please help me answering this by preparing only the ADJUSTING ENTRIES. A through H
If there is a number thHat is ue account has a zero balance. the ending balance on page 9. in the cash account for the bank reconciliation. All instructions for Blackboard start Transactions Date Deposit No. Description Carla Cannel met with her lawyer and CPA for advice on starting the business. They decided that Ms. Cannel would organize the business as a corporation. The lawyer told Ms. Cannel to register the company name, Carla's Candles, Inc., with the County of El Paso In addition, Ms. Cannel will get an employer identification number (EIN) from the Internal Revenue Service and get a sales tax permit from the state of Texas. The lawyer agreed to prepare the Articles of Incorporation to be filed with the Secretary of State of Texas. The CPA has agreed to help Ms. Cannel set up her accounting system 1. 1/02/19 | Deposit #1 | Ms. Cannel opened a business checking account at wells Fargo Bank 2. | 1/02/19 by depositing the personal check she gave her company for $40,000. The corporation issued her a stock certificate for 4,000 shares of common stock. 3. | 1/03/19 | ck #1001 | Ms. Cannel signed a one-year rental agreement with Reynolds Realtors for shop space. She was required to pay $3,000 for rent for the months of January 1, 2019- March 31, 2019. 1/03/19 | Arranged for a general business liability insurance policy and paid Ck #1002 $1,200 to State Penn Insurance. This premium is for one year of coverage Purchased office equipment for a cost of $5,000 from Office Mart for use in the business. Ms. Cannel signed a six-month, 8% note payable for the cost of the system. The office equipment has an 5. 1/03/19 61 Pag estimated useful life of 4 years and the residual (salvage) value is S0. This will be recorded as Office Equipment, a using the Straight-Line Depreciation method accordingly nd depreciated 6. | 1/05/19 | Deposit #2 | Signed a note payable to borrow $5,000 from Wells Fargo Bank. Interest is 8% annually and the note is to be repaid with interest in nine months 7- 1/05/19 | ck #1003 | Purchased furniture and fixtures for $15,000 from Furniture Warehouse. The estimated service life of this asset is 5 years. The residual (salvage value) is $1,000. This will be recorded as Furniture and Fixtures and depreciated using the Straight-Line Depreciation Method. 8. | 1/06/19 9. | 1/06/19 10. |1/08/19 | Ck #1004 | Ck #1005 | Purchased more office Equipmenet for S700 to be used in the store | Purchased $700 in office supplies. Purchased $7,000 of Inventory-Candles from Fantastic Flames on account. Purchased $3,000 of Inventory-Holders from Handsome Holders on account. Ms. Cannel received and paid the $650 charge from her lawyer Carla's Candles is now open for business. Sales will be both retail and wholesale. Retail customers will purchase online and at the shop and will be charged an 8.25% sales tax. Ms. Cannel will allow major customers to charge their purchases on account and then pay later Sold a candelabra to UTEP for their homecoming banquet on account for $4,000. The cost of the candles is $1,450. The cost of the holders is $450. UTEP does not have to pay sales tax on the purchase Purchased $300 of store supplies on account. This is to be recorded 11. 1/08/19 12. 1/13/19 ck #1006 13. 1/18/19 14. |1/18/19 15. 1/18/19 16. |1/18/19 17. | 1/19/19 Purchased additional candles from Fantastic Flames on account, for $5,500 | Deposit #3 | Recorded cash sales for the first five days of operation. Sales totaled $6,000 and the sales tax collected totaled $495. A total of $6,495 was deposited in the bank. The cost of merchandise sold was $4,200. (Candles were $3,500 and Holders were $700) | Received and paid the $300 invoice for store supplies. | Paid the invoice from Handsome Holders from 1/08/19 18. 1/20/19 19. | 1/22/19 20. 1/22/19 21. 1/23/19 Ck #1007 | ck #1008 Ordered $700 of holders on account. Ms. Cannel donated a candelabra to the Providence Hospital fund raiser. She felt that this was a good way to advertise her new business. Her business was listed as a sponsor and a large ad was 7IPage $600 and put in the fund raiser program. Cost of the candles were the holders were $100. Ms. Cannel considers this an advertising expense. 