Record the journal entries for the transactions during 2020

beginning balances:

cash: 82,925

accounts receivable: 28,400

supplies: 3,130

prepaid rent: 20,800

inventory: 1,070

equipment: 188,700

accumulated depreciation: 9,435

accts payable: 3,210

common stock: 199,000

retained earnings: 113,380

B E F G H 1 K M 1 2 #1 8 #6 10 #8 D Entry Company A's transactions during 2020: On Jan 1, Company A pays cash of $1,605 towards their Accounts Payable. 392 On Jan 15, Company A purchases $4,210 in supplies, on account. 4 83 On Feb 15. the company purchases 149 units of inventory for $1,070 each, half with accounts payable and the rest with cash. 5 Note: Company A had 1 unit of inventory on hand at the beginning of the year. 6 #4 On Apr 15, Company A sells all but 5 units of inventory at a price of $2,600 each. Half are sold on account, the rest for cash. 7 5 On Apr 30, you record the use of 4 month's rent, which is the beginning balance in your prepaid rent account. On May 1, you pre-pay the next 12 months of rent. Your rent has increased $1,000 per month over your initial monthly payment. 9 #7 On Dec 1, you collect $131,950 from customers related to previous sales, On Dec 31, you declare and pay dividends equal to 40% of the outstanding common stock value. Company A's adjusting entries at December 31, 2020: 3 #A1 A count of supplies shows you have $2,950 supplies on hand at the end of the year. 4 #A2 Perform an adjusting entry to account for any additional rent from May until year end. = #A3 Record depreciation on equipment, based on the original value. The expected life is 10 years, with no salvage value. HA4 Record tax expense of $12,939, to be paid next April. *** Based on the above transactions, complete your Income Statement and Balance Sheet. Once the financial statements are prepared, perform closing entries. #CI Close all revenue accounts to retained earnings. #C2 Close all expense accounts to retained earnings. AC3 Close all dividend accounts to retained earnings. 2