Question is the last 2 pictures. Thanks for your help!
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Question:
560 Bal. Jan. 2 Jan. 8 Jan. 12 Jan. 23 Jan. 31 Bal. Cash 11,460 48 84 Jan. 1 70 543 Jan. 7 466 779 Jan. 20 2,352 36 Jan. 27 6,984 2,822 Jan. 29 17,116 Accounts Payable 4,250 Bal. Jan. 7 560 Jan. 3 Jan. 18 90 910 Jan. 14 Jan. 20 820 2,880 Jan. 25 Jan. 29 2,880 Sales Revenue O Bal. 48 Jan. 2 466 Jan. 10 2,352 Jan. 21 6,984 Jan. 30 9,850 Bal. 4,250 Bal. Canoe Rental Revenue Utilities Payable 230 Bal. Accounts Receivable O Bal. 230 Bal. O Bal. Bal. Jan. 10 Jan. 21 Jan. 30 6,000 466 2,352 6,984 6,000 466 Jan. 12 2,352 Jan. 23 6,984 Jan. 31 Cost of Goods Sold Telephone Payable 350 Bal. Bal. Bal. 0 14 350 Bal. Jan. 2 Jan. 10 Jan. 21 Jan. 30 Bal. 160 699 2,210 3,083 Wages Payable 1,050 Bal. 8 1,050 Bal. Rent Expense Merchandise Inventory Bal. 0 Jan. 1 84 14 Jan. 2 Jan. 3 560 17 Jan. 7 Jan. 14 910 70 Jan. 8 Jan. 25 2,8801 160 Jan. 10 Jan. 27 36 90 Jan. 18 41 Jan. 20 699 Jan. 21 58 Jan. 29 2,210 Jan. 30 Bal. 1,111 Bal. Refunds Payable O Bal. Bal. O Bal. Wages Expense Bal. 0 Interest Payable 120 Bal. Estimated Returns Inventory Bal. Bal. 0 120 Bal. Utilities Expense Bal. Bal. 0 Unearned Revenue 250 Bal. Bal. Office Supplies 150 Bal. 250 Bal. Telephone Expense Bal. 150 Bal. Notes Payable 4,800 Bal. Bal. Prepaid Rent 3,200 Bal. 4,800 Bal. Supplies Expense Bal. 3,200 Bal. 0 Land Bal. Bal. 90,000 Depreciation Expense- Building Bal. Bal. 90,000 Building 145,000 Washington, Capital 255,560 Bal. Bal. 0 Bal. Bal. 145,000 [255,560 Bal. Depreciation Expense-Canoes Bal. 0 Accumulated Depr.-Building 1,000 Bal. Income Summary O Bal. Bal. 0 Interest Expense 1,000 Bal. O Bal. Bal. 0 Bal. 0 Bal. Canoes 12,000 12,000 Bal. Accumulated Depr.-Canoes 200 Bal. 200 Bal. Merchandising Transactions Jan. 1 Purchased 12 T-shirts at $7 each and paid cash. Jan. 2 Sold 2 T-shirts for $24 each, total cost of $14. Received cash. Jan. 3 Purchased 70 T-shirts on account at $8 each. Terms 3/10, n/30. Jan. 7 Paid the supplier for the T-shirts purchased on January 3, less discount. Jan. 8 Realized 10 T-shirts from the January 1 order were printed wrong and returned them for a cash refund. Jan. Sold 20 T-shirts on account for $24 each, total 10 cost of $160. Terms 3/15, n/45. Jan. Received payment for the T-shirts sold on 12 account on January 10, less discount. Jan. Purchased 130 T-shirts on account at $7 each. 14 Terms 5/15, n/30. Jan. Better Boat Company called the supplier from the 18 January 14 purchase and told them that some of the T-shirts were the wrong color. The supplier offered a $90 purchase allowance. Jan. Paid the supplier for the T-shirts purchased on 20 January 14, less the allowance and discount. Jan. Sold 100 T-shirts on account for $24 each, total 21 cost of $699. Terms 2/20, n/30. Jan. Received a payment on account for the T-shirts 23 sold on January 21, less discount. Jan. Purchased 360 T-shirts on account at $8 each. 25 Terms 2/10, n/30, FOB shipping point. Jan. Paid freight associated with the January 25 27 purchase, $36. Jan. Paid for the January 25 purchase, less discount. 29 Jan. Sold 300 T-shirts on account for $24 each, total 30 cost of $2,210. Terms 3/10, n/30. Jan. Received payment for the T-shirts sold on 31 January 30, less discount. Print Done Requirements 1. Journalize and post the January transactions. Omit explanations. Use the ledger provided for posting. 