22. | 1/23/19 | Deposit #4 | Received payment in full from UTEP. The payment was deposited in the bank 23. | 1/23/19 | Ck #1009 | Ms. Cannel paid her credit card bill for the month. The total was $300 which $250 was for delivery charges to deliver both candelabras and $50 was for store supplies for the cellophane used for the Humane Society candelabra 24. | 1/23/19 25. | 1/23/19 | ck #1010 | Deposit #5 | Purchased and paid for $50 of office supplies. | Internet and retail sales totaled $9,300 and sales taxes of $767.25 was collected. The cost of the merchandise sold was $4,500 (Candles $4,000; Holders $500). The money was deposited in the bank 26. | 1/23/19 | Ck #1011 | Paid the balance due to Fantastic Flames. There are two invoices; one on 1/8/19 and the other on 1/18/19. 27. | 1/25/19 | Deposit #6 | Collected sales of $3.400. Sales tax collected was $280.50. All was deposited in the bank. The cost of the merchandise sold was $1,250. (Candles $1,000; Holders $250) 28. 1/28/19 29. 1/30/19 Received but did not pay the electric bill for the month, $350 | ck #1012 | Paid the first monthly installment on the office equipment. The payment amount is $866.66. Of this amount, $33.33 is for interest and $833.33 is for principal. Make the check payable to Office Mart. 30. | 1/30/19 | Deposit #7 | Recorded internet sales for the last week of the month. Sales were $2,570 and sales tax collected was $212.03, all was deposited in the bank. The cost of the merchandise sold was $1,350 (Candles $1,000; Holders $350) 31. | 1/31/19 | Ck #1013 | Paid all sales tax owed for January to the Comptroller of Public Accounts. 32. | 1/31/19 | Ck #1014 Declared and paid a cash dividend of S500 to Carla Cannel. Once all the journal entries are recorded in the practice set, record the adjusting journal entries below with the date being January 31, 2019. The following are the adjusting journal entries for the month of January Record Adjusting Entries: Record the following month end adjusting entries for the month of January. Write the journal entries in the practice set after the original journal entries and round to the nearest cent. $50 of store supplies remained on hand. $10 of office supplies remained on hand. a. b. 8 Page $1,250 of wages for the part-time help from Irene's Temp Services for January should be accrued. Do not worry about payroll taxes; Temp Services Inc. will handle these. Make the necessary adjusting entry for one month's depreciation for the furniture and fixtures using Straight Line Depreciation. Make the necessary adjusting entry for the office equipment using Straight Line Depreciation One month of the prepaid insurance has expired. One month of the prepaid rent has expired. Record the interest on the loan from Wells Fargo. c. d. e. f. g. h. Make sure you prepare the journal entries, and the adjusting entries, and write them in the practice set. All T-accounts with the correct balances should be prepared. There is an example of how to set up the T-Accounts in Excel at the end of the practice set. Make sure to include all accounts even if they have a zero balance and make sure that the zero is on the normal balance side of the account. Once all the balances are in the T-accounts and the answers have been inputted into Blackboard please staple your T-Account page to the back cover of the practice set. Current Assets 10000 Cash 11000 Acc 12000 12100 13100 Office Supplies 13200 18000Prepaid Rent 18100 Prepaid Insurance 18200 Stockholders' Equity Accounts Receivable Inventory- Candles Inventory- Holders 39003C 39005 Retained Earnings 39007 Dividends Common Stock tore Supplies Revenue 40000 Sales Prepaid Advertising Long-Term Assets Expenses 50000 Cost of Goods Sold 60100 Legal Expense 60150 Store Sup 60200 Office Supplies Expense 60300 60350 60400 Delivery Expense 60500 Advertising and Promotion 15000 Office Equipment 17000 Accumulated Depreciation se -Office Equipment 15100Furniture & Fixtures 17100 Accumulated Insurance Expense Wages Expense Depreciation-Furniture & Fixtures Expense 60550 Utility Expense 60600 60650Depreciation Expense 60700 60750 Bank Service Fee Current Liabilities Rent Expense 20000 Accounts Payable 21100 Note Payable-Wells Fargo Bank 21200 Note Payable-Office Mart 23100 Wages Payable 23200 Interest Payable 23300 Sales Tax Payable 23400 Utility Payable Long-Term Liabilities 27000 Mortgage Payable 27100 Notes Payable
