prepare adjusting entries at year end december 31 2022

I-Teck Company 1-Teck Company is a wholesale supplier of electronic gadgets and educational items located in Calgary. Steven Jobbs is the sole proprietor who started the business in 2020. The company uses the perpetual inventory system and the terms of sale that I-Teck Company offers to all credit customers are 2/10, n/30. All prepaids are recorded in the applicable balance sheet accounts and any required adjustments are made at year-end, all sales are on account unless otherwise specified. Below are the following: Account No. 110 120 121 130 140 150 160 161 165 166 190 220 250 300 305 400 405 410 500 510 520 525 530 535 545 555 560- 565 570 1-Teck Company Trial Balance 31-Oct-16 Account Title Cash Accounts Receivable Allowance for Doubtful Accounts. Merchandise Inventory Office Supplies Prepaid Insurance Computer Equipment Accumulated Depreciation, Computer Equipment Office Furniture Accumulated Depreciation. Office Furniture Patent Accounts Payable Notes Payable Steven Jobbs, Capital Steven Jobbs, Withdrawals Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Advertising Expense Postage Expense Delivery Expense Bank Charges Expense Credit Card Expense Miscellaneous Selling Expense Telephone Expense Utilities Expense Rent Expense Salaries Expense Totals. Credit $1,750.00 8,925.00 4,025.00 30,348.64 56,000.00 42,160.64 661.283.00 Debit $63,511.35 60,917.50 92,225.00 1,190.00 13,420.00 23,800.00 22,190.00 8.239.00 16.800.00 8,944.60 2.152.50 325,830.40 1.452.37 2,370.59 2,503.48 486.15 104 887.29 1.898.22 3,354.92 28,000.00 124.214.91 $804,492.28 $804,492.28 I-Teck Company Schedule of Accounts Receivable October 31, 2022 I-Teck Company Schedule of Accounts Payable October 31, 2022 Dixon Company Minitron Inc. Office Depot Staples Toys R Us Visions Total Apple Company Gates Suppliers Mason Products Sony Company Total $ 1,803.20 5,425.00 1,260.00 23,224.60 4,559.80 24,644.90 $60,917.50 $2,444.68 11,530.40 5,363.82 11,009.74 $30,348.64 November 2022 Transactions: Nov 1 Paid $32,240 for a service vehicle to be used exclusively for deliveries and servicing to customers. I-Teck Company estimates the van will have a six year life. The salvage value is $2,000. Nov. 1 Paid for four month's rent in advance totaling $8,800. This covers the period November 1, 2022 to February 28, 2017 Nov. 3 Dixon Company paid outstanding balance within the discount period Nov. 5 Purchased merchandise from Mason Products for $2,315.60, terms 3/10, n30 Nov. 8 Paid Gates Suppliers on account $7,000. Gates Suppliers does not offer early payment credit terms. Nov. 9 Sold $2,072 of merchandise to Dixon Company for $4,046 Nov. 10 Paid freight charges of $105 for the shipment of merchandise from Mason Products Nov. 12 Paid $715.26 to Grand and Toy for office supplies Nov. 12 Staples paid their account in full. All invoices were past the discount period. Nov. 13 Paid $235 to Telus for long distance charges Nov. 14 Paid Mason Products for the merchandise purchased on November 5th Deposited $4,340 for cash sales of merchandise costing $2,080 Nov. 15 Nov. 20 Paid the Calgary Herald $2,100 for a series of advertisements to be published in the paper for three months commencing December 2022 Nov. 21 Returned $60 worth of office supplies to Grand and Toy from the November 12th purchase and received a cash refund Nov. 25 Steven Jobbs invested $7,000 into the business Nov. 30 Issue a cheque to the petty cash custodian for $125 Nov. 30 Paid $2,600 to the accountant representing salary for the month of November December 2022 Transactions: Dec. 1 Sold merchandise costing $200 to a customer for $410 who paid by using his bank credit card. The credit card company charges a 4% fee. Dec. 1 Sold merchandise costing $875 to Toys"R"Us for $1,750 Dec. 1 Paid $19,320 to Complete Insurance Company. I-Teck Company purchases a comprehensive policy annually covering December 1st to November 30th of the following year. As this is a comprehensive policy, no other