prepare year end adjusting entries journal entries.

Information at year end 12/31/21.

Cash- At the end of the year (December 31, 2021) the accountant's assistant reconciled the bank account and found the following problems; bank fees totaling 137 were not recorded on the books.

Some checks from customers bounced and expect to recover the funds in the future:

customer #1391 (credit sales) $400

#2947 (credit sales) 900

#1608 (cash sales) 15

Some checks from customers bounced and the funds are not expected to be recovered.

cash sale 75

cash sale 196

credit sale 714

The haggis company issued duplicate checks to one vendor in the amounts of $1,418. The vendor sent one of the checks back to haggis co.

On December 2, 2021, a salesperson negotiated a contract to provide services in the future in the amount of $50,000. He received a $10,000 check as an advance on the contract and forgot to give it to the bookkeeper.

Accounts receivable:

The finance department reviewed the accounts receivable and found:

Two customers have gone bankrupt. There will be not recovery on the following accounts;

customer #2799 $3,500

customer # 7811 550

Management expects that 3.5% of the accounts receivable at the end of the year will go bad.

Vehicles;

Operations expects the vehicles to be used for 8 years and to be worth 10% of original cost at the end of the useful life. Management has decided to use straight line depreciation, and to do a monthly pro-rate for the first year.

Equipment:

Operations expects the equipment to be used for 10 years and have no salvage life at he end. Management has decided to use straight line depreciation, and to do a monthly pro-rate for the first year.

Supplies:

the internal audit staff counted the supplies on December 31, 2021. They determined that $3,875 was the dollar amount of the supplies on hand.

