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Jimmy Seals and Dash Crofts create a retail travel supplies business, organized as an S Corp. The Corporation is named: Seals and Crofts, Inc. It has no income tax liability.

Determine the appropriate Journal in which to record the transactions (GJ, SJ, CR, PJ, CD, PAY). If no journal entry should be made, use "N/A" as the description.

The following transactions took place in January 20XX, the first month of operations

Transaction	Journal Assigned
Jimmy Seals invested $36,000 cash in exchange for 2,400 share os $5 par common stock
Dash Crofts invested $24,000 cash in exchange for 1,600 shares of $5 par common stock
Paid Evan Williams Mgmt one month's rent, $750 check #100
Purchased equipment on account from James Beam Co. $14,000 cost, Terms n/60, 5 year life, $2,000 salvage value, SL method
Purchased a van from Boones Farm Auto Sales. $30,000 cost, 5 year life, $3,000 salvage value, DDB method: The purchase was financed on a note with terms of: 24 months, 8% annual interest rate. The monthly payments on the van are $1,356.82. The payments will be made on the first day of the month starting with February
Spend $900 at Elijah Craig Suppliers for office and store supplies to be used over the next few months (record as an asset) Check # 101
Paid George Dickels Ads $300 to advertise during January . Check # 102
Used purchase order #1000 to order merchandise from Jack Daniels, Ltd. $25,000
Received the merchandise and invoice for the merchandise order from Jack Daniels, Ltd. The perpetual inventory method is used to account for inventory transactions
Merchandise was sold for cash to customers in the store: $2,500 total sales, $1,000 Cost of Goods Sold
Sold merchandise on account to Peter Yarrow. Terms 2/10 net 30. $24,000 Total sales, $9,600 Cost of Goods Sold
Prepared checks to pay the payroll for the biweekly through January 11. Employees work a 5 day week, Monday through Friday. Check #103 and #104
The business records payrolls taxes on the above payroll of: $403.00 SS Taxes, $94.25 Medicare, $39.00 FUTA, $175.50 SUTA
Sold travel products on account to Paul Stookey. Terms net 30. $18,000 total sales, $7,200 COGS
Received a check from Peter Yarrow for all that is owed
Received (not paid) the electric bill from Jonathan Walker Power $300
Paid the internet bill from Maker's Mark Wireless. $160 check # 105
Sold travel products on account to Mary Traverse. $10,000 total sales, $4,000 COGS. Terms 2/10 net 30
Paid the balance due to Jack Daniels, Ltd. $25,000 check # 106
Prepared checks to pay the payroll for the biweekly period ending January 25. Check # 107 and # 108
The business records payroll taxes on the above payroll
Purchased merchandise inventory from Jack Daniels, Ltd. for $12,000
Partially paid the balance due to James Beam Co. $7,000 check # 109
Issued a credit memo to Mary Traverse for return of $2,000 of the travel merchandise we sold to her on January 24 because it was the wrong merchandise. The COGS was $800
Merchandise was sold for cash to customers in the store. $6,000 total sales. $2,400 COGS
Paid a cash dividend to the owners. Dividends per share is $2. Jimmy Seals check #110. Dash Crofts check #111
Prepared adjusting entries (no adjusting entry is made for payroll taxes)
Prepared closing entries (assume this S Corp had a 1/31/XX fiscal year-end)

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