Wonder Wilderness Company does not typically prepare adjusting and closing entries each month, but the company is surprised at how popular the shirts are and wishes to know the net income for January and would also like to understand how to prepare the closing entries for a merchandising company. During January 2019, Wonder Wilderness Company completed the following non-merchandising transactions:

Requirement 1. Journalize and post the January transactions. Omit explanations. Use the ledger provided for posting.

Requirement 2. Journalize and post the adjusting entries for the month of January. Omit explanations. Denote each adjustment as Adj. Compute each account balance, and denote the balance as Bal.

(a) A physical count of the inventory at the end of the month revealed the cost was $3,019

(b) The company estimated sales returns will be $69 with a cost of $35.

(c) Office supplies used, $90.

(d) The Unearned Revenue has now been earned.

(e) Interest expense accrued on the notes payable, $110.

(f) Rent of one month has been used. (On December 1, the company prepaid $4,800 for three months' rent on the warehouse where the company stores the canoes. On December 31, the company recorded one month's worth of rent expense for the month of December in the amount of $1,600.)

(g) Monthly depreciation on the building amounts to $1,100.

(h) Monthly depreciation on the canoes amounts to $320.

Requirement 3. Prepare the month ended January 31, 2019, single step income statement of Wonder Wilderness Company.

Requirement 4. Journalize and post the closing entries. Omit explanations. Denote each closing amount as Clo. and each balance as Bal. After posting all closing entries, prove the equality of debits and credits in the ledger by preparing a post-closing trial balance.

Requirement 5. Compute the gross profit percentage for January for Wonder Wilderness Company.

FORMATS:

Let me know if more information is needed for the last few requirements

Jan. 2 Collected $4,000 on account. 15 Paid the utilities and telephone bills from December. (On December 20, the company received bills for the telephone ($270) and utilities ($230). At that time the company recorded a Telephone Payable liability and a Utilities Payable liability, respectively.) 15 Paid the wages accrued in December. (Wages accrued in December amounted to $1,050 and was recorded as a Wages Payable liability.) 18 Rented canoes and received cash, $2,400 20 Received bills for utilities ($380) and telephone ($300) which will be paid later. 23 Paid various accounts payable, $800. 30 Paid employee, $800 Requirement 1. Journalize and post the January transactions. Omit explanations. Use the ledger provided for posting. Begin by journalizing the non-merchandising January transactions. Omit explanations. (Record debits first, then credits. Exclude explanations from anyje Jan. 2: Collected $4,000 on account Date Accounts Debit Credit Jan. 2 Jan. 15: Paid the utilities and telephone bills from December. (On December 20, the company received bills for the telephone (S270) and utilities ($230). Date Accounts Debit Credit Jan. 15 Jan. 15: Paid the wages accrued in December. (Wages accrued in December amounted to $1,050 and was recorded as a Wages Payable liability) Date Accounts Debit Credit Jan. 15 Jan. 18: Rented canoes and received cash, S2,400. Date Accounts Debit Credit Jan. 18 Jan. 20: Received bills for utilities (8 380) and telephone ($300) which will be paid later. (Prepare a single compound journal entry for this transaction.) Date Accounts Debit Credit Jan. 20 Jan. 23: Paid various accounts payable, $800. Date Accounts Jan 23 Credit Jan. 30: Paid employee, Saco. Date Accounts Debit Credit Jan. 30 Cash Accounts Payable Sales Revenue Accounts Receivable Utos Payable Canoe Rental Revenue 8900 Merchandise Inventory Telephone Payable Cost of Goods Sold 270 Bal JL Estimated Returns Inventory Wages Payable Rent Expense Bal 1.050 Bal Office Supplies Refunds Pavable Wages Expense 100 Prepaid Rent Interest Payable Utilities Expense 3.200 110 Bal Land Unearned Revenue Telephone Expense Building Notes Payable Supplies Expense 9120 Bal Depreciation Expense Building Accumulated Depr.-Building 1.100 Ball Jan. 2 Collected $4,000 on account. 15 Paid the utilities and telephone bills from December. (On December 20, the company received bills for the telephone ($270) and utilities ($230). At that time the company recorded a Telephone Payable liability and a Utilities Payable liability, respectively.) 15 Paid the wages accrued in December. (Wages accrued in December amounted to $1,050 and was recorded as a Wages Payable liability.) 18 Rented canoes and received cash, $2,400 20 Received bills for utilities ($380) and telephone ($300) which will be paid later. 23 Paid various accounts payable, $800. 30 Paid employee, $800 Requirement 1. Journalize and post the January transactions. Omit explanations. Use the ledger provided for posting. Begin by journalizing the non-merchandising January transactions. Omit explanations. (Record debits first, then credits. Exclude explanations from anyje Jan. 2: Collected $4,000 on account Date Accounts Debit Credit Jan. 2 Jan. 15: Paid the utilities and telephone bills from December. (On December 20, the company received bills for the telephone (S270) and utilities ($230). Date Accounts Debit Credit Jan. 15 Jan. 15: Paid the wages accrued in December. (Wages accrued in December amounted to $1,050 and was recorded as a Wages Payable liability) Date Accounts Debit Credit Jan. 15 Jan. 18: Rented canoes and received cash, S2,400. Date Accounts Debit Credit Jan. 18 Jan. 20: Received bills for utilities (8 380) and telephone ($300) which will be paid later. (Prepare a single compound journal entry for this transaction.) Date Accounts Debit Credit Jan. 20 Jan. 23: Paid various accounts payable, $800. Date Accounts Jan 23 Credit Jan. 30: Paid employee, Saco. Date Accounts Debit Credit Jan. 30 Cash Accounts Payable Sales Revenue Accounts Receivable Utos Payable Canoe Rental Revenue 8900 Merchandise Inventory Telephone Payable Cost of Goods Sold 270 Bal JL Estimated Returns Inventory Wages Payable Rent Expense Bal 1.050 Bal Office Supplies Refunds Pavable Wages Expense 100 Prepaid Rent Interest Payable Utilities Expense 3.200 110 Bal Land Unearned Revenue Telephone Expense Building Notes Payable Supplies Expense 9120 Bal Depreciation Expense Building Accumulated Depr.-Building 1.100 Ball