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1. Journalize the following adjusting entries using the following information:

   • The total monthly water rate is $30,000.

   • One employees salary was overpaid by $4,500. Investigations proved that a

     miscalculation occurred and the employee was indeed over paid for the month.

   • The insurance for the shop was due and payable by May 1st. The annual premium

     is $48,000 and the expense is incurred monthly. This was not previously included

     in the transactions listed

   • It was found that of Neiman Marcus balance, $4,000 must be written off as bad

     debts.

   • Three thousand dollars ($3,000) of the Commission received was for the month of

     June 2021

   • For the first month of operation, depreciation annually is calculated at:

     o Building 9% Straight Line o Motor Vehicle - 15% Straight Line o Furniture 12% Straight line

     Note: when doing the adjusted T accounts only the accounts that have been affected need to be done

JOURNAL

Date	Particulors	Debit	Credit
01-05-2021	Cash A/c	50,000
	Motor Vehicle	1,20,000
	Building	2,50,000
	To Jessie Samuel Capital Account		4,20,000
02-05-2021	Bank A/C	2,60,000
	To First Union Bank Loan A/C		2,60,000
03-05-2021	Furniture	50,000
	To Bank A/C		50,000
	Purchase A/C	1,30,000
	To Bank		1,30,000
04-05-2021	Cash A/C	1,10,000
	To Sales A/C		1,10,000
05-05-2021	New York & Co A/C	1,05,000
	Nordstrom A/c	95,000
	To Sales A/C		2,00,000
06-05-2021	Tory Burch A/C	15,000
	To Rent Receivable A/C		15,000
07-05-2021	Purchase A/C	80,000
	To Jimmy Choo A/C		80,000
08-05-2021	Neimsn Marcus A/C	65,000
	To Sales		65,000
10-05-2021	Stationary A/C	21,000
	To Cash		21,000
11-05-2021	Advertisement A/C	60,000
	To Cash		60,000
13-05-2021	Jimmy Choo A/c	6,000
	To Purchase Return		6,000
14-05-2021	Furniture A/C (Display Cabinet0	1,50,000
	To courts Ltd A/C		1,50,000
15-05-2021	Purchase A/C	35,200
	To Manolo Blahnik A/C		35,200
16-05-2021	Bank A/C	1,35,000
	To Sales A/C		1,35,000
17-05-2021	Cash A/C	99,750
	Discount A/C	5,250
	To New York & Co		1,05,000
18-05-2021	Bank A/C	45,000
	To Cash		45,000
19-05-2021	Sales Return A/C	5,500
	To Nordstrom		5,500
20-05-2021	Jimmy Choo A/C (80,000-6000)	74,000
	To Bank A/C		65,000
	TO Discount Received A/C		9,000
22-05-2021	Elecricity Charges	60,000
	To Banh		60,000
	Water Charges	25,000
	To Cash		25,000
	Security Fee	25,000
	To Bank		25,000
25-05-2021	Salary A/c	85,000
	To Bank		85,000
28-05-2021	Jessie Samuels Drawings A/C	15,000
	To Sales		15,000
30-05-2021	Bank A/C	20,000
	To Commission Received A/C		20,000

	ADJUSTMENT ENTRIES
Date	Particulors	Debit	Credit
30-05-2021	Water Charges A/C	5,000
	To Outstanding water Charges A/c		5,000
	Salary Suspense A/C	4,500
	To Salary A/C		4,500
	Insurance Premium A/C	4,000
	(48000/12 months)
	To Cash		4,000
	Baddebts A/C	4,000
	To Neiman Marcus		4,000
	Commission Received A/C	3,000
	To Commission Received In Advance A/c		3,000
	Depreciation A/C	4,625
	To Building (2,50,000/100*9) /12 months		1,875
	To Motor Vevhicle (1,20,000/100*15)/12		1,500
	To Furniture
	(50.000/100*12)/12 month + Half of (1,50,000/100*12)12		1250

Need help with this > 1. Post the above adjusting entries to their respective accounts in the general ledger creating additional accounts as the journals would dictate. (Please refer to notes re the journals)...

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