please help answersing Chapter 3 Assignment (first 2 pages). I have attached the journal entries that we are supposed to use to answer the Lab. Thank you in advance!

Chapter 3 Accounting Lab Assignment At this point, you need to prepare a number of adjusting entries for P Mont. The adjusting entries should be entered into the journal in the QuickBooks software following the same procedure for recording regular entries in Lab 2. Each adjusting entry is dated 1/31. Adjusting Entries: January 31 1.19 The company prepaid 6 months of rent on January 3rd. Adjust the appropriate accounts to show that one month of the rent was used in January 1.20 Insurance was prepaid for 1 year on January 3M. Prepare an adjusting entry for January's insurance usage. 1.21 Although some of the office supplies were used during January, you had not recorded individual transactions as each Office Supply item was taken from the office supply cabinet. When you counted the amount of office supplies left at the end of January, you found that S320 of supplies remained on hand. An adjusting entry is required. 1.22 As with office supplies, you did not record each individual transaction as each Repair Supply item was removed from the repair supply cabinet. When you counted the amount of Repair Supplies still on hand, you found that there was $640 of Repair Supplies in the cabinet. An adjusting entry is required. 1.23 The Store Equipment purchased on January 3 was in use for almost a month. You estimate that the equipment will have a five-year useful life and will have a $500 salvage value at the end of the five-year period. Complete the adjusting entry for January depreciation. 1.24 The Unearned Revenue account on the trial balance showed that you still owe Jenny Chen three months worth of consulting services. However, you did work for half of January. Therefore, you made an adjusting entry to reflect that you completed part of the services for Jenny. End of Adjusting Entries! January Events for P. Mont Computers The events for the first month of the company's operations are presented below. You may either record the entries in this document in the Word file or written on printed forms) and then key the entries into QuickBooks, or simply key the entries directly into QuickBooks - your choice. Follow the instructions for using QuickBooks provided in a separate document. January 2 1.1 You wrote a personal check to purchase 20,000 shares of P. Mont Computers' common stock. Your check was for $20,000. The stock has a $1 par value per share. (Each share of stock is issued at par value.) At this point, the new company has just one shareholder: You. (In the future, if you decide to expand the business, you may issue stock to others.) Record the sale of stock in the records of P. Mont Computers. Accounts Credit Debit PLODO C on Shrek January 3 1.2 The company decided to lease shop space on the local pedestrian mall. The rent is $1.000 per month. You were required to pay for 6 months of rent in advance. You wrote a corporate check to pay for the 6 months of rent. (Check #1 - your checks are sequentially numbered.) Hint: Because the company is purchasing a resource (the rent) that it will consume in the future, you should record the cost as an asset and defer recognizing the rent expense until the resource produces revenue. You will adjust the books on January 31 to recognize one month's worth of the rent as an expense of January in advanced Rent 16.000 Prepaid Cash 6,000 check = cash January 3 1.3 The company paid $1,560 to the Pitt Insurance Agency for a one-year insurance policy. (Check #2) Again, the insurance will be used over multiple periods. Therefore, you should record the cost as an asset and defer recognizing the expense until the end of the month. palding Sho ILS60 January 4 1.4 The company purchased store equipment from Jones Equipment Co. The equipment cost was $4,700. The company paid $300 in cash and agreed to pay the balance within 45 days. (Check #3) stanici cash Account One un January 5 1.5 You purchased various office supplies for $500 from Office Supply Warehouse. Hint: You will not use all of the supplies during January, and therefore will record the supplies in an asset account - and will adjust at the end of the month. You purchased the supplies with cash. (Check #4) Coeuf 500 January 5 1.6 The company purchased various computer repair supplies from Williams Supply Co. Again, you purchased enough supplies to last for at least several months. The cost of the supplies was $1,750. You purchased the supplies on account and will have to pay within 30 days. Hint: Use the Repair Supplies account to record the new asset and adjust at the end of the month. Pernir Supplies Accounts comble January 7 1.7 To make the community aware of your new business and generate some customers, you advertised on a local radio station, paying $450 in cash. (Check #5) Anubisk Mark.china January 8 1.8 The first customer arrived! Kate Rooney brought in a computer needing a quick repair. She was willing to wait while you did the work. When you finished, you presented her with a bill for $128. She gave you a check for $128. Cash sce. Dest January 10 1.9 Another customer, Jim Schmidt, brought in several computers needing repair. You told him that you would have the work done by January 13. You asked Jim for a deposit of $100. January 10 1.10 Also on January 10, a customer named Fran Smith emailed and wanted to set up a tutorial webinar for a graphic design idea. You negotiated a price of $85 for the webinar, and set up the date/time for the webinar as January 15 at 9:00 am. January 13 1.11 You completed the work for Jim Schmidt. When he arrived at your store, you gave him a bill for $525. He paid you the balance due, and you presented him with the repaired computers. Leash 425 Sauce Re January 15 1.12 You conducted the webinar with Fran Smith. When you were done, you sent her an electronic invoice (bill) for $85. She asked if she could electronically pay you $50 at that point and the remainder the following week. While you would have much preferred to collect all of the money right then, you agreed to let her pay the remainder on January 22. 2 5 n.com DocuC Sette Rescue 8 January 15 1.13 Jenny Chen came into your store to discuss an interesting proposal. She asked your store to provide graphic design training consultations to a group of local non-profit organizations. Jenny said that you would be "on call" for 3 months, and the organizations were willing to pay you in advance for 3 months. You negotiated a fee of $750 per month, and you will begin providing consulting services on 1/16. Jenny wrote your company a check for the upcoming 3 months 750 Coch Leamed RO 7 5 January 20 1.14 A check for the balance that Fran Smith owed you arrived, paying off her account in full. 5 Cash Semice Revenue l 3 e January 25 1.15 & 1.16 Two invoices arrived. One was for $200 for the telephone service for January. It was due on February 10 - so you decided to wait until then to make payment to Southern Telephone. The other bill of $337 was for the electricity for January, and it was due at the end of January. You immediately wrote a check to Southern Electric for the utilities. (Check #6) cash January 30 1.17 You completed work for a number of cash-paying customers (other than those mentioned in the above transactions) during the month. Rather than record each of these cash-paying customers separately, you kept a record of all of the cash receipts in a separate journal. The total of the cash received for computer repair services provided was $3,257. January 31 1.18 You decided to pay Williams Supply Co. the amount you owed them since the payment was due soon. (Check #7) END OF Daily Entries FOR JANUARY