Company Information & Summary of Significant Account Policies Enter your student ID #: Macon Machines Company began operations on November $1,2024.$ The main operating goal of the company is to sell high end $920123456$

robots. Customers may pay using cash or if appropriate, credit is extended to customers with terms $3/15,$ n$/30.$ Company Name:

The company uses the perpetual inventory method and a FIFO cost system. The company follows a calendar year, with all Macon Machines

adjusting entries made at the end of the accounting period, December $31.$ The company uses the straight$-$line depreciation Product Sold:

for all depreciable assets. The company has decided to use the Allowance method to account for uncollectible accounts. At robots

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 $$2000$ per month and the other employee is the office

manager with a salary of $$3000$ 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 Salaries 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

credit. Round to the penny unless otherwise noted.

$1-$Nov The owner invested $$560000$ into the company in exchange for $5,000$ shares of common stock.

$1-$Nov The company purchased a computer system for $$10000$ and signed a one$-$year note for the entire balance. The note is due on

November $1,2025$ and has an annual rate of interest of $3\%.$

$2-$Nov Paid for two years rent on the office space, $$11200.$

$3-$Nov Purchased $10$ robots at a total cost of $$5000$ each for cash, FOB Destination.

$4-$Nov Purchased $$2500$ of supplies on account, term n$/30.$

$15-$Nov Purchased $12$ robots at a total cost of $$5500$ each on account, terms n$/30,$ FOB Destination. Shipping of $$150$ was paid to the shipping

company by the appropriate party.

$17-$Nov Paid for the supplies purchased on November $4.$

$18-$Nov Paid for a two$-$year insurance policy for the store, $$6000.$ The policy was effective beginning December $1,2024.$

$20-$Nov Sold $15$ robots for $$8500$ each on account, terms $3/15,$ n$/30,$ the company uses FIFO to find the cost of goods sold. The robots were

shipped FOB Shipping Point. Record the sales revenue first.

$28-$Nov Received payment in full on account from the November $20$ sale.

$29-$Nov Paid for November's utilities bill $$5600.$

$30-$Nov

Prepared payroll for the month of November, the first payroll for the company. Record the Salares Expense entry first. The tax rates

are as follows:

Federal Income Tax Rate $15\%.$

NC State Income Tax Rate $10\%.$

FICA Tax Rate $7\mathrm{.}65\%.$

Unemployment Tax Rate $6\%$ on the first $$7000$ of each employees earnings per year.

$1-$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 $$15000$ from Bank of America by signing a $15-$year, $6\%$ note. The note requires annual payments of $$1544$

beginning December $1,2025.$

$1-$Dec Purchased a new delivery truck to save customers on shipping. The total cost of the Delivery Truck was $$30000.$

$4-$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 $$3000$ of supplies on account, term n$/30.$

$7-$Dec Purchased $20$ robots at a cost of $$6050$ each on account, terms n$/30,$ FOB Destination.

$15-$Dec Sold $22$ robots for $$9350$ 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, $$5000.$

$24-$Dec Received $$74800$ payment for $8$ robots to be shipped on January $8,2025.$

$31-$Dec Prepared payroll for the month of December, the first payroll for the company. Record the Salaries Expense entry first. The tax rates

are as follows:

Federal Income Tax Rate $15\%.$

NC State Income Tax Rate $10\%.$

FICA Tax Rate $7\mathrm{.}65\%.$

Unemployment Tax Rate $6\%$ on the first $$7000$ of each employees earnings per year.

$2)$ Post all the Daily Transactions to the Ledger on the Ledger tab.

$3)$ As of December $31,$ a search revealed the following information. Record any necessary adjusting entries for the year on the Adjusting Entries

tab.

$1$ The computer equipment purchased on November $1$ has a $5-$year life and an expected residual $($salvage$)$ value of $$1000.$

$2$ Record any interest that has accrued on the note signed on Novemb