Prepare journal entries, t accounts, and ending trial balance.

Jan. 1 - Issued 6,500 shares of no-par common stock for $10 per share. Jan. 1 - Purchased a computer equipment for $5,000. Monthly depreciation for the equipment is $250. Jan. 3 Paid $3,000 in rent on the warehouse building for the month of January Jan. 6 - Purchased office supplies for $6,000. Jan. 10 - Performed repairs and maintenance on their machine costing $1,500. Jan. 11 - Purchased inventory on account for $95,000. Jan. 16 - Declared and paid $15,000 in dividends to its shareholders. Jan. 21 - Paid $55,000 to its suppliers for inventory purchased on credit in December 2019 ($45,000) and on January 11, 2020 ($10,000). Jan. 25 - Provided services for which a customer had paid $7,500 in December of 2019 (hint: see the deferred revenue account in the January 1, 2020 trial balance). Jan. 31 - Paid its employees $24,800 for work performed from December 26 January 25. $4,800 was for work performed in December 2019, and 20,000 was for work performed from January 1 January 25, 2020. During January Packing Inc. made credit sales for $225,000. The cost of the goods sold was $123,750 (make one summary entry for the entire month). During January Packing Inc. collected $145,000 in accounts receivable from customers (make one summary entry for the entire month).

opening trial balance:

ending trial balance:

Description Cash Accounts Receivable Inventory Notes Receivable Furniture & Fixtures Machine Accum. Dep. - F&F Accum. Dep. - Machine Accounts Payable Salaries Payable Deferred Revenue Common Stock Retained Earnings Total Debit 73.800.00 75,000.00 85,700.00 24.000.00 40,000.00 27,500.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 326,000.00 Credit 0.00 0.00 0.00 0.00 0.00 0.00 2,000.00 1,500.00 45,000.00 4,800.00 7.500.00 97,000.00 168,200.00 326,000.00 Debit Credit Description Cash Accounts Receivable Inventory Office Supplies Notes Receivable Computer Equipment Furniture & Fixtures Machine Accum. Dep. - F&F Accum. Dep. - Machine Accounts Payable Salaries Payable Deferred Revenue Common Stock Retained Earnings Service Revenue Sales Revenue COGS Rent Expense Maintenance Expense Salary and Wage Expense Total