Question: hello!! Can you help me answer this question please? Jack Smith, a baker, has been working at his friend's bakery a part time basis for

hello!! Can you help
me answer this question please?
hello!! Can you helpme answer this question please? Jack Smith, a baker,
has been working at his friend's bakery a part time basis for

Jack Smith, a baker, has been working at his friend's bakery a part time basis for the past 3 years. As of January 1, 2018, Jack decided to pursue his own dreams of buying and selling pastries. He rented a space from his friend and entered the following transactions during January 2022: Jan 1 Jack invested the following assets into the business cash, $12,000, office equipment, $30,000 and a bank balance of $80,000 Jan 2 Paid sent for January by cheque $15,000 and purchased motor vehicle on credit from Deals on Wheels Ltd. for $50,000 Jan 3 Bought office furniture from Kurtz JA. Ltd, paying by cheque $15,000 and bought merchandise for resale by cheque $20,000 Jan 3 Sold merchandise to Candy Lou, for cash $10,000 Jan 4 Sold merchandise on credit to Patrick Poser $40,000 Jan 5 Sold merchandise on credit to Janice Russell 84,500 Jan 6 Patrick Poser settled his account with cash receiving a 5% cash discount. (Tip: do a rough check of the balance owed by Patrick Poser) Jan 6 Merchandise valued at $1,050, sold to Janice Russell on January 5, was returned to Jack Smith A credit note was given to Janice Russell Jan 7 Sold merchandise on credit to IF Mills Ltd $33,000 Jan 8 Bought merchandise on credit from Natalie Lowe $12,000 Jan 11 Received a long-term loan from VTBC Bank for $ 45,000 by cheque and bought stationery for cash $12,000. Jan 15 Bought merchandise on credit from Nikkita Morgan $17.500. Jan 18 Lodged cash of $13,500 to the business bank account Jan 20 Jack took pastries for his daughter's sa birthday party amounting to $7,000 Jan 20 Paid Natalie Lowe $10,800 in full settlement of the balance outstanding by cheque having received a discount of $1,200 (Tip: do a rough check of the balance and to Natalie Lowe) Jan 25 Commission was received by cash, $5,000 and paid wages by cash $15,000 Jan 27 Purchased merchandise on credit from Kukupes Creations for $8.000 Jan 30 Paid electricity by cash $5,600, insurance $12,000 by cheque REQUIRED: a) Journalize the transactions for the month (Narrations are not necessary) (15 marks) b) Post the above transactions in the General ledger (25 marks) c) Extract a trial balance as at January 31, 2022. (10 marks) d) Journalize the following adjusting entries using the following information: > Rent was prepaid by approximately $1,500 One employee complained that her salary was short by $500. Investigations proved that the employee was indeed short paid for the month Seven hundred dollars ($800) of the commission received related to the month of February 2022 The insurance paid for the shop is the annual premium. It should be recorded to the expense on a monthly pro rata basis. It was found that of J F Mills balance 84.000 must be written off as bad debts > For the first month of operation, depreciation annually is calculated at Office furniture - 10% Straight Line Motor Vehicle - 5% Straight Line Office Equipment - 10% Straight line Note:when doing the adjusted accounts only the accounts that have been affected need to be done (5 marks) e) Post the above adjusting entries to their respective accounts in the general ledger creating additional accounts as the journals would dictate. (Please refer to notes re the journals) (5 marks) 1) Prepare an adjusted trial balance with the inclusion of the above balances (5 marks) Prepare the Statement of Profit or Loss and the Statement of Financial Position for the period under review. For use in the financial statements, closing stock amounts to $5,000 at the end of the month (18 marks)

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