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please show journal entries for transactions 10 - 16 and the income statement requested

Week-1 Basic Journal Entries Mason Yachts, a boat manufacturing company, begins business on 1/1/2017. Mason specializes in selling and repairing yachts. Alisting of all of Mason trial balance accounts can be found in trial balance tab below. For the transactions below, please record the necessary journal entries in the Journal Entries tab and update the balances in the trial balance. I have provided a T-Account tab for each individual trial balance account to track the changes during the period On January 1, 2017, Ted Mason invest $200,000 in exchange of 1,000 shares of $1 par Common Stock. On January 1, 2017, Mason Yachts buys $6,000 worth of office supplies with cash. Transaction #1 Transaction #2 Transaction #3 On January 1, 2017, Mason Yachts pre-Pays the following expenses for the next 12 months: Rent Expense $6,ooo and Insurance Expense $3,600 On January 1, 2017 Mason Yachts buys $36,000 worth of machines that will be used in modifying boats that will be sold. Mason noted that these machines will have useful life of 6 years and no salvage value at the end of the 6 years. Mason will use the straight-line depreciation method in depreciating the asset. Mason bought these machines with cash Transaction #4 Transaction #5 On January 1, 2017 Mason Yachts hires three employees: John Mason, Office Manager, Frank Mason, Repairs Manager, and McCoy Mason, Sales Manager. Each of the three employees will have a monthly salary of $8,ooo, which will be paid on the 5th day of the next month On January 2nd, Ozark Boats pre-pays Mason Yachts $40,000 to perform repair services on 5 boats. For each boat repaired, Mason Yacht will receive $8,00o in revenue Transaction #6

On January 2nd, John Mason purchased 5 Boats for $10,000 each at the boat action. These boats are ready re-sale and were put into inventory on this date. Ted purchased these boats on account and will be paid in 9o days. Transaction #7 Transaction #8 On January 15th, Mason Yachts sold 2 Boats for $35,000 each to a customer. The customer will pay in cash for these boats in 30 days. (Hint: Remember there are two entries with a sale of goods) Transaction #9 on January 30th, Mason Yachts announcee that is has declared and paid a dividend of $1 to all shares of common stock.

Week-2 Adjusting Journal Entries and Income Statement At the end of the month, Mason needs to make the following adjusting journal entries. Please record these adjusting journal entries in the ournal entries.T-Accounts, and Trial Balance tabs and prepare a single-step and multiple step income statement in the Income Statement tab. Transaction #10 : One month of expenses has been incurred for rent and insurance expenses. Transaction #11: John, Frank, and McCoy Mason worked for a full-month as salary employees. They will be paid on February 5th Transaction #12: At then end of the month, John Mason does an inventory of the supplies room and notes that $2,500 worth of supplies is still remaining in the stock room. Transaction #13: One month of depreciation has been incurred as of Janary 31st on the machines purchased. Record the applicable entry. Transaction #14: As of January 31st, Mason Yachts has completed repair services on 4 of the 5 Ozark Boats. Based on the terms of the agreement Mason may record revenue. Transaction #15: McCoy Mason has noted that the customer that purchased the two boats on account is in financial trouble and collectiablity may or may not occur. Based on discussions with the customer. Mason expects to receive 90%。 the puchase price of the boats on account. As such, Mason has decided to reserve for the 10% in an allowance account and will not completely write-off the accounts receivable. Transaction #16: After review of the bank statement at month-end, you note that $100 of interest income was earned and wired into cash account at First Hawaiian Bank for interest related to our account balance for the month of January. Prepare Single Step and Multiple Step Income Statements on the Income Statement tab for the month of January Assume no income ta

Liabilities and Equi Income Statement Account # Account Description Assets Account # Account Description Account Account Description 2000 Accounts Pavable 2100 Unearned Service Revenue 2200 Wages and ooo Revenue-Yacht Sales 10oo Cash 1100 Accounts Receivable 1150 Allowance for Doubtful Accounts 1200 Inventor 1300 Pre-Paid Expense 100 Revenue-Repair Services d Salaries Pavable ooo Common Stock oso Additional Paid In C 100 Dividends 200 Retained Earnings ooo Cost of Goods Sold 6000 Wages and Salaries Expense 6100 Rent Expense 6200 Supplies Ex 6300 Insurance Ev 1500 Machines 155o Accumulated Depreciation Machine reciation 650o Interest Income Journal Entry # Account # Account Description Debit Credit 100 Dividends 1000 Cash 1,000 1,000

