Hello! I am stuck and need help creating the proper charts as listed under required 1-10. I already have all of the numbers but im not sure how to set them up the way the assignment is asking me to. Please help! I would greatly appreciate it and will definitely be sure to leave a like! thank you so much in advance!
Processing Transactions in the Accounting Cycle: You are the Accountant for Master Flow, LLC, a Sole Proprietor Plumbing Supply Merchandising Company owned by Scott Blout. The Company started operations on 10-1-2020. The Company operates on a calendar year basis and will use the accrual method of accounting. Provided below is a listing of all transactions for the company for its initial Quarter of operation. Please complete the required tasks as outlined below: Required: 1. Build a Chart of Accounts. 2. Prepare all General Journal entries for the activity for the initial Quarter 3. Post all General Journal entries to the General Ledger. 4. Prepare a Trial Balance as of 12-31-20, 5. Prepare any Adjusting Entries required prior to the Year- end Close at 12-31-2020. Subsequently post all Adjusting Entries to the General Journal and the General Ledger. 6. Prepare and Adjusted Trail Balance. 7. Post all Closing Entries to the General Journal and the General Ledger to end the company's fiscal year on 12-31- 2020. 8. Prepare a Post Closing Trail Balance. 9. Prepare an Income Statement. 10. Prepare a Classified Balance Sheet Fact Set 10-1-20 Scott Blout invested $100,000 Cash to start Master Flow Plumbing Supply, LLC. 10-1-20 Master Flow rented a Warehouse with a Retail Store Front. No security deposit was required. Scott paid October's I'month rent of S2,000, writing the first check drawn on the new business" bank account. The lease is a 12 month lease at $2,000/month. 10-1-20 Master Flow purchased Storage Racks for the Warehouse for $5,000. Scott used a business check for this purchase. These racks are expected to benefit the Company for several years. The will have a useful life for accounting purposes of 5 Years and will have no salvage value. Scott has directed you to use the Straight Line Method of Depreciation for all of the Capital Assets for the Company 10-3-20 Master Flow bought a 2 Hand Computer and Printer for $200, paying with a business check. You have established an Accounting Policy for the Company that states any equipment purchases valued at less than $250 will not be capitalized. 10-3-20 Master Flow purchased 500 Units @ $100/Unit in plumbing fixtures from Kohler, Inc. to establish the Company's initial merchandise inventory. The Company opened a trade account with Kohler with a $60,000 Credit Limit. The terms of all purchases with this vendor are 2/10, N60. You talk to Scott about the Inventory accounting and valuation methods to use. You agree to use the Perpetual Inventory Method with FIFO. 10-4-20 Master Flow had some marketing brochures printed at a cost of $200, paying with a company check. 10-8-20 Master Flow hired Ring Social Media Company to build Master Flow's Web Site for $3,000 and paid a $1,000 initial payment up front and opened a $2,000 trade account with Ring. Final payment will be due upon completion of the Web Site. 10-15-20 Master Flow, LLC made it first sale of Plumbing Fixtures from inventory to Shore HVAC. They sold 25 units at $200/Unit. Shore HVAC paid at the counter with a check 11-1-20 Master Flow purchased general liability with an annual premium of $1,200, paying with a company check. The Policy period is for 11-1-20 to 10-31-21. 11-1-20 Scott Blout withdrew $4,000 cash from the Business. 11-1-20 Master Flow paid November's rent for the Warehouse / Retail Store Front Facility. 11-7-20 Master Flow paid JCP&L for the October Electric Bill, writing a check for $88. 11-9-20 Master Flow, LLC sold 100 Units of Plumbing Fixtures to Craftsman Custom Builders at $200 /Unit. Master Flow opened a Trade Account for Craftsman. The terms are 2/10, N30. You do some research with the local industry trade group. Uncollectible accounts typically run a 2% of receivables for the Industry. You discuss this with Scott and you agree to establish an allowance using this guidance. 11-11-20 Master Flow made a payment on its Trade Account with Kohler, for the full Balance. 