A B C E D Enuer Company Information \& Summary of Significant Account Policies Macon Machines Company began opentions on November 1, 2024. The main operating goal of the company is to sell high end Comp robots: Customers may pay using cash or if appropriate, credit is extended to customers with terms 3/15,N/30. The company uses the perpetual inventory method and a FIFO cost system. The company follows a calendar year, with all adjusting entries made at the end of the accounting period, December 31. The company uses the straight-line depreclation Prodi for all depreclable assets. The company has decided to use the Allowance method to account for uncollectible accounts. At the end of the period, based on industry standards, the company believes 2% of the balance in accounts recievable will be uncollectible. The company purchases robots for resale only as such they carry them as inventory. The company has two employees, one is a sales technician, salary of $8000 per month and the other employee is the office manager with a salary of $8000 per month. Payroll is processed on the last day of the month, and paid on the first day of the following month. This means the November 30 payroll with accrue into Salarles Payable and then be paid on Decemember 1. Required: 1) Make sure your student ID is correct, this will change the information. Macon Machines Company engaged in the following transactions for November and December. Record the following transactions on the Daily Transactions tab. Note: Place debits first, credits second but do NOT indent credits. If more than one debit or credit, please list in alphabetical order to receive full credic. Round to the penny unless otherwise noted. 3 4 1-Dec Paid the employees the amount due to them from the November 30 payroll, taxes will be paid in January. 1-Dec The company borrowed $65000 from Bank of America by signing a 15ear,6% note. The note requires annual payments of $6693 beginning December 1, 2025. 1-Dec Purchased a new delivery truck to save customers on shipping. The total cost of the Dellvery Truck was $40000. 4-Dec Paid the amount due from the November 15 purchase. 5-Dec Declared and paid \$2000 in cash dividends to the stockholders of the company. 6-Dec Purchased $3600 of supplies on account, term n/30. 7.Dec Purchased 20 robots at a cost of $7260 each on account, terms n/30, FOB Destination. 15-Dec Sold 22 robots for $10450 each on account, terms 2/10,n/30, FOB Shipping Point, the company uses FIFO to find the cost of goods sold. Record the sales revenue first. 18-Dec Paid for an ad in the local newspaper, $6000. 24-Dec Recelved $83600 payment for 8 robots to be shipped on January 8,2025 . 2) Post all the Daily Transactions to the Ledger on the Ledger tab. 4) Post all the Adjusting Entires to the Ledger on the Ledger tab. 5) Based on the account balances in the ledger, create an adjusted trial balance on the Adjusted Trial Balance tab. 6) Based on the adjusted trial balance, prepare a multi-step income statement on the Income Statement tab. 7) Based on the adjusted trial balance, prepare the statement of stockholders' equily on the Equity Statement tab. 8) Based on the adjusted trial balance, prepare the balance sheet on the Balance Sheet tab. 9) Prepare the closing entries (DO NOT POST them to the ledger, just produce the entries). When journaling, close the accounts in the order they appear on the Trial Balance. Do one entry for revenue accounts, one for expense accounts and one for dividend accounts. 10) Calculate the ratios on the Ratios tab. Adjusting Entries Journal Page Account 1 2 3 \begin{tabular}{|l|l|l|l|} \hline 3 & & & \\ \hline 4 & & & \\ \hline & & & \\ \hline 5 & & & \\ \hline 6 & & & \\ \hline 7 & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular}