Company Information CREATE T CHARTS with following info McDoogan provides printing services to customers They began operations on January 1, 2020 In January 2021, they realized the current VP had not created the records in an accounting system, and due to a time issue, the financial information must be recorded by hand to produce GAAP based financials for the year ending 2020 As such, they have hired you as the Accountant to get the manual system completed before implementing software for 2021 The research begins First, you find the company uses straight line depreciation for all long term depreciable assets They also must use the Allowance method to account for uncollectible accounts to be in line with GAAP The company has decided to use the calendar year, so December 31 is the companys year end The company hired two employees on November 1, 2020 The employees will receive a salary of $2,000 each Payroll is processed on the 27 th of the month creating the employee and the employer taxes and then net pay is paid on the last day of each month The tax rates are 10 for Federal Income Tax, 8 for state income tax, 7 65 for FICA taxes, and 6 2 for federal and state unemployment on the first $7,000 of each employee earnings per year McDoogan Inc engaged in the following transactions in 2020 Jan 1 The owner invested $70,000 into the company in exchange for 5,000 shares of no par common stock Jan 1 Purchased a computer system for $32,000 Jan 14 Purchased $1,200 of supplies on account Feb 25 Invoiced clients for services provided on account, $36,000 Mar 31 Paid rent for two years, $19,200 April 1 The company borrowed $50,000 from Bank of America May 14 Collected $8,500 on account June 1 Purchase a delivery van to delivery copies to customers, the van had a purchase price of $53,000, taxes on the van were $5,000 and document charges of $1,500 were paid July 31 Paid $800 on account for supplies purchased on January 14 Aug 10 Received cash for services provided, $10,200 Sept 1 Paid utilities of $4,000 Oct 1 Received $30,000 in advance for services to be provided in the future Nov 15 Paid for an ad in the local newspaper, $1,500 Nov 27 Processed employee payroll and employer taxes, gross earnings were $4,000 Nov 30 Paid the employee salaries, taxes are not due until January Dec 15 The company declared and paid $6,000 in dividends Dec 30 Invoiced clients for services performed totaling $9,000 Dec 27 Processed employee payroll and employer taxes, gross earnings were $4,000 Dec 30 Paid the employee salaries, taxes are not due until January McDoogan Inc T accounts Post External Transactions Journal Entries, Adjusting Journal Entries, and Closing Journal Entries Cash Accounts Receivable Supplies Allowance for Uncollectible Accounts Prepaid Rent Deferred Revenue Notes Payable Equipment Computer Accumulated Depreciation Computer Delivery Van Accumulated Depreciation Delivery Van Accounts Payable Interest Payable Deferred Revenue Salaries Payable Federal Income Taxes Payable State Income Taxes Payable FICA Taxes Payable Unemployment Taxes Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Interest Expense Advertising Expense Depreciation Expense Supplies Expense Utilities Expense Rent Expense Bad Debt Expense Payroll Tax Expense

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Company Information  CREATE T CHARTS with following info McDoogan provides printing services to customers  They began operations on January 1, 2020  In January 2021, they realized the current VP had not created the records in an accounting system, and due to a time issue, the financial information must be recorded by hand to produce GAAP based financials for the year ending 2020  As such, they have hired you as the Accountant to get the manual system completed before implementing software for 2021  The research begins  First, you find the company uses straight line depreciation for all long term depreciable assets  They also must use the Allowance method to account for uncollectible accounts to be in line with GAAP  The company has decided to use the calendar year, so December 31 is the companys year end  The company hired two employees on November 1, 2020  The employees will receive a salary of $2,000 each  Payroll is processed on the 27 th of the month creating the employee and the employer taxes and then net pay is paid on the last day of each month  The tax rates are 10  for Federal Income Tax, 8  for state income tax, 7 65  for FICA taxes, and 6 2  for federal and state unemployment on the first $7,000 of each employee earnings per year  McDoogan Inc  engaged in the following transactions in 2020  Jan 1 The owner invested $70,000 into the company in exchange for 5,000 shares of no par common stock  Jan 1 Purchased a computer system for $32,000  Jan 14 Purchased $1,200 of supplies on account  Feb 25 Invoiced clients for services provided on account, $36,000  Mar 31 Paid rent for two years, $19,200  April 1 The company borrowed $50,000 from Bank of America  May 14 Collected $8,500 on account  June 1 Purchase a delivery van to delivery copies to customers, the van had a purchase price of $53,000, taxes on the van were $5,000 and document charges of $1,500 were paid  July 31 Paid $800 on account for supplies purchased on January 14  Aug 10 Received cash for services provided, $10,200  Sept 1 Paid utilities of $4,000  Oct 1 Received $30,000 in advance for services to be provided in the future  Nov 15 Paid for an ad in the local newspaper, $1,500  Nov 27 Processed employee payroll and employer taxes, gross earnings were $4,000  Nov 30 Paid the employee salaries, taxes are not due until January  Dec 15 The company declared and paid $6,000 in dividends  Dec 30 Invoiced clients for services performed totaling $9,000  Dec 27 Processed employee payroll and employer taxes, gross earnings were $4,000  Dec 30 Paid the employee salaries, taxes are not due until January  McDoogan Inc  T accounts Post External Transactions Journal Entries, Adjusting Journal Entries, and Closing Journal Entries Cash Accounts Receivable Supplies Allowance for Uncollectible Accounts Prepaid Rent Deferred Revenue Notes Payable Equipment   Computer Accumulated Depreciation Computer Delivery Van Accumulated Depreciation Delivery Van Accounts Payable Interest Payable Deferred Revenue Salaries Payable Federal Income Taxes Payable State Income Taxes Payable FICA Taxes Payable Unemployment Taxes Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Interest Expense Advertising Expense Depreciation Expense Supplies Expense Utilities Expense Rent Expense Bad Debt Expense Payroll Tax Expense

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Company Information: CREATE T_CHARTS with following info McDoogan provides printing services to customers. They began operations on

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Jan 1	The owner invested $70,000 into the company in exchange for 5,000 shares of no-par common stock.
Jan 1	Purchased a computer system for $32,000.
Jan 14	Purchased $1,200 of supplies on account.
Feb 25	Invoiced clients for services provided on account, $36,000.
Mar 31	Paid rent for two years, $19,200.
April 1	The company borrowed $50,000 from Bank of America.
May 14	Collected $8,500 on account.
June 1	Purchase a delivery van to delivery copies to customers, the van had a purchase price of $53,000, taxes on the van were $5,000 and document charges of $1,500 were paid.
July 31	Paid $800 on account for supplies purchased on January 14.
Aug 10	Received cash for services provided, $10,200.
Sept 1	Paid utilities of $4,000.
Oct 1	Received $30,000 in advance for services to be provided in the future.
Nov 15	Paid for an ad in the local newspaper, $1,500.
Nov 27	Processed employee payroll and employer taxes, gross earnings were $4,000.
Nov 30	Paid the employee salaries, taxes are not due until January.
Dec 15	The company declared and paid $6,000 in dividends.
Dec 30	Invoiced clients for services performed totaling $9,000.
Dec 27	Processed employee payroll and employer taxes, gross earnings were $4,000.
Dec 30	Paid the employee salaries, taxes are not due until January.

Common Stock	Retained Earnings	Dividends
Service Revenue	Salaries Expense	Interest Expense
Advertising Expense	Depreciation Expense	Supplies Expense
Utilities Expense	Rent Expense	Bad Debt Expense

Company Information: CREATE T_CHARTS with following info McDoogan provides printing services to customers. They began operations on

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Stats Data And Models

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