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Marigold Ltd. is a small wholesaler of restaurant supplies. The company's post-closing trial balance at December 31, 2023, the end of its fiscal year, is presented below: The company had the following transactions during January 2024. When recording these transactions, use the item number listed instead of the date and also use the same item number if recording a subsequent adjustment pertaining to that item. 1. The bank loan bears interest at 4% and requires monthly instalment payments of $12,000 principal and interest on the first day of the month. The company properly accrued interest on the loan at the end of 2023. A loan payment was made on January 1, 2024, and the principal portion of that $12,000 payment was $8,000. 2. Accrued interest on the bank loan for the month of January 2024. 3. Early in January 2024, the company paid for a one-year insurance policy on equipment for $24,000. 4. Equipment has a useful life of five years and is depreciated on a double-diminishing-balance basis. 5. All the payroll-related liabilities were paid off in early lanuary 2020 6a. At the end of January, sisries for that month were paid out immediately Gross salaries were $290.000 and amounts withheld from the employees' pay cheques inclided the A6. Inaddition to these amouns, the emplayer was required to contribute $14,797 to CPP ynd $6,194 to EL The sularies were paid but no amounts were remitted to the government recardine the salariesfor lanuary. 7. Paida $9,000 income taxinstalment. company opects a SXreturnite. 9. Accounts receivable collected during the month were $780,000 10. Acustemer owirg the company $16,000 went bunkrupt durine lasuin. 12a Invertory costine $210,000 was purchased in January an credit. 12t. Olfice expenses of $40,000 were incurred on credit. 13 Durine the month of January actounts paysble anounting to $317,000 were paid 14. The provisions at December 31, 2023, conshled of ettimated damages from a lawsuit in January legai counsel telt that an additional $28,000 of damuges had become probable that monch Any expenses relating to thete damabes are recorded in adfoinistrat we expenct. that deferred rivenue at that tine vhouli be $5,000. Products seld to the customers that paid deposits cont 25% of the price they were sold at. customer when the product was returned The probucts returned were not damuged and cost 25% of the price they were sold at. 17. The compiny dedared and paid dividendr amounting to $5.000 in January. Record the January transactions and adjustments. (Credit oceount tities are autamobically indented when the amount is entered. Do not indent manually. If ne entry is required, selest "No Entry' for Employee Income Tax Payable Cash EI Payable CPPPayable 6b. Employee Benefits Expense CPP Pryable El Payable 7. Income Tax Expense Cash 8a. Accounts Receivable Sales Refund Liability (To record sales) 231,429 4,424 14,797 20,991 \begin{tabular}{|r|} \hline 14,797 \\ \hline 6.194 \\ \hline \end{tabular} 9,000 \begin{tabular}{r} \hline 817,000 \\ \hline 43,000 \\ \hline \end{tabular} 8b. Cost of Goods Sold 204.250 Estimated Inventory Returns 10.750 Inwentory 215,000 (To record Cost of Goods Sold) 9. Cash Accounts Reccivable 780,000 \begin{tabular}{r} \hline 780,000 \\ \hline \\ \hline \\ \hline \end{tabular} 780,000 10. Allowance for Expected Credit Losses 16.000 Accounts Receivable 11. Bad debts expense 24,000 16,000 Allowance for doubtful debts 12a. Imentory 210,000 Accounts Payable 12b. Administrative Expenses 40,000 210,000 Accounts Payable 13. Accounts Payable Cash 16. Refund Liability Accounts Receivable Inventory Estimated Inventory Returms 17. Dividends Declared Cash 40.000 317,000 317.000 36,000 36000 9.000 \begin{tabular}{r} \hline \\ \hline \\ \hline 9000 \\ \hline \end{tabular} 5000 5,000 Adjustments: Item Account Titles and Explanation 2. Interest Expense Interest Payable 3. Insurance Expense Prepaid Insurance 4. Depreciation Expense Accumulated Depreciation - Equipment 14. Administrative Expenses Provisions 15a. Deferred Revenue Sales 15b. Cost ol Goods Sold Debit Credit \begin{tabular}{r} \hline 3,973 \\ \hline \\ \hline \end{tabular} 3,973 2,000 \begin{tabular}{|l|} \hline \\ \hline \\ 2,000 \\ \hline \end{tabular} 528,000 \begin{tabular}{|l|} \hline \\ \hline \\ \hline \\ \hline \end{tabular} 28,000 28000 \begin{tabular}{r} \hline 5,000 \\ \hline \\ \hline \\ \hline \end{tabular} \begin{tabular}{|r|} \hline \\ \hline \\ 5,000 \\ \hline \end{tabular} 1,250 Accumulated Depreciation - Equipment 14. Administrative Expenses Provisions 15 a. Deferred Revenue Sales 15b. Cost of Goods Sold Imventory 28,000 28,000 5,000 5,000 \begin{tabular}{|l|} \hline \\ \hline \\ \\ \end{tabular} 1,250

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