Please help with general journal entries for each of the lettered transactions below.
Company Background and Information Suppose you own a shirt retail store \"X Y Shirt Corp\For these sales returns, ignore discounts and cash payments associated with them. Just write off accounts receivables directly. d) The company made cash payments to shirt suppliers totaling $26,000 during the year. e) The company has a 30% income tax rate and usually pays income taxes in spring of the following year. On March 31, 2019, it paid income taxes for year 2018. f) The company made rent payment of $3,000 on April 1. The payment was for rent on the store building and was prepaid for one year. The balance in the prepaid account at the end of 2018 represents the rent for January through March of 2019. Recognize the rental expense for January through March when you make rent payment for the next year. g) The company borrowed $12,000 on a new note payable and required semiannual interest payments. The term of the note is as follows: If you are in Section B (9:30am class), the new note is borrowed on May 1. If you are in Section C (11:00am class), the new note is borrowed on June 1. If your student ID number is odd, the new note carries a 6% annual interest. - If your student ID number is even, the new note carries a 4% annual interest. h) On August 10, the management confirmed that $400 of receivables were uncollectible and wrote them off. 1) On September 1, a new store fixture (ID#5422) was purchased for $10,000 in cash. j) On October 10, administrative expenses (paid in cash) totaled $3,800. k) New common stock was issued for $40,000 on November 1. 1) Dividends of $3,000 were declared and paid on December 15. m) Cash paid out in 2019 for wages totaled $18,000 (including the wages owed from last year). The followings are information for adjusting entries at the end of year 2019. 1) The company uses a periodic LIFO inventory system to cost their inventory. Employees physically counted number of shirts remaining in the warehouse at the end of 2019 indicated there were: 640 shirts, if your last name starts with A-M; - 620 shirts, if your last name starts with N-Z; 2) The company follows a percentage-of-receivables approach to estimate their accounts receivable that will become uncollectible. As of the fiscal year end, the company estimates that 5% of receivables will be uncollectible. 3) Records indicate that salaries for December amounted to $1,500 and would be paid at the end of the first week in January. 4) The company uses straight-line depreciation for all of its store fixtures and office equipment. Below is a schedule of the store fixtures and office equipment depreciation when they were purchased. At the end of 2019, the company determines that the useful life of office equipment (ID#4299) is extended to 10 years. Fixtures and Equipment (Original estimates when purchased) ID # Historical Cost Estimated Useful Life Estimated Salvage Value Date acquired 1256 $15,000 10 years $1,000 Jan. 1, 2012 1876 $5,500 10 years $200 Jan. 1, 2014 4299 $20,000 8 years $0 Jan. 1, 2016 5422 $10,000 5 years $500 Sep. 1, 2019 2
