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Transactions during the month: Jan. 1 Paid $2,400 for a one year premium on property and casualty insurance. The policy covers the period January 1, 2021 to December 31, 2022 Jan. 1 Sold 720 "Zips to Joey on account for $62 each, terms 2/10, net 30. Jan. 2 Zipparoo purchased additional equipment for cash for $22,000. The equipment has an expected life of 10 years and an estimated salvage value of $4,800. Jan. 5 Joey returned 62 pairs of "Zips" because of defections. The inventory could not be resold and was disposed of. Jan. 8 Purchased 620 pairs of Zips" from Bluey on account for $22 each, terms 3/10, net 60. Jan. 9 Office supplies totaling $7,200 were purchased on account. Jan. 9 Joey paid full amount owed. Round calculations to the nearest dollar. Jan. 12 Sold 720 pairs of "Zips" to Pete on account for $82 each, terms 2/10, net 30. Jan. 14 Purchased 480 pairs of "Zips" from Kanga on account for $18 each, terms 2/10, net 30. Jan. 17 Paid full amount owed to Bluey from Jan. 8 purchase. Jan. 18 Paid $12,000 for workers' salaries. This amount includes amounts owed from the previous month. Jan. 23 Delivered 320 pairs of "Zips" to Flash who had purchased them in advance last month._$12,000. Jan. 24 Paid interest on Long-Term Debt, $5,800. Jan. 25 Paid dividends to stockholders, $3,800. Jan. 26 Received cash from customers billed in the previous month, $12,000. Jan. 27 Pete paid full amount owed. Jan. 27 Paid full amount owed to Kanga from Jan. 14 purchase. Jan. 28 One of Zipparoo's customers, Rooth, owes $2,2po but has informed Zipparoo that he will not pay because of bankruptcy. Zipparoo writes off Rooth's account as uncollectible. Jan. 30 Paid utilities for January of $475. UI TIIU LUI TUA. 5. Journalize and post the adjusting entries using the following information: a. Zipparoo estimates that 10% of accounts owed to the company would not be collected. Rou to the dollar. b. Office Supplies at the end of the year totaled $3,000. c. Must take depreciation for equipment use this month for both old and new equipment. Roui Total depreciation to the dollar. d. Salaries of $2 200 for January will not be paid until February 5 of next month. e. In a prior month, 12 months rent had been purchased in advance for $96,000. Page 4 f. Must record insurance use this month. g. A physical count of inventory indicates there is $2,500 of inventory on hand. DCIOW arctic Tancrat state TICIS TOT me previous momen. 48,000 Income Statement (previous month) Sales Revenue 60,000 Cost of Goods Sold 12,000 Gross Profit Salaries Expense 9,000 Bad Debt Expense 6,000 Rent Expense 7,000 Office Supplies Expense 3,000 Depreciation Expense 8,000 Operating Income Gain on Sale of Equipment 3,000 Interest Expense (5,000) Net Income 33,000 15,000 (2,000) 13,000 Statement of Retained Earnings (previous month) Beginning Retained Earnings 40,000 Net Income 13,000 Dividends (3,000) Ending Retained Earnings 50,000 9,000 2,000 20,000 27,000 Balance Sheet (previous month) Assets Liabilities Cash 53,000 Accounts Payable Accounts Receivable 31,000 Salaries Payable Allow For Doubtful Accts (3,000) Unearned Revenues Office Supplies 7,000 Long-term Debt Inventory 18,000 Total Liabilities Prepaid Rent 48,000 Equipment 100,000 Equities Accumulated Depreciation (35,000) Common Stock Retained Earnings Total Equities Total Assets 219,000 Total Liab and Equities 58,000 111,000 50.000 161.000 219,000 Additional information at the BEGINNING of the month: 1. Inventory consists of 1,000 pairs of Zips, each costing $18. Zipparoo uses the LIFO inventory method. Round all inventory calculations to the nearest dollar. 2. The net method is used for recording purchases. 3. The Equipment of $100,000 was originally purchased 10 years ago. At that time, it was estimated that the equipment would have a useful life of 20 years and a salvage value of $30,000. Zipparoo uses the straight-line depreciation method. 4. Zipparoo uses the Percentage-of-Receivables method of accounting for bad debts. 