Depreciation - Equipment Accounts Payable Income Taxes Payable Notes Payable Common Stock, $2 par value Additional Paid In Capital - Common Preferred Stock, $25 par value Retained Earnings Dividends 8,000 Sales Revenue Sales Discounts 2,850 Sales Returns and Allownaces 12,000 Gains (Other) Cost of Goods Sold 301,340 Interest Expense 1,020 Maintenance and Repairs Expense 2,500 Salary Expense 88,200 Utilities Expense 4,800 25,000 31,700 6,500 60,000 190,000 325,000 75,000 62,500 1,000,000 2,000 32 33 24 1 7777 1 777 700 5 6 7 8 9 Our Favorite Store Adjusted Trial Balance December 31, 2019 Account Title oc Debit Credit 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 4 6 1 2 3 4. 5 6 7 8 9 10 11 12 13 The original information for this project is included below. I have provided all of the information related to the Summary Transactions for 2019. Use page 3 of your General Journal to make the adjusting journal entries shown below. After you post the entries to the general ledger, prepare an adjusted trial balance, the template can be found in the Adj. TB Dec. 31, 2019 tab. Summary Transactions for 2019 1 Purchased inventory on account for $300,000. 2 Sold goods for cash $50,000; the cost of goods sold was $15,250. 3 Sales returns were $12,000, and had a cost of $3,660. 4 Sold goods on account for $950,000; the cost of goods sold was $289,750. 5 Collected $960,000 of accounts receivable consisting of $957,150 in cash and discounts of $2,850. 6 Purchased supplies on account $3,200, debit supplies. 7 Paid $320,000 of accounts payable - this includes supplies and inventory. Paid the principal balance of $51,000 on the note payble plus interest of $3,060. The balance in interest 8 payable is related to this interest. Paid salaries of $90,000, this includes the beginning balance in salaries payable, which represents the 9 salaries owed on December 31 of last year. 10 Paid 12-months rent in advance on October 1, 2019 of $24,000, debit pre-paid rent. 11 Purchased equipment for $60,000 on August 1, 2019 by giving a 9-month, 6% note for $60,000. 12 Paid $2,500 for maintenance and repairs. 13 Sold common stock (on January 1), 30,000 shares for $10 per share. The par value is $2 per share. 14 Sold preferred stock, 2,000 shares for $25 per share. The par value is $25 per share. 15 Paid utilities of $4,800. 16 Declared and paid cash dividends to common shareholders, $6,000. 17 Declared and paid cash dividends to preferred shareholders, $2,000. 18 Wrote off $1,450 of uncollectible accounts receivable. Sold equipment having an original cost of $30,000, and accumulated depreciation of $5,000 for $27,000 19 cash. 14 15 16 17 18 19 20 21 22 23 24 25 Sold equipment having an original cost of $30,000, and accumulated depreciation of $5,000 for $27,000 19 cash. 24 25 26 27 28 29 30 31 32 33 34 35 36 Information for Adjusting Entries on December 31, 2019 1 An aging of accounts receivable revealed that 2% of accounts receivable are uncollectible 2 Depreciation Expense: For equipment purchased prior to to 2019, the equipment has a $30,000 salvage value and an 8-year useful life. For equpment purchased during 2019, the equipment has a $12,000 salvage value and a 10-year useful life. 3 Adjust pre-paid rent 4 Salaries accrued and not yet paid are $12,500. 5 Record the accrued interest on the note payable. 6 Utilities owed and not yet paid are $1,600. 7 Supplies on hand are $750. 8 Income Tax Rate is 30% of Income before taxes. 37 4. 4 5 Credit Debit 85,890 33,700 1,250 Our Favorite Store Post-Closing Trial Balance December 31, 2018 Account Title Cash Accounts Receivable Allowance for Doubtful (Uncollectible) Accounts Inventory Supplies Prepaid Rent Equipment Accumulated Depreciation - Equipment Accounts Payable Salaries Payable Interest Payable Income Taxes Payable Notes Payable Common Stock, $2 par value Additional Paid In Capital - Common Preferred Stock, $25 par value Retained Earnings 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 45,000 5,500 13,500 260,000 30,000 48,500 1,800 2,040 6,500 51,000 130,000 85,000 25,000 62,500 443,590 443,590 Transactions TB Dec. 31, 2018 Gen. Journal Gen. Ledger TB Dec. 31, 2019 Ad 2 General Journal General Journal 3 4 Page 1 Credit Page 2 Credit Date PR Date Description PR Debit 300,000 Description Inventory Accounts Payable Debit 24,000 1 10 5 6 x Pre-paid Rent Cash X 300,000 24,000 7 8 2 Cash X 50,000 11 60,000 Equipment Note Payable 9 Sales 50,000 60,000 15,250 12 2,500 Cost of Goods Sold Inventory Maintenance and Repairs Expense Cash 15,250 2,500 3 X 12,000 13 X 300,000 Sales Returns and Allowances Accounts Receivable 12,000 Cash Common Stock APIC - Common 60,000 240,000 3 3,660 Inventory Cost of Goods Sold 3,660 14 50,000 Cash Preferred Stock 50,000 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 4 X 950,000 Accounts Receivable Sales X 950,000 15 X 4,800 Utility Expense Cash X 4,800 Cost of Goods Sold X 289,750 Inventory X 289,750 16 6,000 Dividends Cash X 6,000 5 X Cash Sales Discounts Accounts Receivable 957,150 2,850 X 17 X 2,000 Dividends Cash X 960,000 X 2,000 47 General Journal 48 49 Page 3 Credit Date Description PR Debit 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 Credit 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Unadjusted Trial Balance December 31, 2019 Account Title Debit Cash 966,680 Accounts Receivable 10,250 Allowance for Doubtful (Uncollectible) Accounts 200 Inventory 43,660 Supplies 8,700 Prepaid Rent 37,500 Equipment 290,000 Accumulated Depreciation - Equipment Accounts Payable Income Taxes Payable Notes Payable Common Stock, $2 par value Additional Paid In Capital - Common Preferred Stock, $25 par value Retained Earnings Dividends 8,000 Sales Revenue Sales Discounts 2,850 Sales Returns and Allownaces 12,000 Gains (Other) Cost of Goods Sold 301,340 Interest Expense 1,020 Maintenance and Repairs Expense 2,500 Salary Expense 88,200 Utilities Expense 4,800 25,000 31,700 6,500 60,000 190,000 325,000 75,000 62,500 1,000,000 2,000 32 33 24 1 7777 1 777 700 5 6 7 8 9 Our Favorite Store Adjusted Trial Balance December 31, 2019 Account Title oc Debit Credit 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32