The company paid $23,000 on their accounts payable during the year. Record the entry.

The company made sales of merchandise (inventory) to customers for a total $240,000 The sales were made half on credit, and half in cash. The inventory sold had originally Inv cost the company $90,000 (hint #1: this is your cost of goods sold expense). (hint #2: you should use 5 accounts to record entry).

7)

The company provided the services associated with the Unearned Revenues balance at

the beginning of the year. Record the adjustment necessary for the year 2022.

8)

At December 31, the company had earned $42,000 in tax consulting revenue, but had not

yet received payment from their customer. Record the adjustment necessary at December

31, 2022. (use service revenue)

9)

On December 31, received $25,000 in cash representing advance payment for services to

be provided in February of 2023. Record the journal entry necessary on December 31,

2022.

10)

The building has a useful life of 30 years and no salvage value. The equipment has a

useful of 10 years and has a $30,000 salvage value. Record the adjustments necessary at

December 31, 2022 (record the entire year's depreciation for both the building and

equipment).

11)

Taxes for the year totaled $25,000. The taxes will be paid next year. Record the

adjustment necessary at December 31, 2022.

12)

The owners withdrew $4,000 for personal use on December 31, 2022. Record the

owners' withdrawal.