Outdoor Adventure Company is a servico based compary that rents canoes for use on local lakes and tivess. At the beginning of the new year. Outdoor Adventure Company decided to carry and sell Outdoor Adventure Company does not typically prepare adjusting and closing ontries each month but the company is surprised at how popular the shirts are and wishes to know the net income for Tshirtswithitslogoprintedontheme.OutdoorAdventur January and would also like to understand how to Company uses the perpetual inventery system to accout for the inventory During January 2025 . prepare the dosing entries for a merchandising company During January 2025 , Oundoor Adventure Company comploted these Ouldoor Adventure Company completed the merchandising transactions, and posted the following noo morchandising transactions merchandising tranesactions to the ledget accounts (3) (Click the icon to view the non-merchuandising Iransactions ) Read the requhements Requirement 1. Joumatize and post the January transactions. Omit explanations Use the ledgor provided for posting Begin by journatcing the non-merchandising Janaary transactions. Omit explanations (Reecord debits first. then credits. Exclude explanations from any purnal entries.) Jan 2. Collected \$2,400 on account. Jan. 15. Pald the utlities and Selephiona bals from December. (On December 20, the corppany recetved bils for the telephone (5260) and itilities (5280) At that time the compony recorded a Telophone Payable fablity and a Usises Payable tiabitity, tespectively. Piepare a single compound fournal entry for this transactions) Jan 15. Pald the wages accrued in December (Wages accrued in Docember amounted to $1.050 and was recorded as a Wages Payable liablity) Jan. 20. Received bils for utifities (\$330) and telephone (5290) which will be paid tater. Prepare a single compound journal entry for this transaction ) Jan. 23. Paid various accounts payabla, $1,600. Jan 30 Paid employee, $500 The opening balances of each account (that wete determined after rocording the January merchandising transactions) have been entered for you. Post the January non-merchand sing transactions you recorded abeve using the dates as posting references. Compute each account balance. and denote the balance as Bal. (For any transactions that occurred on the same date that affect the same account, post to the account in the same order. as you prepared the journat entries above For any accounts with a zeto balance after posting the January non-merchandising transactions. selbct a "Bat" relerence and enter a "7" on the nontial side of the T-account) Review the journal entries you prepared above. Unearned Revenue Telephone Expense: Supplies Expense Income Summary Interest Expense \begin{tabular}{c||c} \hline & \\ & \\ \hline \end{tabular} Merchandising Transactions Non-Merchandising Transactions Jan. 2 Collected \$2,400 on accosit. Jan-15. Paid the veittos and telephocie bati trom December jOn Deceniber 20. the company teceived bats for the telephone (5)60) and utitivis (5280) At that fine the company recorded a Teliphcne Payable tabilty and a Ueciches Payatie liabitic respectively) Jan. 15. Paid tha wages accrund in Desember. (Wages accosed in Docember. arnounted to $1050 and was recorded as a Wages Payable fabuity) Jan. 18 Rented caniges and received cash. Sta600 Jan. 20 Rececied bills for utsities (5330) and telephone (5290) which will be pald tator Jan. 23. Paid vailious accounts payabile. I5 .600 Jan. 30 Paid cenplayee. 5500 Ledger Accounts Receivable \begin{tabular}{ll|l} \hline Bal & 6.500 & \\ Jan 10 & 1.411 & 1.411 Jan. 12 \\ Jan 21 & 3.492 & 3.492 Jan 23 \\ Jan. 30 & 6.653 & 6.653 Jan 31 \\ \hline Bal & 6.500 & \\ \hline \end{tabular} \begin{tabular}{c|c|c} Utilities Peyable & Canoo Rental Revenue \\ \hline & 280Bal & 0Bal. \\ \hline & 280Bal & 0Bal \end{tabular} Merchandise Inventory \begin{tabular}{|lr|r|} \hline Bal & 0 & \\ Jan1 & 75 & 30Jan2 \\ Jan3 & 2,160 & 43Jan7 \\ Jan14 & 3,000 & 45Jan8 \\ Jan25 & 5.660 & 1,000Jan10 \\ Jan27 & 37 & 20Jan18 \\ & & 89Jan20 \\ & & 2.378Jan21 \\ & & 133Jan29 \\ & & 4.566San30 \\ \hline \end{tabular} \begin{tabular}{cc|c} \multicolumn{3}{|c|}{ Estimated Returns inventory } \\ \hline Bal & 0 & \\ \hline Bal & 0 & \end{tabular} Utalities Expense Unearned Revenue Ledger
