Jan 1. A group of investors provide $50,000 to IcanDoThis Inc. in exchange for Common Stock. Jan 2 IcanDoThis Inc. Pays $4,500 for January, February, and March rent. Jan. 3 IcanDoThis Inc. purchases...

Prepare Closing Entries

Extracted text: Jan 1. A group of investors provide $50,000 to IcanDoThis Inc. in exchange for Common Stock. Jan 2 IcanDoThis Inc. Pays $4,500 for January, February, and March rent. Jan. 3 IcanDoThis Inc. purchases $5,000 of equipment and pays half with cash and the rest on account. Jan. 4 IcanDoThis Inc. purchases $10,000 of inventory on credit. Jan 8 IcanDoThis Inc. sells inventory to customers for $9,000. The cost of the inventory is $3,000. Jan 12 IcanDoThis Inc. sells inventory to customers for $6,000. The cost of the inventory is $2,000. The customer IcanDoThis Inc. next week. Jan 15 IcanDoThis Inc. purchases supplies on account for $2,500. The supplies will be used over the next 3 month: Jan 20 IcanDoThis Inc. receives $6,000 cash from the Jan. 12th sale. Jan 22 IcanDoThis Inc. pays $2,500 for the supplies purchased on Jan 15. Jan 23 IcanDoThis Inc. A telephone bill in the amount of $117 covering Jan charges is unpaid at Jan 31 Jan 24 IcanDoThis Inc. Pays wages of $500 and utilities of $250 for January. Jan 31 IcanDoThis Inc. pays dividends of $300 to the stockholders. Jan 31 IcanDoThis Inc's utility expense for January was incurred but not paid prior to Jan. 31st totaled $520. Jan 31 IcanDoThis Inc. owed their employees $1,900 in wages that will be paid on Sept 1st. Jan 31 Supplies were counted at the end of the period and there were $2,000 supplies on hand. Jan 31 The equipment purchased on January 5th has no salvage value. IcanDoThis Inc. will use it for 5 years. Round nearest dollar. Interest is $500 per month.