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1 Question Journal Betries and Adjusting Intres (27 mark) Requi Recor below Carlos Nora graduated NAITW culinary program and December lo January he started Sour

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1 Question Journal Betries and Adjusting Intres (27 mark) Requi Recor below Carlos Nora graduated NAITW culinary program and December lo January he started Sour Dough Demo Corp. that sells sourdough loaves and offers virtual online bread making lessons in for students to learn to 3. bake. The following are the transactions for the month of January his first month of operations Resp Gener Date Transaction 5 6 1-Jan Sour Dough Demo Corp. took out a loan from the bank for $100,000. The loan requires principal repayments of 55.000 at the end of each month and 5% interest 2 8 9 1 Jan Sour Dough Demo Corp. issued 6,000 common shares for $60,000 cash 10 11 1 Jan Sour Dough Demo Corp purchased 3 mixers and 3 industrial ovens for $62,000 cash. Sour Dough Demo Corp's accountant has determined that the baking equipment will all have a useful life of eight years and a residual value of $10,000 Sour Dough Demo Corp paid $8,400 for an insurance policy on the new baking equipment for the period Tot 207 Paramh11 212 The antholone should he desconoce and died at month = Cover Sheet Question 1 Journal Entries Question 1 Bonus Question 2 Income Statement Question 3 Closing Entries Quer Automatic WorkbookStatistics Arabied to be work A29 1/30/2021 144 D 15 1-Jan Sour Dough Demo Corp paid $8,400 for an insurance policy on the new baking equipment for the period January 1, 2021, to December 31, 2022. The entire balance should be recorded as an asset and adjusted a month end 1/12 16 17 18 5.Jan Sour Dough Demo Corp purchased inventory on credit at a cost of $9.000 115.20 9 1 6-Jan After a large social media campaign Sour Dough Demo Corp had 20 students pro pay for vitual baking lessons January 15th and February 15th. Cash collected for the future services was 56,000 1/6/20 1182 18.Jan Sour Dough Demo Corp sold 250 loaves of sourdough for 55,500 cash, the cost of the inventory used in the sale was $1,800 30 Jan Sour Dough Demo Corp paid for the inventory purchased on January 5th 1/30/2 13 . 30-Jan Sour Dough Demo Corp paid for the inventory purchased on January 5th 302 Adjusting items 31-Jan Made the necessary month-end adjusting entry related to the depreciation of the baking equipment 1/3 31-Jan Made the necessary month-end adjusting entry related to the insurance policy 1/32 31-Jan Completed the January 15th lesson paid for on January 6th. The lessons completed was half the original deposit 1/31

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