please help with the problems

Background Information: The Balance Sheet for December 31, 2018 is presented here to provide you with the beginning balances needed for your T-Accounts. Jelly World, Inc. Balance Sheet December 31, 2018 Assets Current Assets Cash 346,890 Accounts Receivable 31,878 (405) Allowance for Doubtful Accounts Merchandise Inventory 1,118,695 Supplies Inventory 970 Prepaid Insurance 754 1,498,782 Total Current Assets Property, Plant, and Equipment Land 125,000 Furniture and Equipment 18,000 Accumulated Depreciation--Fumiture and Equipment (12,000) Buildings Accumulated Depreciation--Buildings 525,000 (52,500) 603,500 Net Property, Plant, and Equipment Total Assets 2,102,282 Liabilities and Stockholders' Equity Current Liabiliti es Accounts Payable S 303,565 Interest Payable 26,000 Taxes Payable 46,945 Total Current Liabilities 376,510 Long-term Liabilities Mortgage Note Payable Note Payable 280,000 240,000 Total Long-term Liabilities 520,000 Total Liabilities 896,510 Stockholders' Equity issued and outstanding, $10 par Common Stock, 10,500 105,000 Retained Earmings 1,100,772 Total Stockholders' Equity 1,205,772 Total Liabilities and Stockholders' Equity 2,102,282 rt A Joumal Entries 1 Accounts Payable ly World, Inc., is a purveyor of artisan jellies and is known for its high quality erchandise. The business started up in Jantary 2015 and has been quite successful. Cash mplete the Joumal Entries for all 2019 transaction and adjustment information listed low. You do not have to date your journal entries. Be sure to sum the debit and credit lumns to confim they balance. The first joumal entry has been completed for you. (15 ints-graded for accuracy and format, including proper use of Excel spreadsheet links and mulas) e re is no Check Figure for Part A. ansaction and Adjustment Data: 1 Paid the $303,565 owed on account at year end 2018 2 Collected the $31,878 of accounts receivable due to them at year end 2018 3 Paid the interest of $26,000 that was payable at year end 2018 4 Made a payment on the mortgage note of $10,500. 5 Paid $3,540 to renew their annual insurance policy on March 1, 2019. 6 Paid the taxes owed of $46,945 at year end 2018. 7 Made a paym ent on the long-term note of $81,600. 8 Purchased additional Fumiture & Equipment on May 1, 2019 costing $64,440 due to increased shipping activities for their growing online presence. 9 Issued 1,900 shares of Common Stock on May 1, 2019 for $10 per share. 0 Purchased inventory during the year that cost $1,772,598. The company owed $386,430 on these purchases at year end 2019 new computerized sales system on June 1, 2019 for $81,800 in cash. The 1 Purchased system has a useful economic life of 3 years and will be depreciated monthly using the straight line method. The system has a salvage value of $8,000. 2 Sales of artisan jellies for 2019 were $2,546,320. At December 31, 2019, $52,187 of this amount was still listed as receivable 3 The total cost of the goods sold during 2019 was $1,698,576 4 Supplies inven tory of $4,792 was purchased with cash during 2019. Total supplies inventory of $762 was still on hand at year end 2019. 5 Total Salaries Expense for the year was $135,422 and total interest expense was $22,387. Salaries of $7,508 and interest of $22,387 are still payable at year end 2019. 6 Depreciation expense needs to be recorded on ALL buildings, fumiture and equipment, and the new computer system at year end 2019. All items are depreciated on a monthly basis using straight line depreciation. The building has a useful life of 40 years and the fumiture and equipment is depreciated over 6 years-there is no salvage value on the buildings or the fumiture and equipment. As noted above, the new sales system has a 4 useful life of 3 years and has a salvage value of $8,000 7 The Prepaid Insurance and the Supplies Inventory need to be adjusted at year end 2019 so that the proper amount for insurance expense and supplies expense is recorded. See items 5 and 14 for details. (If you adjusted the supplies in #14, do not do it again) 8 Estimated income tax payable amounts for 2019 equaling $86,500 were paid during the year as they became due. 9 The company paid out cash dividends totaling $3,250 to its shareholders. 0 The company determined that a customer account was not collectible, and wrote off $387 on December 31 1 The company believes that 2.5% of ending Accounts Receivable is a reasonable estimate of its Allowance for Doubtful Accounts balance. The Company uses the allowance method to record bad debts. 