Please correct any wrong journal entries and make the T-Accounts for them. Extra

Question

Please correct any wrong journal entries and make the T-Accounts for them. Extra information is in the first image. Thanks in advance! 2218 Midterm In Progress Exce File Inzert Page Layout Formules Dats Review view Help Accounting Calibei ea Copy For Number Font Alignment Cipboard H105 Robin opened her business, Jealous Scarf Fashion Design (USFD) on Jan1 Prepare the journal entries for the transactions that occurred in the month of January. Important Notes about JSFD For tracking inventory, the company uses FIFO (you will have to keep track of inventory in order to properly journal the sale of goods) JSFD sells shirts for $32 and pants for $56 #5FD is a brand new company that has not previously operated .Based on industry data, JSD assumes that 2% of all sales will be returned **Enter all accounts titles that will be Debited in column B and account titles to be credited in column C 3 1-Jan Robin contributed $20,000 cash and land valued at $55,000 to JSFD in exchange for common stock. Journal Entries T-Accounts Adjusting Entries Adjusted Trial Balance Income Stmt Stater Search the web and Windows

Explanation / Answer

26 jan    Accounts Payable    4,600

                       To cash                        4,600  

Because the payment made after discount period.

repapering adjustment against inventory market value is an adjustment entry and it have to be difference between 1500 that’s current market value and balance of inventory account before making the Entry.

Cost of goods sold dr   1,038

      Inventory                               1,038

Asset Accounts

Cash Account

Debit

Credit

Date

$

Date

$

20,000

2 jan

15,000

125,000

3 jan

65,000

15 jan

24,800

4 jan

15,000

17 jan

17,600

8 jan

9,700

10 jan

2,500

15 jan

2,500

20 jan

270

23 jan

2,400

26 jan

4,600

26 jan

3,600

30 jan

1,500

31 jan

8,697

31 jan

496

31,337

Land

Debit

Credit

Date

$

Date

$

Jan 1st

55,000

Common Stock

Debit

Credit

Date

$

Date

$

Jan 1st

75,000

Prepaid Rent

Debit

Credit

Date

$

Date

$

2 jan

15,000

31 jan

2,500

12500

Not payable

Debit

Credit

Date

$

Date

$

2nd Jan

125,000

Building a/c

Debit

Credit

Date

$

Date

$

3 jan

65,000

31 jan

208

64,792

Store equipments

Debit

Credit

Date

$

Date

$

4 jan

15,000

31 jan

117

14,883

Office supplies

Debit

Credit

Date

$

Date

$

4 jan

2,500

31 jan

1900

600

Accounts payable

Debit

Credit

Date

$

Date

$

8 Jan

10,000

4 jan

2,500

10 jan

2,500

4 jan

10,000

26 jan

4,600

6 jan

4,600

Inventory a/c

Debit

Credit

Date

$

Date

$

4 jan

10,000

5 jan

4,000

6 jan

4,600

8 jan

300

22 jan

165

15 jan

7,100

31 jan

848

18 jan

1,675

31 jan

1,038

1500

Accounts Receivable

Debit

Credit

Date

$

Date

$

5 jan

1,7600

17 jan

1,7248

18 jan

5,800

22 jan

600

31 jan

352

5,200

Cost of goods sold

Debit

Credit

Date

$

Date

$

5 jan

4,000

22 jan

165

15 jan

7,100

18 jan

1,675

31 jan

1,038

13648

.

Sales Revenue

Debit

Credit

Date

$

Date

$

22 jan

600

5 jan

17,600

15 jan

24,800

18 jan

5,800

4,7600

Salary And Wages

Debit

Credit

Date

$

Date

$

15 Jan

2,500

31 jan

2,500

Sales Discount forfeited

Debit

Credit

Date

$

Date

$

17 jan

352

Utility expenses

Debit

Credit

Date

$

Date

$

20 jan

270

31 jan

620

Prepaid advertisement

Debit

Credit

Date

$

Date

$

23 jan

2,400

31 JAN

800

1,600

Prepaid insurance

Debit

Credit

Date

$

Date

$

26 jan

3,600

Dividend

Debit

Credit

Date

$

Date

$

30 jan

1500

Income tax expenses

Debit

Credit

Date

$

Date

$

31 jan

8,697

Advertisement Expenses

Debit

Credit

Date

$

Date

$

31 jan

800

Salary and Wages payable

Debit

Credit

Date

$

Date

$

31 jan

2,500

Utility expenses payable

Debit

Credit

Date

$

Date

$

31 jan

620

Supplies Expense

Debit

Credit

Date

$

Date

$

31 jan

1,900

Rent Expense

Debit

Credit

Date

$

Date

$

1 jan

2,500

Debit

Credit

Date

$

Date

$

1. Jan

20,000

2 jan

15,000

1. Jan

125,000

3 jan

65,000

15 jan

24,800

4 jan

15,000

17 jan

17,600

8 jan

9,700

10 jan

2,500

15 jan

2,500

20 jan

270

23 jan

2,400

26 jan

4,600

26 jan

3,600

30 jan

1,500

31 jan

8,697

31 jan

496

31,337

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