Project $-$ Part $1$

Question $2,$ CPF$5-51($book$/$static$)$

HW Score: $35\mathrm{.}86\%,39\mathrm{.}44$ of $110$ points

Part $1$ of $25$

Points: $0$ of $40$

Canyon Canoe Company is a service based company that rents canoes for use on local lakes and rivers. At the beginning of the new year, Canyon Canoe Company decided to carry and sell T$-$shirts with its logo printed on them. Canyon Canoe Company uses the perpetual inventory system to account for the inventory. During January $2025,$ Canyon Canoe Company completed these merchandising transactions, and posted the merchandising transactions to the ledger accounts.

Canyon Canoe Company does not typically prepare adjusting and closing entries each month, but the company is surprised at how popular the shirts are and wishes to know th net income for January and would also like to understand how to prepare the closing entries for a merchandising company. During January $2025,$ Canyon Canoe Company completed the following non$-$merchandising transactions:

$($Click the icon to view the non$-$merchandising transactions.$)$

Read the requirements.

Requirement $1.$ Journalize and post the January transactions. Omit explanations. Use the ledger provided for posting.

Begin by journalizing the non$-$merchandising January transactions. Omit explanations. $($Record debits first, then credits. Exclude explanations from any journal entries.$)$

Jan. $2$: Collected $$4,500$ on account.

$\backslash$table$[[$Date$,$Accounts,Debit,Credit$],[$Jan$.2,,,]]$Mmm