prepare in joumal entry form all adjusting and correcting journal entries based on the following information (round all numbers to the nearest dollar). Letter entries to correspond to the below information and present them in alphabetical order. Add any new accounts as needed to the trial balance Accounting Magic was authorized to issue 3,000,000 shares of $1 par Common Stock but has nly issued 650,000 shares of common stock as of 12/31/2018. No new shares were issued during 2018 1. prepare in journal entry form all adjusting and correcting jounal entries based on the following information. All information was provided to you as of 12/31/2018. (Round all numbers to the nearest dollar). Label journal entries a through t a. Based on your review of the cash balances, you note that there was an overdraft of $12,000 in one of your bank accounts. However, there are many bank accounts at the specific bank where the account with the overdraft is deposited. The total cash at this bank equaled a debit balance of $180,000. The previous accountant moved the overdraft to Accounts Payable. You also note the Board of Directors has restricted $65,000 of cash for future expansion. This $65,000 is part of the cash balance. The future expansion will not occur for several more vears Based on your inquiries, you note that $35,000 of accounts receivable had been written off during the year. The clerk had debited bad debt expense for $35,000 and credited Accounts Receivable for $35,000. When $8,500 of accounts previously written off had been collected, the accountant debited cash and credited sales. The company uses the allowance method based on the aging of accounts receivable. Based on this method, Accounting Magic determines that uncollectible b. accounts are $46,600 at the end of 2018 c. On April 1, 2018, Accounting Magic renewed a 16-month insurance policy for $15,000. All cash was paid at the time the policy was signed and insurance expense was increased. All other transactions involving insurance were properly recorded. d. On November 1, 2018, Accounting Magic loaned a key supplier, $25,000. A promissory note was signed and issued. The note is due in full 6-months. The supplier agrees to pay interest on the note at an annual rate of 8% Principle and interest will be paid at the end of the 6 months The note was recorded in Notes Receivable and is the only note outstanding e. Per a physical count of office supplies, $5,006 of supplies remained at the end of 2018. The balance on the worksheet in the office supplies account represents last years ending balance. During the year, $35,000 of office supplies were purchased and immediately expensed f. On November 1, 2018 Accounting Magic paid ABC Advertising $16,000 for a four-month campaign of advertising services. Equal services are provided each month. g. Because of a new product line, Accounting Magic needed some temporary additional storage space so on August 1, 2018 they rented a unit for an annual rate of $17,000 and they paid the entire amount up front h. The storage building was self-constnucted this year by Accounting Magic. The Company had their tial expenditure of $500,000 on January 1. They paid an additional $375,000 on May 1 $250,000 on August 1 and then the final payment of $150,000 on December 1t when th