Question

a.	1/1/18	Office Supplies	350
		Accounts Payable		350
		To record on credit payment for office supplies
b.	1/1/18	Prepaid Insurance	1800
		Cash		1800
		To record purchase of 24-month insurance for cash
c.	1/1/18	Computer Equipment	2100
		Accounts Payable		2100
		To record purache of computer equipment
d.	1/5/18	Merchandise Inventory	1275
		Accounts Payable		1275
		To record purchase of merchandis for resale
e.	1/8/18	Accounts Payble	2100
		Sales Discount		42
		Cash		2058
		To record full payment for computer equipment
f.	1/10/18	Accounts Payable	350
		Cash		350
		To record full payment for office supplies
g.	1/12/18	Unearned Revenue	5000
		Sales Revenue		5000
		To record delivery of interior layout
h.	1/14/18	Accounts Receivable	18,500
		Sales Revenue		18,500
		To record project completed and billed to customer
i.	1/16/18	Wages payable	4225
		Payroll taxes payble	1055
		Cash		5280
		To record wage and tax payment
j.	1/18/18	Cash	30
		Office Supplies		30
		To record refund of items returned from Jan. 1
k.	1/20/18	Cash	5000
		Accounts Receivable		5000
		To record payment of work
l.	1/24/18	Cash	275
		Sales Revenue		275
		To record sale of side table
m.	1/26/18	Accounts Paybable	200
		Merchandise Inventory		200
		To record inventory returned to supplier
n.	1/30/18	Cash	9250
		Accounts Receivable		9250
		To record partial payment for invoice on Jan. 14

Beginning Balances for Jan 1, 2018

Acct #	Description	Debit	Credit
1000	Cash	95,349.00
1010	Accounts Receivable	7,250.00
1020	Inventory	4,898.00
1030	Prepaid Insurance	3,250.00
1040	Prepaid Rent	1,750.00
1100	Building
1110	Computers & Software	2,740.00
1115	Accumulated Dep Comp		411.00
1120	Furniture & Fixtures	5,775.00
1125	Accumulated Dep F&F		619.00
1130	Land
1140	Machinery & Equipment
1150	Accumulated Dep M&E
2000	Accounts Payable		1,600.00
2010	Payroll Tax Payable		1,055.00
2020	Sales Tax Payable		250.00
2030	Unearned Revenue		5,000.00
2040	Line of Credit
2050	Notes Payable
2060	Wages Payable		4,225.00
3000	Peters, J., Capital		1,000.00
3010	Peters, M., Capital		1,000.00
3050	Retained Earnings		105,852.00

RECORD ADJUSTING JOURNAL ENTRIES FOR JANUARY 31, 2018: o. Record the depreciation for the laptop purchased on January 1.(The estimated useful life of the computer is five (5) years and is expected to have no salvage value) p. Record the January 2018 depreciation for all computers & software owned before the January 1 purchase. These items are being depreciated over 5 years using the straight-line method with no salvage value. q. Record the January 2018 depreciation for the furniture & fixtures. These items are being depreciation over 7 years using the straight-line method with no salvage value. r. Record the adjusting entry for January’s rent. Sunflower Designs paid $2,100 in advance for 6 months’ rent on December 1, 2017. All previous months’ adjusting entries were made as required. s. Record the adjusting entry to record the use of the prepaid insurance coverage in January. The amount of the expired insurance coverage was $200. The previous months’ adjusting entries were made as required. t. Record the amount due to an employee for time worked during January, but not paid. The amount earned by the employee was $3,170.

Answer 1

Adjested Entries for Jan31,18

Date	particulars	Amount($)	Amount($)
Jan31	Depreciation Expense	35
	Accumulated Depreciation		35
	To Record Deprecation for computer Equpment((1200/5)*(1/12))
jan31	Depreciation Expense	46
	Accumulated Depreciation		46
	To Record Deprecation for computer Equpment((2740/5)*(1/12))
jan31	Depreciation Expense	69
	Accumulated Depreciation		69
	To Record Deprecation for computer Equpment((5775/7)*(1/12))
jan31	Rent Expense	350
	Prepaid Rent		350
	To record Rent expense(2100/6)
jan31	Insurence Expense	200
	Prepaid Insurence		200
	to record Insurence Expense
Jan31	Salaries Exp[ense	3170
	Salaries Payable		3170
	To record employee Salary Paid