4. Part Four-Analyzing Transactions into Debit and Credit Parts

Casey's Electronics Ouelet uses the accounts shown in Question Assets. The I accounts have been prepared for you, Analyze each transaction into its debit and credit parts. Enter the debit and credit amounts in the proper T accounts to show how each transaction changes account balances. Enter the date of the transactions to the left of each amount. (Hint: Be sure to enter the transactions in the order in which they are listed. There may be same cells that should romain blank.)

The following information is provided for adjustments prior toclosing the books. Lopez and Knepp ask you to enter the adjustmentsinto the spreadsheet, in the two columns to the right of theunadjusted trial balance. (CM2 uses a perpetual inventorysystem.)

(IM STUCK ON HOW TO THE THE JURNAL ENTRIES, I NEED HELP ON HOWTO DO THE PROPPER CORRECT JURNAL ENTRIES, AFTER THAT I CANCONTINUE)

1. Wages earned by employees during December and to be paid inJanuary are $33,875; associated payroll taxes on these wages are$2,710.

2. On July 1, a client paid CM2 $205,720 in advance for a yearof consulting services.

3. You discover that a product sale was made and recorded inDecember for $128,600; the product had not yet been shipped. Thecost of the product was $68,742.

4. Bad debt expense has been calculated to be $17,508 but hasnot yet been recorded.

5. The Prepaid Expense account has a balance of $22,774. Thisbalance includes $11,200 for a two-year insurance policy purchasedon January 1, 2009.

6. Depreciation expense for the year is $82,620.

7. Interest expense accrued on its long-term liabilities is$7,765.

8. On December 15, CM2 declared a dividend of $110,000, to bepaid on January 15, 2010.

9. Income tax expense is $201,109.