What is the short term notes payable to finish my total current liabilities? And also need help finishing the closing entries. thanks

19 16 Note:Place debits first, credits second but do NOT indent credits. If more than one debitor credit, please list in alphabetical order to receive full credit. 17 1-Now The owner invested $150000 into the company in exchange for 5,000 shares of common stock 1-Nov The company purchased a computer system for $15000 and signed a one-year note for the entire balance. The note is due on November 1, 2024 28 and has an annual rate of interest of 3% 2-Nov Pald for two years rent on the office space: $24000 20 3-Nov Purchased 8 ice cream machines at a total cost of $1000 each for cash, FOB Destination 21 4-Nov Purchased $1700 of supplies on account, term n/30. 15-Nov Purchased 15 ice cream machines at a total cost of $1100 each on account, terms 1/30, FOB Destination. Shipping of $150 was paid to the 22 shipping company by the appropriate party 23 17-Nov Paid for the supplies purchased on November 4 24 18-Nov Pald for a two-year insurance policy for the store, $12000. The policy was effective beginning December 1, 2023. 20-Nov Sold 15 ice cream machines for $3000 each on account, terms 3/15, n/30, the company uses FIFO to find the cost of goods sold. The printers were os shipped FOB Shipping Point. Record the sales revenue first 26 28-Nov Received payment in full on account from the November 20 sale. 27 29 Nov Paid for November's utilities bill $1700 37 38 28 30-Nov Prepared payroll for the month of November, the first payroll for the company. Record the Sailares Expense entry first. The tax rates are as follows: 29 Federal Income Tax Rate-15% 30 NC State Income Tax Rate-10% 31 FICA Tax Rate-7.65% 32 Unemployment Tax Rate-6% on the first $7000 of each employees earnings per year. 33 34 1-Dec Paid the employees the amount due to them from the November 30 payroll taxes will be paid in January 1-Dec The company borrowed $60000 from Bank of America by signing a 10-year, 4% note. The note requires annual payments of 57397 beginning 35 December 1, 2024 36 1-Dec purchased a new delivery truck to save customers on shipping. The total cost of the Delivery Truck was $70000. 4-Dec Paid the amount due from the November 15 purchase 5-Dec Declared and paid $4000 in cash dividends to the stockholders of the company 39 6-Dec Purchased $1700 of supplies on account, term /30. 7-Dec Purchased 20 ice cream machines at a cost of $1210 each on account, termsn/30. FOB Destination. 15-Dec Sold 22 ice cream machines for $3300 each on account, terms 2/10, 1/30, the company uses FIFO to find the cost of goods sold. Record the sales 41 revenue first 18-Dec Paid for an ad in the local newspaper, $1700 24-Dec Received $33000 payment for 10 ice cream machines to be shipped on January 8, 2024 31-Dec Prepared payroll for the month of December, the first payroll for the company. Record the Salaries Expense entry first. The tax rates are as follows 45 Federal Income Tax Rate-15%. NC State Income Tax Rate-10% 47 FICA Tax Rate-7.65% Unemployment Tax Rate-6% on the first $7000 of each employees earnings per year. 49 50 2) Post all the Daily Transactions to the Ledger on the Ledger tab. LO 42 43 44 46 48 51 523) As of December 31, a search revealed the following information. Record any necessary adjusting entries for the year on the Adjusting Entriestab. 53 1 The computer equipment purchased on November 1 has a 5-year life and an expected residual (salvage) value of $1500. 54 2. Record any interest that has accrued on the note signed on November 1 for the computer system 55 3. The rent paid on November 2 is for two years beginning on November 1. 56 4 The insurance policy purchased on November 18 is effective beginning December 1 57 s Supplies on hand as of December 31 totaled $510. 58 6. The delivery truck purchased on December 1 has a 10 year life and an expected residual (salvage) value of 57000. 59 7 Accrue the interest, if needed, on the note signed on December 1 60 8 Record any bad debt expense for the year ended December 31. If needed, round to the nearest dollar 9 Utilites accrued but not yet paid as of December 31 totaled $1500. 