Remember you are doing annual adjusting entries for info given, not

transactional entries

On $\frac{2}{1}\frac{?}{19},$ JAR borrowed $$60,000$ from Lifeshore Bank by signing a $2-$year, $5\%,$ note payable. The note is due $\frac{2}{1}\frac{?}{2021}.$

At the end of $2019,$ JAR took a physical inventory of supplies and determined there were $$472$ on hand.

JAR rented a building on $4/1/2019$ by signing a one year lease and making one upfront annual payment of $$30,000$ in cash at that time.

On $\frac{12}{31}\frac{?}{19}$ JAR sold $$4,000$ of merchandise to Patty's Pet Groomers. Patty paid for the merchandise but JAR cannot deliver it until $1/4/20.$ JAR has included the $$4,000$ in Cash and Sales on the unadjusted trial balance. $($Think about requirements to record $($i$.$e$.$ earn$)$ revenue$).$

JAR's employees worked a total of $$2,082$ between the last pay date and $\frac{12}{31}\frac{?}{19}$ that will be paid on $\frac{1}{8}\frac{?}{20}.$

At the end of the year, JAR performed a review of accounts receiveable and determined that a $$840$ receivable from Grady's Grand Geckos was not collectible. JAR uses the A$/$R $($balance sheet$)$ allowance method for bad debts.

An analysis completed by the controller's office, using the balance sheet $($A$/$R$)$ approach, indicates that $4\%$ of total accounts receivable is uncollectible. See AR handout that is listed under JAR$1$ as extra help top of page $2.$ Use the REVSED AVR and Allowance for Doubtful Account balances after you have made any adjustments for #$1-6.($Round to nearest whole dollar$).$

JAR owns a building that was purchased in $2016$ for $$313,000.$ The building is being depreciated using straight line over a $20$ year useful life and has a $$60,000$ salvage value. Assume partial period depreciation is used$)$

JAR owns a forklift for moving freight that was purchased in $2018$ for $$9,800.$ The forklift is being depreciated using straight line over a $7$ year useful life and has a $$350$ salvage value.

Once you have made the above entries and posted them to the worksheet, use the adjusted trial balance to calculate pre$-$tax net income and record an entry to apply $20\%$ income tax.