Reference no: EM132484017
Jan
Point 1: 1 Valerie invested $18,000 into the company by purchasing 24,000 common shares.
Point 2: 1 The pet shop paid $12,000 cash to purchase tables and display racks to put into the store. Valerie estimates that she will use these items for 10 years and, thus, they depreciate in value by 1,200 per year.
Point 3: 1 The pet shop paid $1,000 to cover the January and February rent ($500/month).
Consider both months 'pre-paid' at this point
Point 4: 2 The pet shop purchased (for cash) a one-year liability insurance for $1,200. Coverage of the insurance started retroactively on January 1.
Point 5: 3 The store purchased (on account) 50 goldfish at $2 each and 5 cats at $50 each from Animals Ltd.
Point 6: 5 $500 cash was paid to purchase office supplies from Bureau en Gros ltd.
Point 7: 6 A customer named Tommy purchased two goldfishes at $5 each. He did not have any cash on him and his debit card would not work. Since he was the first customer he was permitted to pay at a later date.
Point 8: 8 The pet shop paid the balance due to Animals ltd.
Point 9: 9 A 10-year old named Mathieu came to the store and paid $25 cash to purchase 5 goldfish. He also paid $250 to buy a cat.
Point 10: 18 Tommy came back to pay his outstanding balance.
Point 11: 30 The pet shop declared a dividend of $100. The dividend will be paid in a few weeks.
Question A) Prepare the journal entries
Question B) Prepare the adjusting entries using for January 31st for the following items:
- Rent
- Depreciation expense
- Insurance
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