2. Journalize and post the adjusting entries for the month of January. Omit explanations. Denote each adjustment as Adj. Compute each account balance, and denote the balance as Bal. In addition, Better Boat Company provides this data: a. A physical count of the inventory at the end of the month revealed the cost was $1,076. b. The company estimated sales returns will be $48 with a cost of $24. c. Office supplies used, $100. d. The Unearned Revenue has now been earned. e. Interest expense accrued on the notes payable, $120. f. Rent of one month has been used. (On December 1, the company prepaid $4,800 for three months' rent on the warehouse where the company stores the canoes. On December 31, the company recorded one month's worth of rent expense for the month of December in the amount of $1,600.) g. Monthy depreciation on the building amounts to $1,000. h. Monthy depreciation on the canoes amounts to $125. 3. Prepare the month ended January 31, 2025, single step income statement of Better Boat Company. 4. Journalize and post the closing entries. Omit explanations. Denote each closing amount as Clo, and each balance as Bal. After posting all closing entries, prove the equality of debits and credits in the ledger by preparing a post-closing trial balance. 5. Compute the gross profit percentage for January for Better Boat Company. Print Done Requirement 2. Journalize and past the adjusting entries for the month of January. Omit explanations. Denote each adjustment as Adj. Compute each account balance and denote the balance as Bal. Begin by journalizing the adjusting entries for the month of January. Omit explanations. (Record debits first, then credits. Exclude explanations from any journal entries.) (a) A physical count of the inventory at the end of the month revealed the cost was $1,076. Date Accounts | Debit Credit Jan. 31 Adj. (a) (b) The company estimated sales returns will be $48 with a cost of $24. ) $. Begin by preparing the entry to joumalize the sales portion of the adjustment. Do not record the expense adjustment related to the information. We will do that in the following step. Date Accounts Debit Credit Jan. 31 Adj. (b) Now journalize the expense adjustment related to the estimated sales returns. Date Accounts Debit Credit Jan. 31 Adj. (b) b (c) Office supplies used, $100. Date Accounts Debit Credit Jan. 31 Adj. (c) (d) The Unearned Revenue has now been earned. (The Unearned Revenue balance was initially recorded in December as part of fees paid by customers for the future rental of canoes.) Date Accounts Debit Credit Jan. 31 Adj. (d) (e) Interest expense accrued on the notes payable, $120. Date Accounts Debit Credit Jan. 31 Adj. (e) (1) Rent of one month has been used. (On December 1, the company prepaid $4,800 for three months' rent on the warehouse where the company stores the canoes. On December 31, the company Date Accounts | Debit Credit recorded one month's worth of rent expense for the month of December in the amount of $1,800.) Jan. 31 Adj. (t) Debit Credit (g) Monthy depreciation on the building amounts to $1,000. Date Accounts Jan. 31 Adj. (9) I (h) Monthy depreciation on the canoes amounts to $125. Date Accounts Debit Credit Jan. 31 Adj. (h) Enter the next leve ut each wurt by selecting alreerence and enter ng the amount on retire and on the propulence of the trum Poet thuy huling entries you need UIT "Mong with the spitati iwer as putry "werentas un the second the necesary counts. For exampw.for mental select "Ada" as the appropriate posting relerce to post to the accounts. Compute te sc].sed balance of each account and cenie the balance as A. Ba on the final no cleach T-scount For accounts with a zero na usled and or acustod balance select the "Bal" ander "M. Bareference and emer a won the normal size of the T-account) Cash Accounts Pays Saluvers LL Accounts Receivable des Payable Cance Rental Revenue Il Merchandise Inventory Telephone Payable Cont of Good Estimated Returns Inventory Wages Payable Rent Expense Omce Supplies Refunds Payable Wages Expense Prepaid Rant Internet Payable UUS Expand JU 1 Land Unearned Ravenue Telephone Expense Supplies Expense Building Notes Payable LS INC Depreciation Expert Building Accumulated Depr.-lding LO Canoes Washington, Capital Depreciation Expense-Canoes Accumulated Depr.