62 SSSSSSS3 61 - Data DR OR Account 1-NovCash Common Stock 150.000 150,000 5 G 15.000 1. Nov Computer Equipment Notes Payable 7 15.000 9 24000 2.Now Prepaid Rent Cash 10 24.000 11 12 8.000 3.Now Inventory Cash 8.000 15 1,700 4.Now Supplies Accounts Payable 16 1,700 17 18 15-Nov Inventory Accounts Payable 16.500 19 16.500 20 21 17-NOV Accounts Payable Cash 1700 1.200 23 18-Now Prepaid insurance 12.000 Cash 12.000 24 25 26 27 20-Now Accounts Receivable Sales Revenue 45.000 23 45.200 29 30 20-Now Cost of Goods Sold Inventory 15,700 31 15,200 32 33 28-Novlash Sales Discounts 43,650 1350 35 Accounts Receivable 45.000 35 32 29. Novelties Expense cash 1.200 1.700 19 30 10,000 42 30 Nov Salaries Expense Federal Income Tax Payable NC State Income Tax Payable FICA Tax Payable Salaries Payable 1.500 1,000 43 765 5735 45 46 1.365 17 30 Nova FICA Tax Payable Unemployment Tax Payable 765 500 49 Instructions Daily Transactions Adjusting Entries Adjusting Entries Journal Page Account DR CR 450 1 Depreciation Expense Accumulated Depreciation - Computer 450 5 5 75 2 Interest Expense Interest Payable 7 75 3 2,000 3 Rent Expense Prepaid Rent 20 o 2,000 1 2 500 w N 4 Insurance Expense Prepaid Insurance 3 500 4 15 5 Supplies Expense Supplies 2,890 16 2,890 17 118 525 6 Depreciation Expense Accumulated Depreciation - Delivery Truck 19 525 20 21 200 7 Interest Expense Interest Payable 22 200 23 24 726 8 Bad Debt Expense Allowance for Uncollectible Accounts 25 726 26 27 9 Utilities Expense Accounts Payable 1,500 28 1,500 29 Account Name Debit Credit Cash 140,3151 72,600 7261 7,260 510 22,000 11,500 15,000 450 70,000 525 27,400 275 Accounts Receivable Allowance for Uncollectible Accounts Inventory Supplies Prepaid Rent Prepaid Insurance o Computer Equipment 1 Accumulated Depreciation - Computer 12 Delivery Truck 33 Accumulated Depreciation - Delivery Truck 24 Accounts Payable 15 Interest Payable 16 Deferred Revenue 17 Salaries Payable 18 Notes Payable 19 Federal Income Tax Payable 20 NC State Income Tax Payable 21 FICA Tax Payable 22 Unemployment Tax Payable 23 Common Stock 24 Retained Earnings 25 Dividends 26 Sales Revenue 27 Service Revenue 28 Sales Discounts 29 Cost of Goods Sold 30 Advertising Expense 31 Utilities Expense 32 Salaries Expense 33 Depreciation Expense 34 Rent Expense 35 Interest Expense 36 Supplies Expense 37 Bad Debt Expense 36 Payroll Tax Expense 39 Insurance Expense 33,000 6,735 75,000 3,000 2,000 3,060 840 150,000 4,000 117,600 1,350 41,440 1,700 3,200 20,000 9751 2,000 275 2,890 726 2,370 500 420,611 40 Totals 420,611 Instructions Daily Transactions Adjusting Entries Ledger Adjusted Trial Balance Cups & Cones Company Multiple-Step Income Statement For the Year Ended, December 31, 2023 Sales Revenue Less: Sales Discounts 117,600 1,350 116,250 41,440 74,810 726 975 Net Sales Cost of Goods Sold Gross Profit Operating Expenses: Bad Debt Expense Depreciation Expense Insurance Expense Advertising Expense Payroll Tax Expense Salaries Expense Supplies Expense Utilities Expense Rent Expense Total Operating Expenses Operating Income Other Revenue (Expense): Interest Expense Total Other Revenue (Expense) Net Income 500 1,700 2,370 20,000 2,8901 3,200 2,000 34,361 40,449 275 40,174 1 2 3 Cups & Cones Company Statement of Stockholders' Equity For the Year Ended, December 31, 2023 Common Stock Retained Earnings Total Stockholders' Equity 40,174 4 5 Balance, January 1 6 Net Income 7 Issuance of Stock 8 Dividends 9 Balance, December 31 10 150,000 4,000 36,1741 150,000 186,174 140,315 72,600 726 7.260 5100 22.000 11,500 253,459 15.000 70,000 1 Cups & Cones Company 2 Classified Balance Sheet 3 At December 31, 2023 4 Current Assets: 5 Cash 6 Accounts Receivable 7 Allowance for Uncollectible Accounts 8 Inventory 9 Supplies 10 Prepaid Rent 11 Prepaid Insurance 12 13 Total Current Assets 14 Assets: 15 Computer Equipment 16 Delivery Truck 17 Less: Accumulated Depreciation-Computer 18 Less: Accumulated Depreciation-Equipment 19 20 Total Assets 21 Liabilities: 22 Accounts Payable 23 Interest Expense 24 Deferred Revenue 25 Salaries Payable 26 Notes Payable 27 Federal Income Tax Payable 28 FICA Tax Payable 29 Unemployment Tax Payable 30 NC State Income Tax Payable 31 32 Total Current Liabilities 33 Notes Payable 34 450 525 337 484 27.400 2751 33,000 6,735 3,000 3,060 840 2,000 76,310 35 Total Liabilities 151,310 36 37 38 39 Total Stockholders' Equity 40 Total Liabilities & Stockholders' Equity 186.174 337.484 41 42 1 Closing Entries Journal Page 2 Date DR CR 3 3 Account 31-Dec Sales Revenue Sales Discounts Retained Earnings 117,600 4 1,350 5 6 7 8 CO on 10 11 12 31-Dec Retained Earnings Cost of Goods Sold Advertising Expense Utilities Expense Salaries Expense Depreciation Expense Rent Expense Interest Expense Supplies Expense Bad Debt Expense Payroll Tax Expense Insurance Expense 13 14 15 16 17 18 19 20 31-Dec Retained Earnings Cash Dividends 4,000 21 22 4,000 23