Question
GADI Inc. is a small rental company in the Seattle area. The company purchases land and other long-term assets, then rents those assets out to
GADI Inc. is a small rental company in the Seattle area. The company purchases land and other long-term assets, then rents those assets out to other companies. They used to also rent houses and apartments, but they have found that business clients default less and tend to return items in better shape than private individuals. GADI Inc.'s accounting staff is usually pretty good at keeping up with transactions, budgeting, and other challenges, but recent trouble in the markets has forced the accounting staff to focus on modeling, internal audits, and investment strategies. So, they have hired you to jump in and finish up the accounting cycle for this year: making the last of the journal entries for the period, posting, creating trial balances, etc. Go through different parts to complete the accounting cycle for the fiscal year ending December 31, 2021.
GADI Inc. has 22,000,000 shares of $4 par value common stock authorized, with 3,645,750 shares outstanding in 2021.
Part 1: Journal Entries -Use only existing accounts. See Part 2 for all the companys existing accounts.
Journal entry:
Part 2: All of the transactions have been posted except for the entries you just made. ( see pics for ledger.
Part 3: Part 4
Part 5
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