Accounting - adjusted journal entry ? 1. on january 1, the owner invested $100,000 cash in the company, receiving 1,000 shares of $2 par value common stock in exchange. 2. on january 1, xos purchased furniture and fixtures for $30,000. paid $5,000 cash down, and signed a promissory note with a 12% annual rate of interest for the balance of the purchase price. note plus interest to be paid in 2 years. 3. on january 1, xos paid two months rent in advance to mall owners for floor space, $6,000. 4. on january 1, xos paid a one-year premium for liability and casualty insurance, $1,200. 5. during january, the company purchased merchandise inventory on account for $25,000. 6. during january, sales totaled $48,000 ($28,000 for cash and $20,000 on credit). the cost of the merchandise sold was $20,000. xos uses a perpetual inventory system. 7. during january, the company paid wages totaling $3,000. 8. during january, payments on account to suppliers of inventory totaled $9,000. 9. during january, a customer ordered 100 custom-made t-shirts saying “sox rox! ”-for delivery in february, 2007. xos required payment in advance ($1,000) for the entire order. 10. during january, customers paid $10,000 to xos for sales made on credit additional information: • the furniture and fixtures have an expected useful life of 5 years and zero expected salvage value. xos uses the straight-line method of depreciation. • at january 31, employees have earned wages of $1,000 that will not be paid until february. • utilities charges for january are estimated to be $600. however, the utilities bill will not be received and paid until mid-february.