Prepare the adjusting entries for the information provided
General Journal | ||||||
# | Date | Account name | Ref | Debit | Credit | |
1 | January 3 | Payroll expense | $ 110,000 | |||
Cash | $ 110,000 | |||||
2 | January 3 | Inventory | $ 55,692 | |||
Raw Materials | $ 37,128 | |||||
Shipping expense | $ 550 | |||||
Accounts Pay - Dallas Bike Basics | $ 92,820 | |||||
Cash | $ 550 | |||||
3 | January 3 | Accounts Rec - Windy City Bikes | $ 22,000 | |||
Sales | $ 22,000 | |||||
Cost of Goods Sold | $ 15,180 | |||||
Inventory | $ 15,180 | |||||
4 | January 7 | Cash | $ 16,850 | |||
Accounts Rec - Northwest Bikes | $ 16,850 | |||||
5? | January 10 | Accrued Expenses | $ 988 | |||
Cash | $ 988 | |||||
8 | January 11 | Raw Materials Inventory | $ 99,418 | |||
Accounts Payable - Space Bikes | $ 99,418 | |||||
9 | January 11 | Cash | $ 22,000 | |||
Accounts Rec - Windy City Bikes | $ 21,560 | |||||
Cash Discount | $ 440 | |||||
10 | January 12 | Accounts Pay - Dallas Bike Basics | $ 92,820 | |||
Cash | $ 92,820 | |||||
11 | January 17 | Accounts Pay - Lightbulb Accessory Kits | $ 17,010 | |||
Cash | $ 17,010 | |||||
12 | January 17 | Accounts Rec - Rocky Mountain Bikes | $ 128,130 | |||
Sales | $ 128,130 | |||||
Cost of Goods Sold | $ 79,441 | |||||
Inventory | $ 79,441 | |||||
13 | January 17 | Accounts Payable - Space Bikes | $ 99,418 | |||
Shipping Expense | $ 802 | |||||
Cash | $ 100,220 | |||||
$ 797,427 | $ 797,427 | |||||
14 | January 17 | Bad Debts Expense | $ 1,610 | |||
Accounts Receivable |
$ 1,610 | |||||
15 | January 18 | Cash | $ 89,960 | |||
Accounts Receivable | $ 89,960 | |||||
16 | January 19 | Accounts Payable | $ 350 | |||
Cash | $ 350 | |||||
17 | Accounts Receivable | $ 2,507 | ||||
Sales | $ 2,300 | |||||
Sales tax payable | $ 207 | |||||
cost of goods sold | $ 1,380 | |||||
Merchandise inventory | $ 1,380 | |||||
19 | January 24 | Accounts receivable | $ 27,450 | |||
Sales | $ 27,450 | |||||
Cost of goods sold | $ 17,092 | |||||
Inventory | $ 17,092 | |||||
18 | January 25 | Prepaid advertising expense | $ 15,000 | |||
Bank | $ 15,000 | |||||
20 | January 26 | Bank | $ 27,450 | |||
Accounts receibable | $ 27,450 | |||||
22 | Accounts payable | $ 30,890 | ||||
cash | $ 30,890 | |||||
23 | accounts receivable | $ 340,805 | ||||
sales revenue | $ 340,805 | |||||
Cost of good sold | $ 234,680 | |||||
Merchandise inventory | $ 234,680 | |||||
24 | January 31 | Sales tax payable | $ 3,063 | |||
Cash | $ 3,063 | |||||
25 | Rent expense | $ 4,500 | ||||
Cash | $ 4,500 | |||||
26 | Accounts Payable | $ 4,195 | ||||
Bank | $ 4,195 | |||||
$ 799,322 | $ 799,322 |
Adjustment information as of January 31, not already given in the original transaction(s). You must show your calculations for those entries requiring them to earn credit:
Prepare the adjusting entries for the information provided General Journal # Date Account name Ref Debit...
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