OCIOSER IRANSACTIONS 1. A new campany started on October 12021 . its name is Enjoy Haggis, Inc. 2. Co sold 1000 shares of common stock for $10.000 on October 1 payable semranne bank on October 2 . The terms are 5% 4 On Octaber 4 this co bought trucks for 590 , opoo the balance due with interest at 6% payable semian payment of $5,000 every 6 months. are 8% interest payable every 6 months and the principal balance due in 6. On Octaber 6, the company signed a contract for product sales totaling $70,000 over the next 8 months. 7. Oct 6 - Supplies of $3,000 were purchased on account. 5. Oct 7 - Liabiliy Insurance for the next 12 months, was acquired for $5,000 on account. 9 Oct 7 - Signed a contract with a major supplier totaling $35.000 covering the next 8 months. 10 Oct B - Inventory costing $40,000 was purchased on account and recerved by Oct 14. 11 Cash sales - 510,000 products, $20,000 services 12 Credit sales $30,000 products, $30,000 services 13 Cost of goods sold was estimated at 50% of selling price 14$30,000 rent paid for 6 months 15 Payroll - Gross $2,500,$300 deducted from payroll, \$2,200 net paid 16 Ulities of $286 were incurred $100 was paid currently, the balance is due next month 17 Aiso mourred 57.500 utilities not due until next month 16. Supplies - used \$2,000 and paid $500 for additional supplies 12 Vehicle expenses of 5914 , incurred but not paid 20. Repairs of 5914 incurred and not paid 21 Attomey fees af 55,000 due and unpaid 22 Collected $4,300 on accounts receivable 23 Paid 53,598 on accounts payable NOVEMBER TRANSACTIONS 24 Cash sales $7435 products, 537570 servioes 25 Credit sales $35000 products, $45000 semvoe5 26. Cost of goods sold was estimated at 50% of sebing pnce 27 Purchased inventary on account for $68000 28 Payroll- Gross $5,000.$600 deducted from employees 29 Paid $7500 utilities 30 Also incurred $8,000 unitries not due until next month 31. Supplies - bought $750 and paid cash 32. Vehicle expenses of $880 paid cash 33. Repairs of $13,300 incurred and $8.300 payment 34 Attorney tees - paid $3.500 and incurred an additional $500 35 Paid \$2,575 miscellaneous expenses 36 Collected 553,000 on accounts receivable 37. Paid $67000 on accounts payable DECEMBER TRANSACTHONS 38. Cash sales - $8.200 products, $30,800 services 39. Credit sales - $30,000 products, $65,000 40 . Cost af goods sold was estimated at 55% of selling price 41 Purchased inventory on account for $24,000 42 Payroll - Gross $9,700,$1.200 deducted from employees 43 Paid 59000 utities 44 Aiso incurred $9,800 ut ilies not due untii next month 45 Supplies - bought $1,800 and paid cash 46 Vehicle expenses of $5,500 and paid only $3,500 47 Repairs of $9,000 incurred and $5,000 paid 48 Attomey fees - paid $2.250 and incurred an additional $250 49 Paid 51,200 miscellarieous expenses 50. Collected $126,200 on accounts receivable 51. Paid 551,000 on accounts payable INF ORMATION AT YEAR END 12/31/21 CAFH At the end of the yuar (Ovcemtier 31.2021 ) the acconuntart e assistant ieconcilod the bark accourt any found the folowiv protiens: - Bank Fees totaling $137 were not recorded on the bocks - Some checks tram custermens bouricid and expect to recaver the funds in the future - Some checiss from custarners bouncud and the funds are not expectasd to be recovered cash"naleccant"balaCreditsaie75190714 - The haggis Company asued duplicate checks to one verube in the amounts of $1418. The vendor sent one of the checks back to Haggis Co - On December 2. 2021 a salesperson negotiated a contract bo provide services in the future in the amount of 550,000 He recenved a 510000 check as an advance on the contract and forgot to give it to the bootikeper. ACCOUNTS RECEIABLE The finance deparmient reviewed the accounts recorvable and tount: - Tivo custumers have gone banknupt. There will be no recovery on the following accoumts CuntarterF2733Custemer$7911$3.500550 - Aanagemert erpects that 3.5% of the accounts receivable at the end ot the year will go bad. YEHICLES Operations erpects the vehicles to be used for B years and to be worth 10%6 of original cost at the end of the useful He Management has decided to use straight line depreciabion, and to do a monthly pro-rate for the first year. EQUIPMENT Operations expects the equpment to be used for 10 years and have no salvage lite at the end Managenent hars decided to use straight line depreciation and to do a monthiy pro-rate for the first year: SUPRLIES The internal audit etaff counted the supples on December 31 pias 527,400 and that 49,800 was stil ursmaki at 12.3171 The a aniy one probiat tem for hiagis Co QITER This is a good pount fo reswey tha transactars ard genef - The cortituries OCIOSER IRANSACTIONS 1. A new campany started on October 12021 . its name is Enjoy Haggis, Inc. 2. Co sold 1000 shares of common stock for $10.000 on October 1 payable semranne bank on October 2 . The terms are 5% 4 On Octaber 4 this co bought trucks for 590 , opoo the balance due with interest at 6% payable semian payment of $5,000 every 6 months. are 8% interest payable every 6 months and the principal balance due in 6. On Octaber 6, the company signed a contract for product sales totaling $70,000 over the next 8 months. 7. Oct 6 - Supplies of $3,000 were purchased on account. 5. Oct 7 - Liabiliy Insurance for the next 12 months, was acquired for $5,000 on account. 9 Oct 7 - Signed a contract with a major supplier totaling $35.000 covering the next 8 months. 10 Oct B - Inventory costing $40,000 was purchased on account and recerved by Oct 14. 11 Cash sales - 510,000 products, $20,000 services 12 Credit sales $30,000 products, $30,000 services 13 Cost of goods sold was estimated at 50% of selling price 14$30,000 rent paid for 6 months 15 Payroll - Gross $2,500,$300 deducted from payroll, \$2,200 net paid 16 Ulities of $286 were incurred $100 was paid currently, the balance is due next month 17 Aiso mourred 57.500 utilities not due until next month 16. Supplies - used \$2,000 and paid $500 for additional supplies 12 Vehicle expenses of 5914 , incurred but not paid 20. Repairs of 5914 incurred and not paid 21 Attomey fees af 55,000 due and unpaid 22 Collected $4,300 on accounts receivable 23 Paid 53,598 on accounts payable NOVEMBER TRANSACTIONS 24 Cash sales $7435 products, 537570 servioes 25 Credit sales $35000 products, $45000 semvoe5 26. Cost of goods sold was estimated at 50% of sebing pnce 27 Purchased inventary on account for $68000 28 Payroll- Gross $5,000.$600 deducted from employees 29 Paid $7500 utilities 30 Also incurred $8,000 unitries not due until next month 31. Supplies - bought $750 and paid cash 32. Vehicle expenses of $880 paid cash 33. Repairs of $13,300 incurred and $8.300 payment 34 Attorney tees - paid $3.500 and incurred an additional $500 35 Paid \$2,575 miscellaneous expenses 36 Collected 553,000 on accounts receivable 37. Paid $67000 on accounts payable DECEMBER TRANSACTHONS 38. Cash sales - $8.200 products, $30,800 services 39. Credit sales - $30,000 products, $65,000 40 . Cost af goods sold was estimated at 55% of selling price 41 Purchased inventory on account for $24,000 42 Payroll - Gross $9,700,$1.200 deducted from employees 43 Paid 59000 utities 44 Aiso incurred $9,800 ut ilies not due untii next month 45 Supplies - bought $1,800 and paid cash 46 Vehicle expenses of $5,500 and paid only $3,500 47 Repairs of $9,000 incurred and $5,000 paid 48 Attomey fees - paid $2.250 and incurred an additional $250 49 Paid 51,200 miscellarieous expenses 50. Collected $126,200 on accounts receivable 51. Paid 551,000 on accounts payable INF ORMATION AT YEAR END 12/31/21 CAFH At the end of the yuar (Ovcemtier 31.2021 ) the acconuntart e assistant ieconcilod the bark accourt any found the folowiv protiens: - Bank Fees totaling $137 were not recorded on the bocks - Some checks tram custermens bouricid and expect to recaver the funds in the future - Some checiss from custarners bouncud and the funds are not expectasd to be recovered cash"naleccant"balaCreditsaie75190714 - The haggis Company asued duplicate checks to one verube in the amounts of $1418. The vendor sent one of the checks back to Haggis Co - On December 2. 2021 a salesperson negotiated a contract bo provide services in the future in the amount of 550,000 He recenved a 510000 check as an advance on the contract and forgot to give it to the bootikeper. ACCOUNTS RECEIABLE The finance deparmient reviewed the accounts recorvable and tount: - Tivo custumers have gone banknupt. There will be no recovery on the following accoumts CuntarterF2733Custemer$7911$3.500550 - Aanagemert erpects that 3.5% of the accounts receivable at the end ot the year will go bad. YEHICLES Operations erpects the vehicles to be used for B years and to be worth 10%6 of original cost at the end of the useful He Management has decided to use straight line depreciabion, and to do a monthly pro-rate for the first year. EQUIPMENT Operations expects the equpment to be used for 10 years and have no salvage lite at the end Managenent hars decided to use straight line depreciation and to do a monthiy pro-rate for the first year: SUPRLIES The internal audit etaff counted the supples on December 31 pias 527,400 and that 49,800 was stil ursmaki at 12.3171 The a aniy one probiat tem for hiagis Co QITER This is a good pount fo reswey tha transactars ard genef - The cortituries