Can you tell me if i am on the right track and confirm i am correct on these please Name Kneoe duhonACCT2401Billy Bob's Barber Shop ProjectTransactions for January 2020Use the following transactions to complete the first month of the Billy Bob's Barber Shop.Billy Bob Caroll organized the barber shop as a corporation and invested hissavings of $40,000 cash in the business in return for capital stock.Paid cash for two barber chairs. The first chair (Barber Chair #1) cost $3,000. Thesecond chair (Barber Chair #2) cost $2,400. *See ledger for account titles.Paid cash for a one-year insurance policy $3,300.Paid cash for a help wanted advertisement in the local newspaper, $110.Signed a contract to lease a building for $2,100 per month. Billy paid cash for thefirst four months in advance.16Jan..1112/2Purchased supplies on account, $410.The barber shop provided haircuts to a total of 240 customers at $12/haircut duringthe first two weeks of business. The customers paid cash.1719 Paid worker (hair stylist) cash of $750 for the first two weeks of wages.Provided haircuts for a family of five for $60. The family did not have the cash butagreed to pay at the beginning of next month.3121The barber shop provided haircuts to a total of 312 customers at $12/haircut duringthe last two weeks of business. The customers paid cash.31 The barber shop paid Billy a salary of $3,000 for the month.31The barber shop paid Billy a dividend of $125.ADJUSTMENT INFORMATION at January 31, 20201. Record one month of depreciation on the fixed assets. The fixed assets aredepreciated using the straight-line depreciation method AND have the followingresidual values and useful lives:Residual Value$600$0Useful LifeBarber Chair #110 years10 yearsBarber Chair #22. The hair stylist had worked for 9 days at $100 per day, but will not be paid untilnext month.3. A physical count of supplies revealed that $110 remains in supplies.4. Utility bills that have been received but not paid totaled $405.5. Don't forget to record the adjusting entries for the amount of expired insuranceand rent. JournalPostDateDescriptionRef.DebitCredit101301y0,000capital GnckIbarper chajl#Bar ber chaT#240,0001101123,0002400S400Ibrepayh3,300MGrand1063,3002/adverising ex pense10111084002 Rent Ex pen secash10T8400104.201410401612,880Fers earnedex pense956wneamed feAS60cashFees carned31403,7443,744salarus payablecusn3p00312023,00031diviaenas125125

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Answered: Can you tell me if i am on the right…

Can you tell me if i am on the right track and confirm i am correct on these

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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