The starting balances of the FRS Company's accounts as of 1 January 2018 are as follows Balance Language Account title debt Credit in advance 365 800 Accounts receivable 42 500 Supply 13 000 prepaid insurance 0 Inventory 18 000 Equipment 46 000 Accumulated Depreciation Equipment 20 000 Accounts payable 82 500 Salary Payable 16 000 Unearned Sales Revenue 25 000 Capital city 341 800 withdraw money 0 Total 485 300 485 300 In January 2018, FRS Company completed the following transactions January 1st Prepaid 6 months insurance for $10,800 January 2 Purchased 400 units of inventory from Great Company for $32,000 with a futures 3 10, n eom And paid a $2,000 commission and freight fee for the purchase from Great Company January 4 2 5 purchased 150 units of inventory from Deluxe Company on terms n 30 The total bill is $13,500 January 5 Accrued salary for December 2016, $16,000 January 13 Paid to Great Company January 15 2 10 sold 600 units of merchandise to Shine Company for $90,000 ($150 each) on account on n 30 terms January 17 Recovered 50 units of goods from Shine Company (Returned goods cost $85 each) January 20 Payment received from Shine Company and full payment due January 23 Sold 40 units to Bridget Company for $6,000 ($150 each) on account January 27 Materials purchased for $13,000 in cash On January 31, 2018, FRS Company completed the following adjustment entries Expiration of prepaid insurance for one month Depreciation of equipment per month, $8,500 Consumables used, $12,000 Unearned sales revenue still unearned, $12,000 The accrued salary in January 2017 is $16,000 and will be paid on February 5 Requirements 1 Log and post the January transactions (Open T account for each of the accounts given in the trial balance, remember to write down the starting balances) 2 Prepare the FIFO chart to calculate cost of good sold on January 15 and January 23 (As of January 1, initial inventory includes 225 units at $80 each and $18,000 total as given) 3 Prepare an unadjusted trial balance as of January 31, 2018 4 Log and submit adjustment entries 5 Prepare the adjusted trial balance as of January 31, 2018

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The starting balances of the FRS Company's accounts as of 1 January 2018 are as follows: Balance Language Account title debt Credit in advance 365.800

The starting balances of the FRS Company's accounts as of 1 January 2018 are as follows:

	Balance Language
Account title	debt	Credit
in advance	365.800
Accounts receivable	42.500
Supply	13.000
prepaid insurance	0
Inventory	18.000
Equipment	46.000
Accumulated Depreciation-Equipment		20.000
Accounts payable		82.500
Salary Payable		16.000
Unearned Sales Revenue		25.000
Capital city		341.800
withdraw money	0

Total 485.300 485.300

In January 2018, FRS Company completed the following transactions:

January 1st: Prepaid 6 months insurance for $10,800.
January 2: Purchased 400 units of inventory from Great Company for $32,000 with a futures 3/10, n/eom. And paid a $2,000 commission and freight fee for the purchase from Great Company.
January 4: 2/5 purchased 150 units of inventory from Deluxe Company on terms n/30. The total bill is $13,500.
January 5: Accrued salary for December 2016, $16,000.
January 13: Paid to Great Company.
January 15: 2/10 sold 600 units of merchandise to Shine Company for $90,000 ($150 each) on account on n/30 terms.
January 17: Recovered 50 units of goods from Shine Company (Returned goods cost $85 each).
January 20: Payment received from Shine Company and full payment due.
January 23: Sold 40 units to Bridget Company for $6,000 ($150 each) on account.
January 27: Materials purchased for $13,000 in cash.

On January 31, 2018, FRS Company completed the following adjustment entries:

Expiration of prepaid insurance for one month
Depreciation of equipment per month, $8,500
Consumables used, $12,000
Unearned sales revenue still unearned, $12,000.
The accrued salary in January 2017 is $16,000 and will be paid ^{on February} 5 .

Requirements:

1. Log and post the January transactions. (Open T-account for each of the accounts given in the trial balance, remember to write down the starting balances)
2. Prepare the FIFO chart to calculate cost of good sold on January 15 and January 23 . (As of January 1, initial inventory includes 225 units at $80 each and $18,000 total as given)
3.Prepare an unadjusted trial balance as of January 31, 2018.
4. Log and submit adjustment entries.
5. Prepare the adjusted trial balance as of January 31, 2018.

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TAccounts for January Transactions Jan 1 Prepaid Insurance 10800 10800 Jan 2 Inventory 32000 Cash 28800 Commission Expense 2000 Freight Expense 1200 J... blur-text-image