5. Round all calculations to the nearest dollar. Credit Debit 20429 75840 800 Alcools Rullivuble Allowanll for Doubtful Acourt Dffice Supplies Prepuil Rent 14200 48000 4280 2009 122009 35000 7156 12000 | T Pre-paid lebucull Equipment Au. Doratlution Allounts Payable Deferred Revenues Common Stock Retained buinas Dividers u Sales Reeone Sales (cturngot allowances Sales Discounts Interest Expense Dilthes Exrease Salaries Execase Luchose Discount Lost / Token ooo 50000 3800 115680 T I 3844 816 5200 475 10000 Hoa T Totals Transactions during the month: Jan. 1 Paid $2,400 for a one year premium on property and casualty insurance. The policy covers the period January 1, 2021 to December 31, 2022 Jan. 1 Sold 720 "Zips to Joey on account for $62 each, terms 2/10, net 30. Jan. 2 Zipparoo purchased additional equipment for cash for $22,000. The equipment has an expected life of 10 years and an estimated salvage value of $4,800. Jan. 5 Joey returned 62 pairs of "Zips" because of defections. The inventory could not be resold and was disposed of. Jan. 8 Purchased 620 pairs of Zips" from Bluey on account for $22 each, terms 3/10, net 60. Jan. 9 Office supplies totaling $7,200 were purchased on account. Jan. 9 Joey paid full amount owed. Round calculations to the nearest dollar. Jan. 12 Sold 720 pairs of "Zips" to Pete on account for $82 each, terms 2/10, net 30. Jan. 14 Purchased 480 pairs of "Zips" from Kanga on account for $18 each, terms 2/10, net 30. Jan. 17 Paid full amount owed to Bluey from Jan. 8 purchase. Jan. 18 Paid $12,000 for workers' salaries. This amount includes amounts owed from the previous month. Jan. 23 Delivered 320 pairs of "Zips" to Flash who had purchased them in advance last month._$12,000. Jan. 24 Paid interest on Long-Term Debt, $5,800. Jan. 25 Paid dividends to stockholders, $3,800. Jan. 26 Received cash from customers billed in the previous month, $12,000. Jan. 27 Pete paid full amount owed. Jan. 27 Paid full amount owed to Kanga from Jan. 14 purchase. Jan. 28 One of Zipparoo's customers, Rooth, owes $2,2po but has informed Zipparoo that he will not pay because of bankruptcy. Zipparoo writes off Rooth's account as uncollectible. Jan. 30 Paid utilities for January of $475. UI TIIU LUI TUA. 5. Journalize and post the adjusting entries using the following information: a. Zipparoo estimates that 10% of accounts owed to the company would not be collected. Rou to the dollar. b. Office Supplies at the end of the year totaled $3,000. c. Must take depreciation for equipment use this month for both old and new equipment. Roui Total depreciation to the dollar. d. Salaries of $2 200 for January will not be paid until February 5 of next month. e. In a prior month, 12 months rent had been purchased in advance for $96,000. Page 4 f. Must record insurance use this month. g. A physical count of inventory indicates there is $2,500 of inventory on hand. DCIOW arctic Tancrat state TICIS TOT me previous momen. 48,000 Income Statement (previous month) Sales Revenue 60,000 Cost of Goods Sold 12,000 Gross Profit Salaries Expense 9,000 Bad Debt Expense 6,000 Rent Expense 7,000 Office Supplies Expense 3,000 Depreciation Expense 8,000 Operating Income Gain on Sale of Equipment 3,000 Interest Expense (5,000) Net Income 33,000 15,000 (2,000) 13,000 Statement of Retained Earnings (previous month) Beginning Retained Earnings 40,000 Net Income 13,000 Dividends (3,000) Ending Retained Earnings 50,000 9,000 2,000 20,000 27,000 Balance Sheet (previous month) Assets Liabilities Cash 53,000 Accounts Payable Accounts Receivable 31,000 Salaries Payable Allow For Doubtful Accts (3,000) Unearned Revenues Office Supplies 7,000 Long-term Debt Inventory 18,000 Total Liabilities Prepaid Rent 48,000 Equipment 100,000 Equities Accumulated Depreciation (35,000) Common Stock Retained Earnings Total Equities Total Assets 219,000 Total Liab and Equities 58,000 111,000 50.000 161.000 219,000 Additional information at the BEGINNING of the month: 1. Inventory consists of 1,000 pairs of Zips, each costing $18. Zipparoo uses the LIFO inventory method. Round all inventory calculations to the nearest dollar. 2. The net method is used for recording purchases. 3. The Equipment of $100,000 was originally purchased 10 years ago. At that time, it was estimated that the equipment would have a useful life of 20 years and a salvage value of $30,000. Zipparoo uses the straight-line depreciation method. 4. Zipparoo uses the Percentage-of-Receivables method of accounting for bad debts. 5. Round all calculations to the nearest dollar. Credit Debit 20429 75840 800 Alcools Rullivuble Allowanll for Doubtful Acourt Dffice Supplies Prepuil Rent 14200 48000 4280 2009 122009 35000 7156 12000 | T Pre-paid lebucull Equipment Au. Doratlution Allounts Payable Deferred Revenues Common Stock Retained buinas Dividers u Sales Reeone Sales (cturngot allowances Sales Discounts Interest Expense Dilthes Exrease Salaries Execase Luchose Discount Lost / Token ooo 50000 3800 115680 T I 3844 816 5200 475 10000 Hoa T Totals