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D Question 1 280 pts Jan, 4 Fogle Company, owned by Miss Sharon King, provides grant writing services. During January 2018, the following events occurred: Jan. 2 Owner contributed $ 50.000 and a new computer costing $20,500 to start her business. Jan. 3 Paid for three months of utility bills at the start of the accounting period, $3,600. Purchased supplies on account for $4,000. Jan. 6 Purchased a car for $12,000 and paid with a credit card. Jan. 10 Grants Guaranteed obtained a 5-year. $20.000 loan from the bank. Jan. 12 Paid three months of insurance in advance for $2,750. Jan. 15 Paid the $3,000 for the purchase on Jan. 4. Jan. 24 Hired an employee for one month at a weekly rate of $500. Jan. 24 Grant writing services completed in January were billed to clients for $18,300 Jan. 27 Grants Guaranteed received $5.500 from Rychele Custom Art, a client, as payment on account. Jan. 30 Miss Sharon King withdrew $6,000 for personal use. Jan. 30 Paid bookkeeper $300 for preparing financial statements. 1) Use the General Journal Form and Prepare the journal entries for the above business transactions. (20 points each) 2) Then Use the General Journal Form and Prepare journal entries for the following adjustments. (10 points each) Supplies on January 31, 2018 were valued at $1.750. The car had a salvage value of $2,000 at the end of 5 years. (Straight Line Method) Record expired utilities for January Record accrued wages for the month. . sert bject Find Replace Select all Editing 44 12 DATE General Journal Account DEBIT CREDIT Editing DATE General Journal Account DEBIT CREDIT 199 Credit Debit 20000 Reference 2018-014 20000 5000 AZOT8-544 5000 1000 A2018 125 Account Title and Description 8./2018|Depreciation Expense Accumulated Depreciation To record depreciation for July 2018 1/8/2018 inventory Cash To record inventory purchase 2/8/2018 Utilities Cash to record August 2018 utilities purchase 3/8/2018 Cash Sales Collected the cash for sales to be recorded in sales account 4/8/2018 Cash Capital Owner contributed capital to the business 1000 15000 A2018-687 15000 75000 A2018 619 75000