C D E F 1 Here are the current account balances for Sharon's Stones: 2 3 Income Statement account Amount (dr/cr) Balance Sheet account Amount (dr/cr) 4 Sales Revenue 900 cr Cash 4,330 dr 5 Service Revenue 150 cr Accounts Receivable 450 dr 6 Cost of Goods Sold Expense 400 dr Inventory 800 dr 7 Utilities Expense 220 dr Equipment 3,000 dr 8 Accounts Payable 1,200 cr 9 Bank Loan 2,250 cr 10 Sharon, Capital 5,000 cr 11 Sharon, Withdrawals 300 dr 12 13 14 15 1) Make the necessary journal entries for the following transactions: 16 17 a) 18 b) 19 c) 222 d) Sep 5, 2024-Sharon pays her supplier for the Aug 11" purchase. Aug 31, 2024-Sharon recognizes that her equipment will last 3 years and have a salvage value of $100 at that point. She wishes to depreciate all capital assets on a monthly basis using the straight-line method Sep 1, 2024-Sharon purchases a $6,000 vehicle financed through a car dealership loan (4% annual interest rate with interest payable every three months). The vehicle is expected to last 5 years with a salvage value of $1,000 Sep 3, 2024-Hugh pays off his remaining debt to Sharon. e) Sep 9, 2024-Sharon secures a $3,000 contract to produce ten jewellery pieces. The customer will provide the materials and pay at the end. f) Sep 13, 2024-Sharon makes a $950 cash sale. The goods had cost her $450. 23 g) Sep 18, 2024-Sharon buys inventory for $800 on account. 24 h) Sep 21, 2024-Sharon completes a $100 necklace repair on account. 25 i) Sep 25, 2024-Sharon secures a $2,000 contract to produce seven jewellery pieces. The customer pays her up front 26 j) Sep 28, 2024-Sharon repays $750 of her bank loan. 27 k) Sep 30, 2024-Sharon estimates she has completed two-thirds (66.7%) of the work on the Sep 9" contract and one-quarter (25%) of the work on the Sep 25 contract 28 29 30 31 32 33 34 35 36 37