You work for a small accounting firm in Halifax and are filling in as a temp...

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You work for a small accounting firm in Halifax and are filling in as a temp during the winter semester. It is February 5th 2020 and you are working on the January month-end accounting file for a local mobile tire installation and repair business called The Good Rubber Company (GRC) which has just opened. The following events happened during its first month of operations. 1) On January 10th, GRC purchased $7,500 worth of inventory (new tires) from suppliers, on account. 2) GRC also began its tire rotation and changeover service, collecting $110 from each of the 45 customers serviced that month. 3) At the beginning of the month GRC purchased a van and equipment for $30,000. GRC paid $3,000 cash, and financed the rest from the supplier. a) The interest rate on the outstanding balance is 5%, due annually (first payment of interest and principle is PAYABLE NEXT January). b) The estimated useful life of both the van and equipment is 10 years with no residual value 4) GRC was founded on January 1st with a cash investment from the one owner of $30,000 in exchange for 3,000 shares. 5) Additionally, it sold eight (8) gift cards for $110 each, that can be redeemed for 1 service each, at any point in the future. At the end of the month two (2) gift cards had been redeemed / used. 6) GRC made a payment of $2,500 to its suppliers on January 15th, the remainder is due on February 15th. 7) The GRC paid $2,400 for a 1-year insurance policy to cover the Van used in operations as well as general liability. 8) The owner of the company is also the operator (employee) and has elected to take a monthly salary of $2,000. At the end of the month none of it had been paid. General Journal entries for 1-3 have been completed (but not adjusting entries), please record all the remaining necessary journal entries for the month of January. If no entry is required for an event, please note it. After this is complete please record all adjusting entries, update the general ledger (T-accounts) and prepare an adjusted trial balance, income statement, and statement of financial position You work for a small accounting firm in Halifax and are filling in as a temp during the winter semester. It is February 5th 2020 and you are working on the January month-end accounting file for a local mobile tire installation and repair business called The Good Rubber Company (GRC) which has just opened. The following events happened during its first month of operations. 1) On January 10th, GRC purchased $7,500 worth of inventory (new tires) from suppliers, on account. 2) GRC also began its tire rotation and changeover service, collecting $110 from each of the 45 customers serviced that month. 3) At the beginning of the month GRC purchased a van and equipment for $30,000. GRC paid $3,000 cash, and financed the rest from the supplier. a) The interest rate on the outstanding balance is 5%, due annually (first payment of interest and principle is PAYABLE NEXT January). b) The estimated useful life of both the van and equipment is 10 years with no residual value 4) GRC was founded on January 1st with a cash investment from the one owner of $30,000 in exchange for 3,000 shares. 5) Additionally, it sold eight (8) gift cards for $110 each, that can be redeemed for 1 service each, at any point in the future. At the end of the month two (2) gift cards had been redeemed / used. 6) GRC made a payment of $2,500 to its suppliers on January 15th, the remainder is due on February 15th. 7) The GRC paid $2,400 for a 1-year insurance policy to cover the Van used in operations as well as general liability. 8) The owner of the company is also the operator (employee) and has elected to take a monthly salary of $2,000. At the end of the month none of it had been paid. General Journal entries for 1-3 have been completed (but not adjusting entries), please record all the remaining necessary journal entries for the month of January. If no entry is required for an event, please note it. After this is complete please record all adjusting entries, update the general ledger (T-accounts) and prepare an adjusted trial balance, income statement, and statement of financial position

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General Journal The Good Rubber Company Journal for Januray 2020 Ref ... View the full answer