11-15-20 Master flow makes a cash sale of 10 Units of 11-15-20 Master flow makes a cash sale of 10 Units of plumbing fixtures to "The Plumbing Guys Contractors for $250 Unit. There was an extra markup, due to the small size of the order. 11-18-20 Master Flow receives payment in full on the Craftsman's Trade account. 12-1-20 Seeing that the business is getting some traction, but could benefit from more Capital, Scott Blout invests another $30,000 of his personal money into the Business 12-1-20 Master Flow paid December's rent for the Warehouse / Retail Store Front Facility. 12-1-20 Master Flow purchased a specialized pipe bending machine for the Warehouse. The machine has a purchase price of $8.000. It will cost $300 to have it delivered: $500 to have it setup and it requires a custom platform that will cost $1,000. The machine uses disposable grommets. Scott purchases an initial lot of S200 pieces of the disposable grommets for $200. The Manufacturer for the Machine is providing $10,000, 90 Day financing at a 10% interest rate for the purchase. 12-4-20 The Final Web Site is delivered and goes live and Master Flow pays the balance due of $2,000 to Ring Social Media 12-8-20 Master Flow buys 80 Units of plumbing fixtures from Standard Plumbing Supply for Inventory at $125 Unit, paying with a company check. 12-15-20 Master Flow, LLC sells 40 Units of Plumbing Fixtures from inventory to Shore HVAC at $225/ Unit. Shore pays at the counter with their check. 12-21-20 Master Flow's first employee, Emma Stone starts at the Company. She will be responsible for Warehouse Management. She will be paid $20 / Hour. Emma works 30 Hours / Pay Period (every two weeks). The pay period ends on 12-31-20. Emma's Federal Tax Withholding is $50, based on her W4, and all other standard payroll taxes apply at their appropriate rates. She does not receive benefits and does not have any contributions of any type withheld from her pay. 12.31-20 Master Flow has received hut not naid the ICP&L 12-1-20 Master Flow purchased a specialized pipe bending machine for the Warehouse. The machine has a purchase price of $8,000. It will cost $300 to have it delivered; S500 to have it setup and it requires a custom platform that will cost $1,000. The machine uses disposable grommets. Scott purchases an initial lot of $200 pieces of the disposable grommets for $200. The Manufacturer for the Machine is providing $10,000, 90 Day financing at a 10% interest rate for the purchase 12-4-20 The Final Web Site is delivered and goes live and Master Flow pays the balance due of $2,000 to Ring Social Media 12-8-20 Master Flow buys 80 Units of plumbing fixtures from Standard Plumbing Supply for Inventory at $125 / Unit, paying with a company check. 12-15-20 Master Flow, LLC sells 40 Units of Plumbing Fixtures from inventory to Shore HVAC at $225/ Unit. Shore pays at the counter with their check. 12-21-20 Master Flow's first employee, Emma Stone starts at the Company. She will be responsible for Warehouse Management. She will be paid $20/ Hour. Emma works 30 Hours / Pay Period (every two weeks). The pay period ends on 12-31-20. Emma's Federal Tax Withholding is $50, based on her W4, and all other standard payroll taxes apply at their appropriate rates. She does not receive benefits and does not have any contributions of any type withheld from her pay. 12-31-20 Master Flow has received, but not paid the JCP&L bill for November and December 2020 Electric in the aggregate amount of $150. 12-31-20 Sitting on Scott's desk is a 4 Quarter 2020 Water bill for Master Flow's facility in the amount of $300, which has not been paid. 12-31-20 Scott Blout takes a year end distribution form the Business of S5,000. 12-31-20 In preparing for the year-end close, you determine that depreciation and prepaid amortization for the quarter has not been recorded yet. 10 1-20f Cash al pr 18100000 10 Scottslout Capital al $10000 07 Dr $2000 $2000 10-1-20 Cash are Rent ale To fexto Income of To cash ali Storage Racke ak To Cast al 10 1-20 Dr $ 500 $5100 DY 3200 18-2:20 Expense ale 1 To Carth alc $200 10-3-20 Plumbling bintuits Meulonyale De $50000 Tokohterine $50000 16-4-20 Expanse C Brochu) $200 To Bank ak $2.00 $3000 2000 16-8-20 Exgene for web site ale Dr To ash and TO Ring social media afe 1215-20 Cash alcan DY $100 $500 To sals alk -1-20 Promfum al $200 tood Pre paid formamak TO Cash alk $1200 DY 11-1-20 Scott Blout capital al $40 TO Cash ale DY $200 0 1 1.20 Rentak $2 To Catok Dr 11-1-20 Toplak ss to cash al $20000 13600 19-20 Craftenan ak Dr Dr 4010 421 Bardibles poutsonale To sales ac 1-4-20 Kohler alc To Cash of DY $51000 $50 Dr $2500 Cash ale To sales alc $25 11-12-20 DV Cash ok To Craftmon alc $20080 $30000 $34 121.20 Cash ale and TO Scott. 