$\backslash$table$[[4.,\frac{1}{03}\frac{?}{24},$Ck #$1002,\backslash$table$[[$Arranged for a general business liability insurance policy and paid$],[$$$1,200$ to State Penn Insurance. This premium is for one year of$],[$coverage$.]]],[5.,\frac{1}{03}\frac{?}{24},,\backslash$table$[[$Purchased office equipment for a cost of $$5,000$ from Office Mart$],[$for use in the business. Ms$.$ Cannel signed a six$-$month, $8\%$ note$],[$payable for the cost of the system. The office equipment has an$],[$estimated useful life of $4$ years and the residual $($salvage$)$ value is$],[$$$0.$ This will be recorded as Office Equipment, and depreciated$],[$using the Straight$-$Line Depreciation method accordingly.$]]],[6.,\frac{1}{05}\frac{?}{24},$Deposit #$2,\backslash$table$[[$Signed a note payable to borrow $$5,000$ from Wells Fargo Bank.$],[$Interest is $8\%$ annually and the note is to be repaid with interest in$],[$nine months.$]]],[7.,\frac{1}{05}\frac{?}{24},$Ck#$1003,\backslash$table$[[$nine months.$],[$Purchased furniture and fixtures for $$15,000$ from Furniture$],[$Warehouse$.$ The estimated service life of this asset is $5$ years. The$],[$residual $($salvage value$)$ is $$1,000.$ This will be recorded as Furniture$],[$and Fixtures. The depreciation will be recorded in the adjusting$],[$entries using the Straight$-$Line Depreciation Method.$]]],[8.,\frac{1}{06}\frac{?}{24},$Ck #$1004,$Purchased more Office Equipment for $$700$ to be used in the store.$],[9.,\frac{1}{06}\frac{?}{24},$Ck#$1005,$Purchased $$700$ in office supplies.$],[10.,\frac{1}{08}\frac{?}{24},,\backslash$table$[[$Purchased $$7,000$ of Inventory$-$Candles from Fantastic Flames on$],[$account$.]]],[11.,\frac{1}{08}\frac{?}{24},,\backslash$table$[[$account$.],[$Purchased $$3,000$ of Inventory$-$Holders from Handsome Holders on$],[$account$.]]],[12.,\frac{1}{13}\frac{?}{24},$Ck#$1006,\backslash$table$[[$account$.],[$Ms$.$ Cannel received and paid the $$650$ charge from her lawyer.$]]],[13.,\frac{1}{18}\frac{?}{24},,\backslash$table$[[$Carla$\text{'}$s Candles is now open for business. Sales will be both retail$],[$and wholesale. Retail customers will purchase online and at the$],[$shop and will be charged an $8\mathrm{.}25\%$ sales tax. Ms$.$ Cannel will allow$],[$major customers to charge their purchases on account and then pay$],[$later$.]]],[14.,\frac{1}{18}\frac{?}{24},,\backslash$table$[[$later$.],[$Sold a candelabra to UTEP for their homecoming banquet on$],[$account for $$4,000.$ The cost of the candles is $$1,450.$ The cost of$],[$the holders is $$450.$ UTEP does not have to pay sales tax on the$],[$purchase$.]]],[15.,\frac{1}{18}\frac{?}{24},,\backslash$table$[[$purchase$.],[$Purchased $$300$ of store supplies on account. This is to be recorded$],[$as store supplies.$]]],[16.,\frac{1}{18}\frac{?}{24},,\backslash$table$[[$as store supplies.$],[$Purchased additional candles from Fantastic Flames on account, for$],[$$$5,500.]]],[17.,\frac{1}{19}\frac{?}{24},$Deposit #$3,\backslash$table$[[$$$5,500.],[$Recorded cash sales for the first five days of operation. Sales$],[$totaled $$6,000$ and the sales tax collected totaled $$495.$ A total of$],[$$$6,495$ was deposited in the bank. The cost of merchandise sold$],[$was $$4,200.($Candles were $$3,500$ and Holders were $$700)]]]]$

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Part One Instructions

Record the January $2024$ transactions, as journal entries, in an Excel Spreadsheet. An example of an Excel spreadsheet follows the transactions below. No explanation is required for the journal entries. Instead of recording the names of the accounts use the corresponding account numbers in the chart of accounts. Prepare the journal entries as shown in an Excel Template Spreadsheet following the transactions below. Once you have written all the journal entries in the Excel Template Spreadsheet, you will use the template spreadsheet to enter the information into Blackboard for a grade. Once you are finished entering the journal entries into Blackboard, you will upload your Excel Template Spreadsheet into Blackboard. Here are the instructions to turn in the documents for each part of the practice set:

Step $1$: Enter the journal entries into the Excel Template spreadsheet and when completed print it out. Save your completed template to your computer w