Need help with number 1, 2 and 3 please!! EZ Curb Company completed the followin

Question

Need help with number 1, 2 and 3 please!!

EZ Curb Company completed the following transactions. The annual accounting period ends December 31. Jan. 8 Purchased merchandise on account at a cost of $24,500. (Assume a perpetual inventory system.) 17 Paid for the January 8 purchase Apr. 1 Received S56,800 from National Bank after signing a 12-month, 16.5 percent, promissory note June 3 Purchased merchandise on account at a cost of $28,500 July 5 Paid for the June 3 purchase. Aug. 1 Rented out a small office in a building owned by EZ Curb Company and collected six months rent in advance, amounting to $12,300. (Use an account called Unearned Revenue.) Dec. 20 Collected $310 cash on account from a customer Dec. 31 Determined that wages of $10,700 were earned but not yet paid on December 31 (ignore payroll taxes) Dec. 31 Adjusted the accounts at year-end, relating to interest. Dec. 31 Adjusted the accounts at year-end, relating to rent.

Explanation / Answer

1 08-Jan Inventory 24500                Accounts payable 24500 17-Jan Accounts payable 24500                Cash 24500 01-Apr Cash 56800            Notes payable 56800 03-Jun Inventory 28500                Accounts payable 28500 05-Jul Accounts payable 28500                Cash 28500 01-Aug Cash 12300           Unearned revenue 12300 20-Dec Cash 310          Accounts receivable 310 2 31-Dec Salaries and Wages expense 10700           Salaries and wages payable 10700 31-Dec Interest expense 7029 (56800*16.5%*9/12)           Interest payable 7029 31-Dec Unearned revenue 10250 (12300*5/6)           Rent revenue 10250 3 Balance sheet Liabilities Notes payable 56800 Interest payable 7029 Salaries and wages payable 10700 Unearned revenue 2050 Total 76579

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