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Prepare journal entries for the transactions and adjusting entries.
Jan. 1- porter accepted a 4-month 8% not from Anderko Company in payment of Anderko's $1,200 accountJan. 3- Porter wrote off as uncollectible the accounts of Elrich Corporation ($450) and Rios Company ($280)Jan. 8- Porter purchased $17,200 of inventory on accountJan. 11- Porter sold for $25,00 on account inventory that cost $17,500.Jan. 15- Porter sold inventory that cost $700 to Fred Berman for $1,000. Berman charged this amount on his Visa First Bank Card. The service fee charged porter by first bank is 3%.Jan. 17- Porter collected $22,900 from customers on account.Jan. 21- Porter paid $16,300 on accounts payable.Jan. 24- Porter received payment in full ($280) from Rios Compant on the account written off on Jan 3.Jan. 27- Porter purchased advertising supplies from $1,400 cash.Jan. 31- Porter paid other operating expenses, $3,218.
adjustment data:1. interest is recorded for the month on the note from January 1.2. Bad debts are expected to be 6% of the January 31, 2012, accounts receivable.3. A count of advertising supplies on January 31, 2012, reveals that $560 remains unused.
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