-Canos Income Summary Interest Expense 560 Bal. Jan. 2 Jan. 8 Jan. 12 Jan. 23 Jan. 31 Bal. Cash 11,460 48 84 Jan. 1 70 543 Jan. 7 466 779 Jan. 20 2,352 36 Jan. 27 6,984 2,822 Jan. 29 17,116 Accounts Payable 4,250 Bal. Jan. 7 560 Jan. 3 Jan. 18 90 910 Jan. 14 Jan. 20 820 2,880 Jan. 25 Jan. 29 2,880 Sales Revenue O Bal. 48 Jan. 2 466 Jan. 10 2,352 Jan. 21 6,984 Jan. 30 9,850 Bal. 4,250 Bal. Canoe Rental Revenue Utilities Payable 230 Bal. Accounts Receivable O Bal. 230 Bal. O Bal. Bal. Jan. 10 Jan. 21 Jan. 30 6,000 466 2,352 6,984 6,000 466 Jan. 12 2,352 Jan. 23 6,984 Jan. 31 Cost of Goods Sold Telephone Payable 350 Bal. Bal. Bal. 0 14 350 Bal. Jan. 2 Jan. 10 Jan. 21 Jan. 30 Bal. 160 699 2,210 3,083 Wages Payable 1,050 Bal. 8 1,050 Bal. Rent Expense Merchandise Inventory Bal. 0 Jan. 1 84 14 Jan. 2 Jan. 3 560 17 Jan. 7 Jan. 14 910 70 Jan. 8 Jan. 25 2,8801 160 Jan. 10 Jan. 27 36 90 Jan. 18 41 Jan. 20 699 Jan. 21 58 Jan. 29 2,210 Jan. 30 Bal. 1,111 Bal. Refunds Payable O Bal. Bal. O Bal. Wages Expense Bal. 0 Interest Payable 120 Bal. Estimated Returns Inventory Bal. Bal. 0 120 Bal. Utilities Expense Bal. Bal. 0 Unearned Revenue 250 Bal. Bal. Office Supplies 150 Bal. 250 Bal. Telephone Expense Bal. 150 Bal. Notes Payable 4,800 Bal. Bal. Prepaid Rent 3,200 Bal. 4,800 Bal. Supplies Expense Bal. 3,200 Bal. 0 Land Bal. Bal. 90,000 Depreciation Expense- Building Bal. Bal. 90,000 Building 145,000 Washington, Capital 255,560 Bal. Bal. 0 Bal. Bal. 145,000 [255,560 Bal. Depreciation Expense-Canoes Bal. 0 Accumulated Depr.-Building 1,000 Bal. Income Summary O Bal. Bal. 0 Interest Expense 1,000 Bal. O Bal. Bal. 0 Bal. 0 Bal. Canoes 12,000 12,000 Bal. Accumulated Depr.-Canoes 200 Bal. 200 Bal. Merchandising Transactions Jan. 1 Purchased 12 T-shirts at $7 each and paid cash. Jan. 2 Sold 2 T-shirts for $24 each, total cost of $14. Received cash. Jan. 3 Purchased 70 T-shirts on account at $8 each. Terms 3/10, n/30. Jan. 7 Paid the supplier for the T-shirts purchased on January 3, less discount. Jan. 8 Realized 10 T-shirts from the January 1 order were printed wrong and returned them for a cash refund. Jan. Sold 20 T-shirts on account for $24 each, total 10 cost of $160. Terms 3/15, n/45. Jan. Received payment for the T-shirts sold on 12 account on January 10, less discount. Jan. Purchased 130 T-shirts on account at $7 each. 14 Terms 5/15, n/30. Jan. Better Boat Company called the supplier from the 18 January 14 purchase and told them that some of the T-shirts were the wrong color. The supplier offered a $90 purchase allowance. Jan. Paid the supplier for the T-shirts purchased on 20 January 14, less the allowance and discount. Jan. Sold 100 T-shirts on account for $24 each, total 21 cost of $699. Terms 2/20, n/30. Jan. Received a payment on account for the T-shirts 23 sold on January 21, less discount. Jan. Purchased 360 T-shirts on account at $8 each. 25 Terms 2/10, n/30, FOB shipping point. Jan. Paid freight associated with the January 25 27 purchase, $36. Jan. Paid for the January 25 purchase, less discount. 29 Jan. Sold 300 T-shirts on account for $24 each, total 30 cost of $2,210. Terms 3/10, n/30. Jan. Received payment for the T-shirts sold on 31 January 30, less discount. Print Done Requirements 1. Journalize and post the January transactions. Omit explanations. Use the ledger provided for posting. 2. Journalize and post the adjusting entries for the month of January. Omit explanations. Denote each adjustment as Adj. Compute each account balance, and denote the balance as Bal. In addition, Better Boat Company provides this data: a. A physical count of the inventory at the end of the month revealed the cost was $1,076. b. The company estimated sales returns will be $48 with a cost of $24. c. Office supplies used, $100. d. The Unearned Revenue has now been earned. e. Interest expense accrued on the notes payable, $120. f. Rent of one month has been used. (On December 1, the company prepaid $4,800 for three months' rent on the warehouse where the company stores the canoes. On December 31, the company recorded one month's worth of rent expense for the month of December in the amount of $1,600.) g. Monthy depreciation on the building amounts to $1,000. h. Monthy depreciation on the canoes amounts to $125. 