I need answer for the exercise attached please January 1 Chris Loman, the owner of Loman Inc., invested $60,000. in the corporation to purchase 1000 shares of stock with a $1.00 par value. February 1 On February 1, the company received $2,016. for a four-year technical service subscription, to be earned proportionally over the next 4 years, and credited a liability account. Inventory purchases of $12,000 were made on account to the Super Company, and an asset account was debited. The invoice was paid on February 15. April 1 On April 1, the company had cash sales of $18,400. On April 1, Loman purchased a 12-month insurance policy for $1200. A check for $1,600. was sent to Richie CPA for professional services. On April 1, Loman purchased 50 shares of Sweetheart Co. stock as an investment in marketable securities, and paid $2200. The company purchased office supplies of $188.00 from OfficeMax and debited the Office Supplies Inventory account. On April 1, the company bought land for $8,500. May 1 On May 1, the company loaned $4,400. to another company on a 9%, one-year note. On May 1, Loman borrowed $10,000. on an 8%, one-year note. On May 1, the company sold 500 shares of its $1.00 par value stock for $16,200. On May 1, the company bought $280. of office supplies from Staples. An invoice for maintenance and repairs of $467. was paid. Utilities expense of $572. was paid on May 1. August 1 On August 1, the company rented a piece of land from another company for $2,664. for a three-year time period. Loman paid in full and charged an expense account on August 1. On August 1, the company sold land that had originally cost $8,500. for $10,000. cash. On August 1, Loman had cash sales of $16,400. December 1 On December 1, Loman paid $1000.00 for 2 months’ rent in advance. In December a customer paid $2,000.00 in advance for merchandise that will be shipped in 2015. On December 1, the company received and deposited a check for $152.00 in dividend income from the Sweetheart Co. December 31 The inventory value at December 31, 2014 is $2,300. $720.00 of wages have accrued as of December 31. At the end of the year, there was $46.00 of office supplies on hand. The Sweetheart Co. stock has a value of $3,500.00 at 12/31. Using a general journal format, prepare for the Loman Company: a. Journal entries b. Adjusting entries c. Adjusted trial balance d. Closing entries ATTACHMENT PREVIEW Download attachment ~$CT350-bookkeeping project-winter 2016-1 (1).docx AIME MUYUMBA######################################### #A#I#M#E# #M#U#Y#U#M#B#A####?8#=?L<#^#??? d####??#########?9?######? 8#"?q<#_#?##??8{? [email protected] ?#@??#@??#?###