2 Tax expense is 21% of Income before Income Tax. Beginning Balance Equty Ending Balance Equity Net Income tthtFF Background Information: The Balance Sheet for December 31, 2018 is presented here to provide you with the beginning balances needed for your T-Accounts. Jelly World, Inc. Balance Sheet December 31, 2018 Assets Current Assets Cash 346,890 Accounts Receivable 31,878 (405) Allowance for Doubtful Accounts Merchandise Inventory 1,118,695 Supplies Inventory 970 Prepaid Insurance 754 1,498,782 Total Current Assets Property, Plant, and Equipment Land 125,000 Furniture and Equipment 18,000 Accumulated Depreciation--Fumiture and Equipment (12,000) Buildings Accumulated Depreciation--Buildings 525,000 (52,500) 603,500 Net Property, Plant, and Equipment Total Assets 2,102,282 Liabilities and Stockholders' Equity Current Liabiliti es Accounts Payable S 303,565 Interest Payable 26,000 Taxes Payable 46,945 Total Current Liabilities 376,510 Long-term Liabilities Mortgage Note Payable Note Payable 280,000 240,000 Total Long-term Liabilities 520,000 Total Liabilities 896,510 Stockholders' Equity issued and outstanding, $10 par Common Stock, 10,500 105,000 Retained Earmings 1,100,772 Total Stockholders' Equity 1,205,772 Total Liabilities and Stockholders' Equity 2,102,282 rt A Joumal Entries 1 Accounts Payable ly World, Inc., is a purveyor of artisan jellies and is known for its high quality erchandise. The business started up in Jantary 2015 and has been quite successful. Cash mplete the Joumal Entries for all 2019 transaction and adjustment information listed low. You do not have to date your journal entries. Be sure to sum the debit and credit lumns to confim they balance. The first joumal entry has been completed for you. (15 ints-graded for accuracy and format, including proper use of Excel spreadsheet links and mulas) e re is no Check Figure for Part A. ansaction and Adjustment Data: 1 Paid the $303,565 owed on account at year end 2018 2 Collected the $31,878 of accounts receivable due to them at year end 2018 3 Paid the interest of $26,000 that was payable at year end 2018 4 Made a payment on the mortgage note of $10,500. 5 Paid $3,540 to renew their annual insurance policy on March 1, 2019. 6 Paid the taxes owed of $46,945 at year end 2018. 7 Made a paym ent on the long-term note of $81,600. 8 Purchased additional Fumiture & Equipment on May 1, 2019 costing $64,440 due to increased shipping activities for their growing online presence. 9 Issued 1,900 shares of Common Stock on May 1, 2019 for $10 per share. 0 Purchased inventory during the year that cost $1,772,598. The company owed $386,430 on these purchases at year end 2019 new computerized sales system on June 1, 2019 for $81,800 in cash. The 1 Purchased system has a useful economic life of 3 years and will be depreciated monthly using the straight line method. The system has a salvage value of $8,000. 2 Sales of artisan jellies for 2019 were $2,546,320. At December 31, 2019, $52,187 of this amount was still listed as receivable 3 The total cost of the goods sold during 2019 was $1,698,576 4 Supplies inven tory of $4,792 was purchased with cash during 2019. Total supplies inventory of $762 was still on hand at year end 2019. 5 Total Salaries Expense for the year was $135,422 and total interest expense was $22,387. Salaries of $7,508 and interest of $22,387 are still payable at year end 2019. 6 Depreciation expense needs to be recorded on ALL buildings, fumiture and equipment, and the new computer system at year end 2019. All items are depreciated on a monthly basis using straight line depreciation. The building has a useful life of 40 years and the fumiture and equipment is depreciated over 6 years-there is no salvage value on the buildings or the fumiture and equipment. As noted above, the new sales system has a 4 useful life of 3 years and has a salvage value of $8,000 7 The Prepaid Insurance and the Supplies Inventory need to be adjusted at year end 2019 so that the proper amount for insurance expense and supplies expense is recorded. See items 5 and 14 for details. (If you adjusted the supplies in #14, do not do it again) 8 Estimated income tax payable amounts for 2019 equaling $86,500 were paid during the year as they became due. 9 The company paid out cash dividends totaling $3,250 to its shareholders. 0 The company determined that a customer account was not collectible, and wrote off $387 on December 31 1 The company believes that 2.5% of ending Accounts Receivable is a reasonable estimate of its Allowance for Doubtful Accounts balance. The Company uses the allowance method to record bad debts. 2 Tax expense is 21% of Income before Income Tax. Beginning Balance Equty Ending Balance Equity Net Income tthtFF