I need help with making journal entires, i have majority of them, but I could not understand how to most some of them. Those transaction are: Jan 1, Paid vendors for outstanding invoices, Jan 7, Jan 10, Jan 16, Jan 25, Jan 30: Received final payment from prior months accounts receivable balance and Jan 3. If i could get some help with these and doing a unadjusted trial balance, that would be awesome!! Thanks in advance!

Grandpa's Cough Inc. Balance Sheet As of December 31, 2018 You are the accountant for Grandpa's Cough Inc. Please use the following Chart of accounts when preparing the necessary journal entries to prepare monthly Financial Statements, and close temporary accounts. CHART OF ACCOUNTS Current Assets 101 Cash 106 AccountsReceivable 110 Alowance For Doublful Accounts350 Retained Ea 230 Interest Payable 301 Common Stock $15,000 25,000 (5,000) Allowance for Doubtful Accounts 405 Sales Revenue 406 Sales Discounts and Allowance 501 Cost of Goods Sold d Insurance 131 Prepaid Rent Prepaid Rent Total Current Assets $ 111,700 163 Office Equipment 164 Mixing Barrels age Expense 530 Interest Ex 535 Rent expense 545 Insurance Expense 165 Factory Equipment 190 Accumulated Depreciation 201 Accounts Payable 215 Notes Payable 220 Line of Credit 225 Income Taxes P Fixed Assets Office Equipment 550 Bad Debt Expense 50400 100,800 122 680 162,120 273,820 Factory Equipment 565 Advertising Expense 570 Income Tax Total Fixed Assets Total Assets Grandpa's Cough Inc. (GCI) sells a uniquely flavored cough syrup either wholesale or through its own storefront. GCI opened its doors duringDecember 2019, and closes its books each month. Liabilities and Stockholders Equity Current Liabilities . Cases contain 24 bottles. Each bottle costs the company $3 to make and the Accounts Payable Income Taxes Payable Interest Payable Current Portion of Long Term Debt company sells bottles for $7.50. Each case is sold for $144 the cost to ship is paid for by the customer 37,500 .GCI has a revolving line of credit with a local bank (it works like a credit card or a short term loan), if the cash balance drops below $15,000 then GCi will draw money against the line of credit in $5,000 increments (read the amount of the transaction is divisible by 5,000), until the Cash balance is above $25,000. Simple interest rate on the line of credit is 8%. Interest accrues starting the day the money is borrowed (time is N/365) and paid at the end of each month (only one transaction is necessary to accrue and pay interest). Total Current Liabilities $64,076 * Long Term Debt Notes Payable Total Long Term Debt Total Liabilities 64.000 64,000 The balance of line of credit is paid back at the end of the month, to the point that the cash balance is no less than $15,000 after the payment. The company will purchase new inventory every time the inventory drops below 50,000 in $4,000 increments (read the amount of the transaction is divisible by 4,000), until inventory balance is above 72,000, vendor pays shipping. Payment terms are N15 Stockholders' Equity Retained Eamings $ 109,308 Common Stock .Customers pay on the last day of their terms unless otherwise noted .GCI pays all bills on the last day of the terms unless otherwise noted. Total Stockholders' Equity 45,744 Total Liabilities and Stockholders Equity Round all answers to the nearest dollar Date Jan 1 2019 tional Ensure you are using the December 31 balance sheet for the beginning balances Gene Autry became a new owner by investing $25,000 Cash and office equipment worth 514,400 in return for common stock of Grandpa's Cough Inc. of your accounts front page (you will not need to create any new account or account number) There is only one general joumal where all transactions are recorded. not al the transactions you will need to journalize. The accounting polcies on .When you are setting up your accounts use the chart of accounts included on the . Please follow the journal entry format from the first two weeks of class. .Pay close attention to the transactions as they are listed on page three, these are Purchased Mixing Barrels worth $21,600 and Other Factory Equipment worth $43,200 on credit, N/30 1 Purchased Inventory on credit for $72,000 with tems N'15 1 Paid Vendor for outstanding invoices (Accounts Payable) from prior month purchases 3 During the grand opening of the store GCI sold 200 Bottles of Cough Syrup. page 1 will require you to post additional entries (it helps to keep a tickler file) The store only allows cash sales If you do not understand something, ask A wholesale customer ordered 500 cases, GCI shipped the order and billed the customer 2/5 N10 5 Received payment from customer from prior month sale $9,500 (Accounts Receivable). The beginning balance in Prepaid Rent was for the factory as of December 31, 2018 the balance had two months remaining. 