Mason Yacht Company Single Step Income Statement Mason Yacht Company Multiple Step Income Statement 4 10 12 13 14 15 16 17 18 19 20 21 23 24 Overview Journal Entries T-Accounts Trial Balance Income Statement

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Question is about Mason Yachts wherein Journal entries and Income statement has been askedPlease hit LIKE button if this helped. For any further explanation, please put your query in comment, will get back to you. Even Date Account Debit 200,000 Jan 1 Common Stock Additional Paid in Capital S 1,000 1000 1 199,000 Plug Jan 1 (being common stock issued) $6,000 Jan 1 S 6,000 being office supplies paid in cash) Prepaid Expense (being rent and insurance prepaid) S 9,600 lan 1 $ 9,600 Machines $ 36,000 Jan 1 S 36,000 (being cash paid for machines) No Entry No Entry lan 1 Jan 2 $ 40,000 Unearned Service Revenue (being salary S 40,000 Jan 2 Inventory S 50,000 10000 5 Accounts Payable (being inventory bought on occount) 50,000 an 15 Jan 15 $ 70,000 2 35000 Revenue-Yatch Sale S 70,000 Jan 15 Cost of Goods sold 20,000 10000 2 an 15 20,000 (being cost of goods sold recorded) 1000 1 an 31 Jan 31 Dividends S 1,000 S 1,000 Cash (being dividend declared and p usting Entries: Jan 31 lan 31 Jan 31 Rent Expense Insurance Expense Prepaid Expense being expense for the month recorded) 6000/12 3600/12 500 300 800 Jan 31 Wages and Salaries Expense S 24,00 80003 Jan 31 Wages and Salaries payable 24,000 (being salary amount recorded) Supplies Expense (being used supplies recorded) Depreciation Expense lan 31 Jan 31 3,500 6000-2500 13 Jan 31 36000/6 years 1/12 Accumulated Depreciation Machine (being depreciation expense recorded) Jan 31 500 lan 31 Jan 31 14 32,000 8000#4 Unearned Service Revenue Revenue-Repair Service e recorded) S 32,000 15 Jan 31 Jan 31 Bad debt Expense $ 7,000 70000 1096 Allowance for doubtful accounts (provision taken for 1096) 7,000 Jan 31 $100 an 31 Interest Income being interest income recorded)Trial Balance: $187,500 Accounts Receivable Allowance for doubtful accounts Inventory S 30,000 2,500 Prepaid Expense Machines Accumulated Depreciation Machine Accounts Payable Unearned Service Revenue Wages and Salaries payable $ 8,000 Common Stock Additional Paid in Capital Revenue-Repair Service Revenue-Yatch Sale Interest Income Cost of Goods sold Bad debt Expense Depreciation Expense Insurance Expense $199,000 32,000 S 20,000 Supplies Expense Wages and Salaries Expense S 3,500 S 24,000 391,600 $391,600 Single Step Income Statement Revenue and Gains: Revenue-RepairService Revenue Yatch Sale Interest Income Total Revenue and Gains Expenses and losses: Cost of Goods sold Bad debt Expense Depreciation Expense Insurance Expense $ 70,000 $102,100 20,000 Supplies Expense Wages and Salaries Expense Total Expense and Losses Net Income S 24,000 $-55,800 Multi Step Income Statement Revenue-Repair Service Revenue-Yatch Sale Total Operating Revenue Less: Cost of Goods Sold Gross Margin Less: Operating Expense Bad debt Expense Depreciation Expense Insurance Expense Rent Expense Supplies Expense Wages and Salaries Expense Total Operating Expense Net Operating Income Add: Interest Income $70,000 102,000 $-20,000 82,000 $ 3,500 S 24,000 $ -35,800 46,200 Net Income

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