Create a general ledger with the provided accounts with the given entries.

Jan JE 1 2 3 4 5 6 7 Issued Stock for $100,000 cash Prepaid 18 months of rent Paid for Insurance for January $135 Purchased Inventory for $10,000 ($3,500 on account) Billed for Utilites $115 to be paid in February You were prepaid for $750 worth of services from Client 1 Accrued Salaries expense for your crew $2,000 February 8 January Utilities paid 9 January Salaries paid 10 Service revenue eamed from January 11 Your patent was approved for 5 years. Cost $12,000 12 3,000 of Office Supplies were purchased 13 Sold 80% of inventory for $20,000 Purchased $400,000 worth of inventory on account. Freght in was an additional 1% 14 of cost Contracted to provide client services for $2,000 per month beginning March 15 1st(Client will pay in cash when due) 16 Sold inventory that cost $5,000 for $11,000 on terms 2/10 net 30 17 Customer pays for inventory 5 days later 18 Paid $8,000 for social media advertising 19 Purchased inventory on account to bring account Inventory account balance to $500K d On April 1, Acquired Land, Building, & Equpment in lump sum purchase for $2M. Market value for each was $500K for land, $500K for Equipment, $1.5M for Building. 20 (Mortgage) *Building has a residual value that is 10%of cost and 40 years useful life *Equipment has no residual value and 8 years of useful life Remainder of the year Info 21 95% of remaining inventory is sold @ 3X total cost. 22 20% of sales were on account. You received $210K in payments. 23 It is estimated that 2% of sales will be uncollectable. 24 You wrote off $2,000 after a customer filed bankruptcy 25 After physical count, $330 of inventory was either missing or damaged. 26 After physical count, $198 of office supplies remained 27 Selling & Admin Expenses were 3% of sales 28 Insurance was paid monthly for the remainder of the year. 29 Salaries expenses paid for the remainder of the year were $30K. With some spare cash you decide to purchase $10K in debt securities with intent to 30 make quick profts. The securities were sold shortly after purchase for $12,500 With some spare cash you decide to purchase 750 shares of YouPick stock @ $8.50 per share. The amount of equity purchased is not significant. At year end dividends 31 were paid at $1 per share and a stock price of $8.25 Reminder: Perform all necessary adjusting entries for Depreciation, 32 Amortization, prepaids, Interest, etc. This also includes closing entries. Cash Accounts Receivable Ofofice Supplies Prepaid Rent Prepaid Insurance Inventory Land Building Equipment Furniture Acc. Depr.Building Acc. Depr.-Equipment Acc. Depr.- Furniture Patent Copyrights Goodwill Investment Accounts Payable Utilities Payable Salaries Payable Interest Payable Unearned Revenue Notes Payable Common Stock Retained Earnings Dividends Service Revenue Sales Revenue Cost of Goods Sold Rent Expense Salaries Expense Supplies Expense Utilities Expense Interest Expense Depr. Exp.-Equipment Depr. Exp.-- Furniture Depr. Exp.Building Jan JE 1 2 3 4 5 6 7 Issued Stock for $100,000 cash Prepaid 18 months of rent Paid for Insurance for January $135 Purchased Inventory for $10,000 ($3,500 on account) Billed for Utilites $115 to be paid in February You were prepaid for $750 worth of services from Client 1 Accrued Salaries expense for your crew $2,000 February 8 January Utilities paid 9 January Salaries paid 10 Service revenue eamed from January 11 Your patent was approved for 5 years. Cost $12,000 12 3,000 of Office Supplies were purchased 13 Sold 80% of inventory for $20,000 Purchased $400,000 worth of inventory on account. Freght in was an additional 1% 14 of cost Contracted to provide client services for $2,000 per month beginning March 15 1st(Client will pay in cash when due) 16 Sold inventory that cost $5,000 for $11,000 on terms 2/10 net 30 17 Customer pays for inventory 5 days later 18 Paid $8,000 for social media advertising 19 Purchased inventory on account to bring account Inventory account balance to $500K d On April 1, Acquired Land, Building, & Equpment in lump sum purchase for $2M. Market value for each was $500K for land, $500K for Equipment, $1.5M for Building. 20 (Mortgage) *Building has a residual value that is 10%of cost and 40 years useful life *Equipment has no residual value and 8 years of useful life Remainder of the year Info 21 95% of remaining inventory is sold @ 3X total cost. 22 20% of sales were on account. You received $210K in payments. 23 It is estimated that 2% of sales will be uncollectable. 24 You wrote off $2,000 after a customer filed bankruptcy 25 After physical count, $330 of inventory was either missing or damaged. 26 After physical count, $198 of office supplies remained 27 Selling & Admin Expenses were 3% of sales 28 Insurance was paid monthly for the remainder of the year. 29 Salaries expenses paid for the remainder of the year were $30K. With some spare cash you decide to purchase $10K in debt securities with intent to 30 make quick profts. The securities were sold shortly after purchase for $12,500 With some spare cash you decide to purchase 750 shares of YouPick stock @ $8.50 per share. The amount of equity purchased is not significant. At year end dividends 31 were paid at $1 per share and a stock price of $8.25 Reminder: Perform all necessary adjusting entries for Depreciation, 32 Amortization, prepaids, Interest, etc. This also includes closing entries. Cash Accounts Receivable Ofofice Supplies Prepaid Rent Prepaid Insurance Inventory Land Building Equipment Furniture Acc. Depr.Building Acc. Depr.-Equipment Acc. Depr.- Furniture Patent Copyrights Goodwill Investment Accounts Payable Utilities Payable Salaries Payable Interest Payable Unearned Revenue Notes Payable Common Stock Retained Earnings Dividends Service Revenue Sales Revenue Cost of Goods Sold Rent Expense Salaries Expense Supplies Expense Utilities Expense Interest Expense Depr. Exp.-Equipment Depr. Exp.-- Furniture Depr. Exp.Building