6 Sold 300 Bottles of Cough Syrup through the store Prior Pericd Prepaid Insurance was for an annual policy on the factory and had two months remaining on the policy Received half the payment from the sale of goods on the 4th, customer received partial discount Assume a half month's expense for store insurance Paid $16,800 for three months' rent for store front starting on the first of the month, and 10 Gene decided to record the current month's expense during the adjusting process. The Note was borrowed on December 1, 2018 and holds interest of 3%. Interest is accrued and not paid at the end of each month. The first annual principle payment $6,400, is due in the month of June. 13 Sold 400 Bottles of Cough Syrup through the store 15 Shipped order to a wholesale customer 500 cases N'10 15 Receved and paid Utility Bill for $500 GCI wrote off $6,000 of bad debt at the end of the month, and then used the aging of receivables method to estimate the allowance for doubtful accounts to be $13,800 Paid $20,160 for the store's annual premium on insurance, coverage started on the 15, 16 All depreclation is straight-line with no residual value and Gene decided to record the current month's expense during the adjusting process Office equipment is expected to last 4 years Factory Equipment is expected to last 10 years Mixing bamels are expected to last 12 years. 18 Shipped order of 300 Cases to a wholesale customer N'10 20 Sold 700 Bottles of Cough Syrup through the store 25 Shipped order to wholesale customer 1,000 cases 210 N/30 26 Paid for mixing barrels and equipment purchased on the 1st 27 Sold 3,000 bottles of Cough Syrup through the store 30 Receved final payment from prior month's Account Receivable balance 30 Paid wages to employees $15,848 (ignore payroll taxes) Assume the income tax rate for GCI is 30%. Pleased with success of their plan, GCI paid $48,000 for a 12 month advertising 31 campaign through local radio stations. The campaign started January 1. GCI did not previously record any transactions related to this contract Grandpa's Cough Inc. Balance Sheet As of December 31, 2018 You are the accountant for Grandpa's Cough Inc. Please use the following Chart of accounts when preparing the necessary journal entries to prepare monthly Financial Statements, and close temporary accounts. CHART OF ACCOUNTS Current Assets 101 Cash 106 AccountsReceivable 110 Alowance For Doublful Accounts350 Retained Ea 230 Interest Payable 301 Common Stock $15,000 25,000 (5,000) Allowance for Doubtful Accounts 405 Sales Revenue 406 Sales Discounts and Allowance 501 Cost of Goods Sold d Insurance 131 Prepaid Rent Prepaid Rent Total Current Assets $ 111,700 163 Office Equipment 164 Mixing Barrels age Expense 530 Interest Ex 535 Rent expense 545 Insurance Expense 165 Factory Equipment 190 Accumulated Depreciation 201 Accounts Payable 215 Notes Payable 220 Line of Credit 225 Income Taxes P Fixed Assets Office Equipment 550 Bad Debt Expense 50400 100,800 122 680 162,120 273,820 Factory Equipment 565 Advertising Expense 570 Income Tax Total Fixed Assets Total Assets Grandpa's Cough Inc. (GCI) sells a uniquely flavored cough syrup either wholesale or through its own storefront. GCI opened its doors duringDecember 2019, and closes its books each month. Liabilities and Stockholders Equity Current Liabilities . Cases contain 24 bottles. Each bottle costs the company $3 to make and the Accounts Payable Income Taxes Payable Interest Payable Current Portion of Long Term Debt company sells bottles for $7.50. Each case is sold for $144 the cost to ship is paid for by the customer 37,500 .GCI has a revolving line of credit with a local bank (it works like a credit card or a short term loan), if the cash balance drops below $15,000 then GCi will draw money against the line of credit in $5,000 increments (read the amount of the transaction is divisible by 5,000), until the Cash balance is above $25,000. Simple interest rate on the line of credit is 8%. Interest accrues starting the day the money is borrowed (time is N/365) and paid at the end of