10-H Costel als (12-1-20 totale 71 Cash ale $2000 Chart of Accounts General Journal General Ledger Trial Balance 1-2019 Adj Trial Balance Post Master Flow, LLC Chart of Accounts ACN AC Name Chart of Accounts General Journal General Ledger Trial Balance 1-2019 Adj Trial Balance Post Master Flen, LLC General Journal Jolid Date Account Title and Descriptive PR Det Credit Chart of Accounts General Journal General Ledger Trial Balance 1-2019 Adj Trial Balance Post Master Flow, LLC General Ledger Account Nome and Number: Noeler el Tols To Create Separate per Canile For Back Account Needed) Explanation PR Debit Credit Date Balance Chart of Accounts General Journal General Ledger Trial Balance 1-2019 Adj Trial Balance Post Master Flow, LLC Trail Balance As of 12-01-20 Account Account Name Debit Credit Chart of Accounts General Journal General Ledger Trial Balance 1-2019 Adj Trial Balance Post Master Flow, LLC Trail Balance As of 12-31-20 Account Account Name Debit Credit Chart of Accounts General Journal General Ledger Trial Balance 1-2019 Adj Trial Balance Post Master Flow, Le Adjusted Trial Balance As of 12-31-20 Trial Bal Credit Adjustments Dhit Credit Post Adj Trial Bal Debit Credit Account Account Name Debit Chart of Accounts General Journal General Ledger Trial Balance 1-2019 Adj Trial Balance Post Master Flow, LLC Post Closing Trail Balance As of 12-01-20 Account Account Name Dehit Credit Chart of Accounts General Journal General Ledger Trial Balance 1-2019 Adj Trial Balance Post Master Flow, LLC Income Statement Period Ending December 31, 2030 Revenues Expenses Net Income Chart of Accounts General Journal General Ledger Trial Balance 1-2019 Adj Trial Balance Post Master Flow, LLC Classified Balance Sheet As of December 31, 2020 Assets Current Tonal Care Long Total Long Term Asset Property Total Proy & B Other det Total uur Total Asses Equities Thala La LangYorwe Titel Long Term La Other Law Thallur Llahi Total Capital Total Equities Processing Transactions in the Accounting Cycle: You are the Accountant for Master Flow, LLC, a Sole Proprietor Plumbing Supply Merchandising Company owned by Scott Blout. The Company started operations on 10-1-2020. The Company operates on a calendar year basis and will use the accrual method of accounting. Provided below is a listing of all transactions for the company for its initial Quarter of operation. Please complete the required tasks as outlined below: Required: 1. Build a Chart of Accounts. 2. Prepare all General Journal entries for the activity for the initial Quarter 3. Post all General Journal entries to the General Ledger. 4. Prepare a Trial Balance as of 12-31-20, 5. Prepare any Adjusting Entries required prior to the Year- end Close at 12-31-2020. Subsequently post all Adjusting Entries to the General Journal and the General Ledger. 6. Prepare and Adjusted Trail Balance. 7. Post all Closing Entries to the General Journal and the General Ledger to end the company's fiscal year on 12-31- 2020. 8. Prepare a Post Closing Trail Balance. 9. Prepare an Income Statement. 10. Prepare a Classified Balance Sheet Fact Set 10-1-20 Scott Blout invested $100,000 Cash to start Master Flow Plumbing Supply, LLC. 10-1-20 Master Flow rented a Warehouse with a Retail Store Front. No security deposit was required. Scott paid October's I'month rent of S2,000, writing the first check drawn on the new business" bank account. The lease is a 12 month lease at $2,000/month. 10-1-20 Master Flow purchased Storage Racks for the Warehouse for $5,000. Scott used a business check for this purchase. These racks are expected to benefit the Company for several years. The will have a useful life for accounting purposes of 5 Years and will have no salvage value. Scott has directed you to use the Straight Line Method of Depreciation for all of the Capital Assets for the Company 10-3-20 Master Flow bought a 2 Hand Computer and Printer for $200, paying with a business check. You have established an Accounting Policy for the Company that states any equipment purchases valued at less than $250 will not be capitalized. 