question1.Prepare the necessary entries through December 31, 20X4. (50 points)

2.Post journal entries and determine the adjusted balances of the accounts. (5 points)

Please answer

JackJoe, Inc. sells toy mice to high end pet stores. Following is JackJoe's trial balance after the first year of operation, through December 20th. This trial balance does not reflect the transactions that occured during the last 11 days of the year or adjustments that are necessary, as described by the additional information. The Loan payable is due in 4 years. JackJoe, Inc. Trial Balance As of December 20, 20X4 Debits Credits $ $ 18,400 12,000 6,790 15,000 45,000 Cash Accounts receivable Supplies Inventory Equipment Accumulated depreciation Accounts payable Rent payable Loan payable Interest payable Capital stock Retained earnings Sales 24,000 32,500 25,000 20,000 60,590 Sales - Discounts 24,000 11,000 24,000 Cost of goods sold Rent expense Salaries expense Supplies expense Depreciation expense Interest expense Utilities expense 500 5.400 $ 162,090 $ 162.090 1. JackJoe's president, Elizabeth, decided the company needed more capital, so she sold more stock on December 20th for $18,000 2. JackJoe received payment to settle a $12,000 Account receivable on December 21. The terms of the receivable were 2/10, N 30 and the payment reflected that it was within the discount period. 3. JackJoe settled with cash a $15,000 Account payable with a vendor who sold JackJoe inventory, on December 22. The terms of the payable were 1/10, N 30 and the payment reflected that it was within the discount period. 4. JackJoe sold $25,000 of toy mice, on December 22. The terms of the sale were 1/10, N 30. The cost (inventory) of the mice was $2,000. 5. The equipment was purchased near the beginning of the year. $10,000 of its cost expired this year. 6. Interest of $250 is owed on December 31, but has not been recorded. 7. Supplies on hand at year end were counted, and amount to $400. 8. December's rent of $1,000 is owed, but has not been recorded