each month (only one transaction is necessary to accrue and pay interest). Total Current Liabilities $64,076 * Long Term Debt Notes Payable Total Long Term Debt Total Liabilities 64.000 64,000 The balance of line of credit is paid back at the end of the month, to the point that the cash balance is no less than $15,000 after the payment. The company will purchase new inventory every time the inventory drops below 50,000 in $4,000 increments (read the amount of the transaction is divisible by 4,000), until inventory balance is above 72,000, vendor pays shipping. Payment terms are N15 Stockholders' Equity Retained Eamings $ 109,308 Common Stock .Customers pay on the last day of their terms unless otherwise noted .GCI pays all bills on the last day of the terms unless otherwise noted. Total Stockholders' Equity 45,744 Total Liabilities and Stockholders Equity Round all answers to the nearest dollar Date Jan 1 2019 tional Ensure you are using the December 31 balance sheet for the beginning balances Gene Autry became a new owner by investing $25,000 Cash and office equipment worth 514,400 in return for common stock of Grandpa's Cough Inc. of your accounts front page (you will not need to create any new account or account number) There is only one general joumal where all transactions are recorded. not al the transactions you will need to journalize. The accounting polcies on .When you are setting up your accounts use the chart of accounts included on the . Please follow the journal entry format from the first two weeks of class. .Pay close attention to the transactions as they are listed on page three, these are Purchased Mixing Barrels worth $21,600 and Other Factory Equipment worth $43,200 on credit, N/30 1 Purchased Inventory on credit for $72,000 with tems N'15 1 Paid Vendor for outstanding invoices (Accounts Payable) from prior month purchases 3 During the grand opening of the store GCI sold 200 Bottles of Cough Syrup. page 1 will require you to post additional entries (it helps to keep a tickler file) The store only allows cash sales If you do not understand something, ask A wholesale customer ordered 500 cases, GCI shipped the order and billed the customer 2/5 N10 5 Received payment from customer from prior month sale $9,500 (Accounts Receivable). The beginning balance in Prepaid Rent was for the factory as of December 31, 2018 the balance had two months remaining. 6 Sold 300 Bottles of Cough Syrup through the store Prior Pericd Prepaid Insurance was for an annual policy on the factory and had two months remaining on the policy Received half the payment from the sale of goods on the 4th, customer received partial discount Assume a half month's expense for store insurance Paid $16,800 for three months' rent for store front starting on the first of the month, and 10 Gene decided to record the current month's expense during the adjusting process. The Note was borrowed on December 1, 2018 and holds interest of 3%. Interest is accrued and not paid at the end of each month. The first annual principle payment $6,400, is due in the month of June. 13 Sold 400 Bottles of Cough Syrup through the store 15 Shipped order to a wholesale customer 500 cases N'10 15 Receved and paid Utility Bill for $500 GCI wrote off $6,000 of bad debt at the end of the month, and then used the aging of receivables method to estimate the allowance for doubtful accounts to be $13,800 Paid $20,160 for the store's annual premium on insurance, coverage started on the 15, 16 All depreclation is straight-line with no residual value and Gene decided to record the current month's expense during the adjusting process Office equipment is expected to last 4 years Factory Equipment is expected to last 10 years Mixing bamels are expected to last 12 years. 18 Shipped order of 300 Cases to a wholesale customer N'10 20 Sold 700 Bottles of Cough Syrup through the store 25 Shipped order to wholesale customer 1,000 cases 210 N/30 26 Paid for mixing barrels and equipment purchased on the 1st 27 Sold 3,000 bottles of Cough Syrup through the store 30 Receved final payment from prior month's Account Receivable balance 30 Paid wages to employees $15,848 (ignore payroll taxes) Assume the income tax rate for GCI is 30%. Pleased with success of their plan, GCI paid $48,000 for a 12 month advertising 31 campaign through local radio stations. The campaign started January 1. GCI did not previously record any transactions related to this contract