Hampton Accounting Service Inc. is a public corporation that has been in business for 1 year. The company is authorized to issue 100,000 shares of common stock at $1 par value. The company provides accounting services and sells accounting software To date the company has issued 20,000 shares of common stock, which are still outstanding. The issued shares were sold at $10 per share furnishings were purchased at the start of the year. The cost of the building was $140,000 and the cost of the furnishings was $30,000. The depreciation will be recorded annually. The estimated useful life of the building is 20 years with a residual value of $10,000. The company uses the Straight line method to depreciate the building. The estimated useful life of the furnishings is 5 years with a residual value of $2,500. The company uses the Double Declining Balance method to depreciate furnishings. The current inventory consists of 30 units of software at a cost of $140.00 each. Inventory is costed using LIFO and the perpetual inventory system. The company uses an allowance method to account for uncollectible accounts. It is estimated that 1% of net credit revenue will be uncollectible, adjusted monthly. Employees are paid $2,500 salary twice a month, on the 16th for the first half of the month and on the 2nd of the following month for the last half of the month. Ignore income tax calculations. Project Requirements building and Opening balances- The opening balances for select accounts are provided in the appropriate ledger acccounts. 2. Record the following transactions in the journal and post to the ledger: 12/02/xx- Purchased 10 Units of Software on Account for $1,300 12/02/xx- Paid employees Salaries owed 12/02/xx- Provided Accounting Service on Account, $3,200 12/05/xx- Purchased Computer Equipment on Account, $4,800 Note: The equipment has an estimated useful life of 4 years, residual value of $50 and uses the DDB method. 12/08/xx- Purchased Supplies for $800 cash 12/10/xx- Received $3,000 payment on account 12/11/xx- Sold 15 units of Inventory on Account, $4,500 Note: This transaction requires two journal entries. The first entry should deal with the sale, and the second should deal with the inventory 12/11/xx- Made payment on Account, $1,000 12/12/xx- Purchased 20 units of Inventory on Account, $2,400 12/14/xx- Received a bill for Advertising and paid it, $250 12/15/xx- Provided Accounting service for Cash, $8,000 12/16/xx- Paid employees salary for Dec. 1-15 12/17/xx- Provided Accounting Service on Account, $6,000 12/19/xx- Sold 10 units of Inventory on Account, $3,000 Note: This transaction requires two journal entries. The first entry should deal with the sale, and the second should deal with the inventory 12/22/xx- Received $2,500 payment on Account 12/23/xx- Made payment on Account, $2,500 12/24/xx- Received and paid monthly Utility bills, $850 12/27/xx- Received $2,000 cash in advance for accounting services 12/29/xx- Provided Accounting Service for Cash, $5,000 12/30/xx- Issued 1,000 shares of Common Stock at $15 per share 12/31/xx- Declared dividends of $1.50 to outstanding shareholders as of 12/31/xx. Note: Be sure to debit retained earnings and credit dividends payable. HAMPTON ACCOUNTING SERVICE INC Ledger NOTE: The table will be shaded blue when you have the correct balance. NOTE: Do not post adjusting entries here. You should post these directly on the "Trial Balance" sheet 110 Accounts Receivable 100 Cash Open Bal Open Bal 10,545.00 111,583.00 Bal Bal 10,545.00 111,583.00 115 Allowance for Uncollect Acct 120-Supplies Open Bal 1,070.00 Open Bal 2,000.00 Bal Bal 1,070.00 2,000.00 C 130 Inventory 150 Building Open Bal Open Bal 4,200.00 140,000.00 Bal Bal 4,200.00 140,000.00 151 Accum Depre Building 155 Fumishings Open Bal Open Bal 30,000.00 Bal S Bal 30,000.00 156 Accum De p re Fumishings 160 Office Equipment Open Bal Open Bal 4.800.00 Bal Bal S 4,800.00 161 - Accum Depre Office Equip 200- A/P pen Bal Open Bal 1,545.00 Bal 1,545.00 215 Salary Payable 210- Uneamed Ser. Rev. pen Bal Open Bal 2,500.00 Bal S 2,500.00 220- Dividends Payable 300- Stock, Common pen Bal Open Bal 20,000.00 S Bal 20,000.00 310- Retained Eamings 305- Additional Paid In Capital $ en Bal 205,349.00 Open Bal 40,000.00 Bal S 205,349.00 40,000.00 400 Service Revenue 410 Sales Revenue Open Bal en Bal 16,500.00 102,500.00 Bal S 102,500.00 16,500.00 510 Depreciation Expense 500 Advertising Expense en Bal Open Bal 7,589.00 Bal 7,589.00 100% Eal4 ) U.S Fri Jul 19 12:07 PM Cameron a Excel Help File Edit View Insert Format Tools Data Window i BUS-A 201 Accounting Cycle Project AutoSave O QSearch Sheet Formulas Review View Comments Insert Draw Page Layout Data Share Home Insertv Wran Textv LF Delete Cel Find i Select Conditiona Sensitivity Pasto Merge & Centerv Farmat Sort & Idcas BI Format Formatting as Table Styler K131 F G SJ. Cal A Journal AStmt of RE A Chart of Accounts. 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