3. Prepare the month ended January 31, 2025, single step income statement of Better Boat Company. 4. Journalize and post the closing entries. Omit explanations. Denote each closing amount as Clo, and each balance as Bal. After posting all closing entries, prove the equality of debits and credits in the ledger by preparing a post-closing trial balance. 5. Compute the gross profit percentage for January for Better Boat Company. Print Done Requirement 2. Journalize and past the adjusting entries for the month of January. Omit explanations. Denote each adjustment as Adj. Compute each account balance and denote the balance as Bal. Begin by journalizing the adjusting entries for the month of January. Omit explanations. (Record debits first, then credits. Exclude explanations from any journal entries.) (a) A physical count of the inventory at the end of the month revealed the cost was $1,076. Date Accounts | Debit Credit Jan. 31 Adj. (a) (b) The company estimated sales returns will be $48 with a cost of $24. ) $. Begin by preparing the entry to joumalize the sales portion of the adjustment. Do not record the expense adjustment related to the information. We will do that in the following step. Date Accounts Debit Credit Jan. 31 Adj. (b) Now journalize the expense adjustment related to the estimated sales returns. Date Accounts Debit Credit Jan. 31 Adj. (b) b (c) Office supplies used, $100. Date Accounts Debit Credit Jan. 31 Adj. (c) (d) The Unearned Revenue has now been earned. (The Unearned Revenue balance was initially recorded in December as part of fees paid by customers for the future rental of canoes.) Date Accounts Debit Credit Jan. 31 Adj. (d) (e) Interest expense accrued on the notes payable, $120. Date Accounts Debit Credit Jan. 31 Adj. (e) (1) Rent of one month has been used. (On December 1, the company prepaid $4,800 for three months' rent on the warehouse where the company stores the canoes. On December 31, the company Date Accounts | Debit Credit recorded one month's worth of rent expense for the month of December in the amount of $1,800.) Jan. 31 Adj. (t) Debit Credit (g) Monthy depreciation on the building amounts to $1,000. Date Accounts Jan. 31 Adj. (9) I (h) Monthy depreciation on the canoes amounts to $125. Date Accounts Debit Credit Jan. 31 Adj. (h) Enter the next leve ut each wurt by selecting alreerence and enter ng the amount on retire and on the propulence of the trum Poet thuy huling entries you need UIT "Mong with the spitati iwer as putry "werentas un the second the necesary counts. For exampw.for mental select "Ada" as the appropriate posting relerce to post to the accounts. Compute te sc].sed balance of each account and cenie the balance as A. Ba on the final no cleach T-scount For accounts with a zero na usled and or acustod balance select the "Bal" ander "M. Bareference and emer a won the normal size of the T-account) Cash Accounts Pays Saluvers LL Accounts Receivable des Payable Cance Rental Revenue Il Merchandise Inventory Telephone Payable Cont of Good Estimated Returns Inventory Wages Payable Rent Expense Omce Supplies Refunds Payable Wages Expense Prepaid Rant Internet Payable UUS Expand JU 1 Land Unearned Ravenue Telephone Expense Supplies Expense Building Notes Payable LS INC Depreciation Expert Building Accumulated Depr.-lding LO Canoes Washington, Capital Depreciation Expense-Canoes Accumulated Depr.-Canos Income Summary Interest Expense
