Please read the bottom before starting.

Debit and credit each transaction:

1/1 beginning balances

Indiana pays off the beginning salaries payable balance

1/12 Indiana buys 1,000 units of inventory at a per-unit cost of $16 on account, terms net/60

1/19 inian pays off the beginning income taxes payable balance

1/21 indian sells 1,100 units to Sallah co. for $85 each on credit, terms 2/15, net/45

1/31 indiana pays off $30,000 of the beginning accounts payable balance

2/7 indiana pays for $4,000 of magazine advertising.

2/15 indian writes off the A/R balance owed by short Round co. and uncollectable ( see instructions

2/18 indiana collects the amount owed by Sallah co. outside of the discount period.

2/27 indiana pays $18,000 of the interest payable balance

indian pays off the 1/12 purchase

indian sells 500 units to Ravenwood LLC within the discount period

3/14 indiana collects the amount owed by Ravenwood LLC within the discount period.

3/24 indian buys 1,200 units of inventory at a per-unit cost of $18 on account, terms net/60

4/1 indiana provides the services owed to a client. The client paid Indiana $30,000 last year

4/8 indian pays off the beginning dividends payable balance

4/12 indian pays off the 3/24 purchase.

4/25 indian sells 800 units to Mola Ram, Inc for $90 each on credit, terms 2/15, net/45

5/1 inidan grants Mola, ram, Inc an allowance of $4,000 for damaged goods from the 4/25 sale

indian collects the amount owed by Mola Ram, Inc. within the discount period

5/15 indiana pays toht, Dietrich and gobies gmbh for miscellaneous expenses for $10,000

5/27 indian buys 1,500 units of inventory at a per-unit cost of $20 on account, term net/60

6/3 indian collects the amount owed by Barrance Inc. (see instructions) no discount applied

6/27 indiana pays for 6,000 of magazine advertising

7/3 indian pays off the 5/27 purchase

7/10 indian sells 1,600 units of Elsa Schneider Co, for $92 each on credit, term 2/15, net/45

7/17 indian buys office supplies for $5,000 on credit, terms net/45

7/27 indian pays off the 7/17 purchase

8/9 indian collects the amount owed by else Schneider co. outside the discount period.

8/24 indiana pays off $20,000 of the beginning accounts payable balance

8/27 indiana buys 900 units of inventory at a per-unit cost of $23 on an account, term net/60

9/1 indiana sells 500 units to Panlot Construction for $92 each in cash

9/12 indian pays of the 8/27 purchase

9/30 indian buys a short-term investment for 50,000

10/4 indian sells 750 units to maharajah sign co. for $93 each on credit, term 2/15, net 45

10/15 indian collects the amount owed by maharaja sign co. within the discount period

10/31 indian receives $12,000 in advance for services to be provided next year

11/9 indian buys 1,000 units of inventory at a per-unit cost of $25 on account, terms net/60

11/19 indiana buys office supplies for $4,000 in cash

11/27 indian pays for postage, shipping costs, and other miscellaneous items(total of $3,000)

12/4 indiana pays off the 11/9 purchase

12/4 indiana pays off the 11/9 purchase

12/12 indian buys 600 units of inventory at a per-unit cost of $26 on account, terms net/60

12/16 indian sells 1,000 units to Kazim & Brothers co. for $95 each on credit, terms 2/15, net/45

12/29 indian sells 80,000 services to Belloq LLC on credit, terms 2/15, net/45

12/31 indian declares a dividend of $15,000 to be paid next year

12/31 indian buys $500 office supplies in cash

READ ME I'm under this text!!!!!!!!!!!!!

Begging balance for each of the following:

1. Cash: 130,000

2. Accounts Receivable: 25,000

3. Allowance for doubtful accounts: (8,000)

4. Merchandise Inventory 30,000 (2,000 units at a cost of $15/units

5. Office supplies: 1,200

6. Prepaid insurance 15,000

7. Land 50,000

8. Building 300,000

9. Accumulated deprecation building (60,000)

10. Equipment 600,000

11. Accumulated Depreciation equipment (100,000)

12. Intangible assets patent 30,000

13. Accounts Payable 50,000

14. Salaries Payable: 12,000

15. Income Taxes Payable 12,000

16. Interest Payable: 22,000

17. Unearned revenue: 30,000

18. Dividends payable: 15,000

19. Notes Payable: 370,000

20. Common Stock: 100,000

21. Additional paid in capital: 230,000

22. Retained earnings: 172,200

Adj. Adjusting entries.

#1 Salaries incurred and paid is $80,000, Salaries incurred but unpaid is $20,000, Total salaries for the year is $100,000

#2 Depreciation on the Equipment is based on a useful life of 10 years and $100,000 salvage value.

#3 The amortization expense for the year is $7,000. Decrease the patent asset.

#4 The adjustment to bad debt expense should be based on the desired ending balance in the Allowance for Doubtful Accounts account of 10% of the ending A/R balance (hint: there is already a balance in the Allowance Account)

#5 Depreciation on the Building is based on a useful life of 40 years and no salvage value.

#6 The insurance at the beginning of the year is prepaid for three years. At the end of the current year, one year's worth has expired. Record the adjustment for the used up insurance amount.

#7 The short-term investment purchased on 9/30 for $50,000 at an annual interest rate of 7%. Accrue the interest earned. The interest will be received next year

#8 Utilities for the year were $9,500 and will be paid next year.

#9 A count of the remaining office supplies at the end of the year indicates that there is only $1,000 of supplies left. Make the adjustment to account for the used up supplies.

#10 Incurred but unpaid income taxes amount to $45,000.

#11 The annual interest rate on the note payable is 8.25%. The note has been outstanding for the entire year (for the amount of the note, see the beginning balance