insurance policies exist., Hired a part-time shipper and receiver who will be paid $130 per day Dec. 3 Dec. 4 Bell Company has paid in advance $4,200 for merchandise to be delivered at a later date Dec. 5 Received notice that Office Depot is bankrupt. The amount owed to I-Teck Company is uncollectible. Dec 8 Paid Gates Suppliers the balance outstanding Dec. 10 Paid $17.50 from Petty Cash for miscellaneous selling expense Dec. 15 Purchased merchandise from Mason Products for $1,386, terms 2/10, n30 Dec. 16 Sold merchandise costing $3,920 to Staples for $7,840 Dec. 17 Returned $700 of merchandise to Mason Products from the December 15th purchase as the merchandise was defective. Dec. 18 Staples returned $3,000 worth of merchandise as it was an incorrect model Paid Mason Products for the merchandise purchased December 15th Dec. 20 Acct255 - Project Spring 2022 Page 6 of 11 Dec. 21 Paid $48 from Petty Cash for postage stamps Dec. 23 Staples paid for the merchandise purchased on December 16th Dec. 24 Steven Jobbs withdrew $2,050 for personal use Dec. 27 Dec. 31 Paid $250 to UPS to deliver the order from December 16th to Staples Replenished petty cash. A count of the cash in the petty cash box revealed that it contained $55.50 Dec 31 Paid $2,600 to the accountant representing salary for the month of December 19 Additional information that may be required for December 31st adjusting entries: 1. The office furniture was purchased February 1, 2020. It has an estimated useful life of 10 years and the salvage value is $1,190. 2. The computer was purchased July 1, 2020. It has an estimated useful life of four years and no salvage value. 3. The note payable was issued May 1, 2022 at 6% interest. 4. 5. The part-time shipper worked seven days in December and will be paid on January 5, 2017. $1,300 worth of merchandise costing $645 was delivered to Bell Company for partial settlement of the December 4th transaction. This transaction was not recorded. 6. A physical count of office supplies revealed that $640 were on hand. 7. It is estimated that 5% of Accounts Receivable will be uncollectible.. 10% of the Note Payable is due May 1, 2017. 8. REQUIRED: and are required to: 12 Adol Coev Acc Conn Mic Doo Engl Year-End Information: Additional information that may be required for December 31st adjusting entries: 1. The office furniture was purchased February 1, 2020. It has an estimated useful life of 10 years and the salvage value is $1,190. 2. The computer was purchased July 1, 2020. It has an estimated useful life of four years and no salvage value. 3. The note payable was issued May 1, 2022 at 6% interest. 4. 5. The part-time shipper worked seven days in December and will be paid on January 5, 2023. $1,300 worth of merchandise costing $645 was delivered to Bell Company for partial settlement of the December 4th transaction. This transaction was not recorded. A physical count of office supplies revealed that $640 were on hand. 7. It is estimated that 5% of Accounts Receivable will be uncollectible. 8. 10% of the Note Payable is due May 1, 2023. 6. REQUIRED: You are the accountant and are required to: 1. Journalize all necessary entries for November 2022 on the worksheets named "General Journal - Nov". Provide brief explanations and indicate "no entry" if a transaction is not required. 2. Journalize all necessary entries for December 2022 on the worksheets named "General Journal - Dec". Provide brief explanations and indicate "no entry" if a transaction is not required. 3. Post all journal entries to the General Ledger. No explanations are required. 4. 5. Prepare the unadjusted trial balance on the worksheet named "Unadjusted Trial Balance". Journalize and post all required adjusting entries on December 31, 2022, the company's year-end on the worksheet named "General Journal - Adjusting". Omit explanations but show all calculations. Note: The company prepares adjusting entries at year-end December 31st only; therefore, the last adjusting entries were processed on December 31, 2021. HIP