Chapter 7 Assignment 4 ADDING MORE INFORMATION: DRONE CITY Restore the file Drone City Ch 07 (Backup) that you downloaded from the student companion site, and then add the following transactions. Event # Date 1 1/2/17 2 1/3/17 Business Event You deposited $40,000 into your new checking account as an owner investment using your check #498 (use your name as the "received from'). Paid first and last month's rent to Hay Leasing for a 36 month lease on a facility. Payment was for $3,000 ($1,500 per month) using company check #1001. Hint: Record $1,500 rent expense and $1,500 prepaid rent (an other asset). Purchased 4 Quad 1's from Quadcopters using check #1002 for $10,800. Purchased 2 Hex Transports from Space Age Transport using check #1003 for $4,000. Received and signed a long-term note payable for $25,000 from the Bank of Seattle for three years at 6%. Monthly payments of $761 begin next month. Borrowed amount was deposited into the checking account the same day. 3 1/4/17 1/4/17 4 5 1/5/17 Received and signed a long-term note paya Bank of Seattle for three years at 6%. Monthly payments of $761 begin next month. Borrowed amount was deposited into the checking account the same day. Purchased 3 Max Transport drones as equipment from a new vendor (Ace Drones) to be used for consulting work or rentals in the future. Each cost $8,000 and were paid using check #1004. (Note: Be sure you account for this purchase as equipment and not inventory.) Purchased promotional flyers and other advertising supplies from Jake Vordale a marketing consultant for $1,800 using check #1005. These are expected to be used over the next 12 months. Record them as Prepaid Advertising Supplies (a current asset). Business Event Event # Date 8 1/6/17 Purchased one Super Drone from Drones International for $7,000 using check #1006. 9 1/9/17 Provided 15 hours of consulting services to US DOD recorded using sales receipt 100 then receiving payment of $3,195 via their check #98745 which was immediately deposited into the checking account. 10 1/9/17 Sold 2 Quad 1 and 1 Super Drone to Amazon, Inc. on sales receipt 101 then receiving payment of $16,401 via their check 12458 which was immediately deposited into the checking account. 11 1/10/17 Created purchase order 4000 to Ace Drones for the purchase of 5 Hex Transports for a new customer Rincon Flying. 1/11/17 Created job 500 for customer US DOD. 13 1/12/13 Monica worked 5 billable hours and Emily worked 8 billable hours on job 500. Emily will use time sheet hours to have activities transferred to paychecks. Monica will not. 14 1/13/17 Billed US DOD for job 500 using sales receipt 102 and immediately deposited their check 9784 for $2,769. 15 1/13/17 Received inventory items ordered on purchase order 4000 from Ace Drones. 1/2/17 to Emily worked 8 hours per day in the office (not billable) on 1/2/17, 1/13/17 1/3/17, 1/4/17, 1/5/17, 1/6/17, 1/9/17, 1/10/17, 1/11/17, and 1/13/17. 1/7/17 through 1/13/17. Monica 12 16 Drones. 1/2/17 to Emily worked 8 hours per day in the office (not billable) on 1/2/17, 1/13/17 1/3/17, 1/4/17, 1/5/17, 1/6/17, 1/9/17, 1/10/17, 1/11/17, and 1/13/17. 1/16/17 Paid employees for the period 1/2/17 through 1/13/17. Monica worked for salary and Emily worked 80 hours during that period. Payroll tax information is shown in Table 7.5. 1/16/17 Create a new income account called Consulting, Changed item Con- sulting to record business events to the newly created Consulting income account. Be sure to update existing transactions to reflect this change. Chapter 7 Assignment 4 ADDING MORE INFORMATION: DRONE CITY Restore the file Drone City Ch 07 (Backup) that you downloaded from the student companion site, and then add the following transactions. Event # Date 1 1/2/17 2 1/3/17 Business Event You deposited $40,000 into your new checking account as an owner investment using your check #498 (use your name as the "received from'). Paid first and last month's rent to Hay Leasing for a 36 month lease on a facility. Payment was for $3,000 ($1,500 per month) using company check #1001. Hint: Record $1,500 rent expense and $1,500 prepaid rent (an other asset). Purchased 4 Quad 1's from Quadcopters using check #1002 for $10,800. Purchased 2 Hex Transports from Space Age Transport using check #1003 for $4,000. Received and signed a long-term note payable for $25,000 from the Bank of Seattle for three years at 6%. Monthly payments of $761 begin next month. Borrowed amount was deposited into the checking account the same day. 3 1/4/17 1/4/17 4 5 1/5/17 Received and signed a long-term note paya Bank of Seattle for three years at 6%. Monthly payments of $761 begin next month. Borrowed amount was deposited into the checking account the same day. Purchased 3 Max Transport drones as equipment from a new vendor (Ace Drones) to be used for consulting work or rentals in the future. Each cost $8,000 and were paid using check #1004. (Note: Be sure you account for this purchase as equipment and not inventory.) Purchased promotional flyers and other advertising supplies from Jake Vordale a marketing consultant for $1,800 using check #1005. These are expected to be used over the next 12 months. Record them as Prepaid Advertising Supplies (a current asset). Business Event Event # Date 8 1/6/17 Purchased one Super Drone from Drones International for $7,000 using check #1006. 9 1/9/17 Provided 15 hours of consulting services to US DOD recorded using sales receipt 100 then receiving payment of $3,195 via their check #98745 which was immediately deposited into the checking account. 10 1/9/17 Sold 2 Quad 1 and 1 Super Drone to Amazon, Inc. on sales receipt 101 then receiving payment of $16,401 via their check 12458 which was immediately deposited into the checking account. 11 1/10/17 Created purchase order 4000 to Ace Drones for the purchase of 5 Hex Transports for a new customer Rincon Flying. 1/11/17 Created job 500 for customer US DOD. 13 1/12/13 Monica worked 5 billable hours and Emily worked 8 billable hours on job 500. Emily will use time sheet hours to have activities transferred to paychecks. Monica will not. 14 1/13/17 Billed US DOD for job 500 using sales receipt 102 and immediately deposited their check 9784 for $2,769. 15 1/13/17 Received inventory items ordered on purchase order 4000 from Ace Drones. 1/2/17 to Emily worked 8 hours per day in the office (not billable) on 1/2/17, 1/13/17 1/3/17, 1/4/17, 1/5/17, 1/6/17, 1/9/17, 1/10/17, 1/11/17, and 1/13/17. 1/7/17 through 1/13/17. Monica 12 16 Drones. 1/2/17 to Emily worked 8 hours per day in the office (not billable) on 1/2/17, 1/13/17 1/3/17, 1/4/17, 1/5/17, 1/6/17, 1/9/17, 1/10/17, 1/11/17, and 1/13/17. 1/16/17 Paid employees for the period 1/2/17 through 1/13/17. Monica worked for salary and Emily worked 80 hours during that period. Payroll tax information is shown in Table 7.5. 1/16/17 Create a new income account called Consulting, Changed item Con- sulting to record business events to the newly created Consulting income account. Be sure to update existing transactions to reflect this change