Part A: Jelly World, Inc., is a purveyor of artisan jellies and is known for its high quality merchandise. The business started up in January 2015 and has been quite successful. Complete the Journal Entries for all 2019 transaction and adjustment information listed below. You do not have to date your journal entries. Be sure to sum the debit and credit columns to confirm they balance. The first journal entry has been completed for you. (15 points-graded for accuracy and format, including proper use of Excel spreadsheet links and formulas) There is no Check Figure for Part A. 5 5 s Transaction and Adjustment Data: 7 1 Collected the $28,250 of accounts receivable due to them at year end 2018. 3 2 Paid the $297,899 owed on account at year end 2018. 3 Paid the interest of $24,975 that was payable at year end 2018. 4 Made a payment on the mortgage note of $11,000. 1 5 Paid $5,292 to renew their annual insurance policy on March 1, 2019. 2 6 Made a payment on the long-term note of $83,000. 7 Issued 1,600 shares of Common Stock on March 1, 2019 for $10 per share. 1 8 Paid the taxes owed of $49,885 at year end 2018. 9 Purchased additional Furniture & Equipment on April 1, 2019 costing $64,440 due to increased shipping activities for their growing online presence. - 10 Purchased inventory during the year that cost $1,678,222. The company owed $396,430 on these purchases at year end 2019. 11 Purchased a new computerized sales system on June 30, 2019 for $74,600 in cash. The system has a useful economic life of 4 years and will be depreciated monthly using the straight line method. The system has a salvage value of $8,000. 12 Sales of artisan jellies for 2019 were $2,645,320. At December 31, 2019, $52,832 of this amount was still listed as receivable. 13 The total cost of the goods sold during 2019 was $1,689,576. 14 Supplies inventory of $4,860 was purchased with cash during 2019. Total supplies inventory of $806 was still on hand at year end 2019. 15 Total Salaries Expense for the year was $137,242 and total interest expense was $20,745. Salaries of $7,058 and interest of $20,745 are still payable at year end 2019. 3 1 3 5 16 Depreciation expense needs to be recorded on ALL buildings, furniture and equipment, and the new computer system at year end 2019. All items are depreciated on a monthly basis using straight line depreciation. The building has a useful life of 30 years and the furniture and equipment is depreciated over 5 years--there is no salvage value on the buildings or the furniture and equipment. As noted above, the new sales system has a useful life of 4 years and has a salvage value of $8,000. UTU TUJU JUIVUS VUIULUI YUUUU. The Prepaid Insurance and the Supplies Inventory need to be adjusted at year end 2019 so that the proper amount for insurance expense and supplies expense is recorded. See items 5 and 14 for details. (If you adjusted the supplies in #14, do not do it again) 18 Estimated income tax payable amounts for 2019 equaling $80,500 were paid during the year as they became due. 19 The company paid out cash dividends totaling $3,000 to its shareholders. 20 The company determined that two customer accounts were not collectible, and wrote off $634 on December 31. 21 The company believes that 2% of ending Accounts Receivable is a reasonable estimate of its Allowance for Doubtful Accounts balance. The Company uses the allowance method to record bad debts. 22 Tax expense is 21% of Income before Income Tax