10-3-20 Master Flow purchased 500 Units @ $100/Unit in plumbing fixtures from Kohler, Inc. to establish the Company's initial merchandise inventory. The Company opened a trade account with Kohler with a $60,000 Credit Limit. The terms of all purchases with this vendor are 2/10, N60. You talk to Scott about the Inventory accounting and valuation methods to use. You agree to use the Perpetual Inventory Method with FIFO. 10-4-20 Master Flow had some marketing brochures printed at a cost of $200, paying with a company check. 10-8-20 Master Flow hired Ring Social Media Company to build Master Flow's Web Site for $3,000 and paid a $1,000 initial payment up front and opened a $2,000 trade account with Ring. Final payment will be due upon completion of the Web Site. 10-15-20 Master Flow, LLC made it first sale of Plumbing Fixtures from inventory to Shore HVAC. They sold 25 units at $200/Unit. Shore HVAC paid at the counter with a check 11-1-20 Master Flow purchased general liability with an annual premium of $1,200, paying with a company check. The Policy period is for 11-1-20 to 10-31-21. 11-1-20 Scott Blout withdrew $4,000 cash from the Business. 11-1-20 Master Flow paid November's rent for the Warehouse / Retail Store Front Facility. 11-7-20 Master Flow paid JCP&L for the October Electric Bill, writing a check for $88. 11-9-20 Master Flow, LLC sold 100 Units of Plumbing Fixtures to Craftsman Custom Builders at $200 /Unit. Master Flow opened a Trade Account for Craftsman. The terms are 2/10, N30. You do some research with the local industry trade group. Uncollectible accounts typically run a 2% of receivables for the Industry. You discuss this with Scott and you agree to establish an allowance using this guidance. 11-11-20 Master Flow made a payment on its Trade Account with Kohler, for the full Balance. 11-15-20 Master flow makes a cash sale of 10 Units of 11-15-20 Master flow makes a cash sale of 10 Units of plumbing fixtures to "The Plumbing Guys Contractors for $250 Unit. There was an extra markup, due to the small size of the order. 11-18-20 Master Flow receives payment in full on the Craftsman's Trade account. 12-1-20 Seeing that the business is getting some traction, but could benefit from more Capital, Scott Blout invests another $30,000 of his personal money into the Business 12-1-20 Master Flow paid December's rent for the Warehouse / Retail Store Front Facility. 12-1-20 Master Flow purchased a specialized pipe bending machine for the Warehouse. The machine has a purchase price of $8.000. It will cost $300 to have it delivered: $500 to have it setup and it requires a custom platform that will cost $1,000. The machine uses disposable grommets. Scott purchases an initial lot of S200 pieces of the disposable grommets for $200. The Manufacturer for the Machine is providing $10,000, 90 Day financing at a 10% interest rate for the purchase. 12-4-20 The Final Web Site is delivered and goes live and Master Flow pays the balance due of $2,000 to Ring Social Media 12-8-20 Master Flow buys 80 Units of plumbing fixtures from Standard Plumbing Supply for Inventory at $125 Unit, paying with a company check. 12-15-20 Master Flow, LLC sells 40 Units of Plumbing Fixtures from inventory to Shore HVAC at $225/ Unit. Shore pays at the counter with their check. 12-21-20 Master Flow's first employee, Emma Stone starts at the Company. She will be responsible for Warehouse Management. She will be paid $20 / Hour. Emma works 30 Hours / Pay Period (every two weeks). The pay period ends on 12-31-20. Emma's Federal Tax Withholding is $50, based on her W4, and all other standard payroll taxes apply at their appropriate rates. She does not receive benefits and does not have any contributions of any type withheld from her pay. 12.31-20 Master Flow has received hut not naid the ICP&L 12-1-20 Master Flow purchased a specialized pipe bending machine for the Warehouse. The machine has a purchase price of $8,000. It will cost $300 to have it delivered; S500 to have it setup and it requires a custom platform that will cost $1,000. The machine uses disposable grommets. Scott purchases an initial lot of $200 pieces of the disposable grommets for $200. The Manufacturer for the Machine is providing $10,000, 90 Day financing at a 10% interest rate for the purchase 12-4-20 The Final Web Site is delivered and goes live and Master Flow pays the balance due of $2,000 to Ring Social Media 12-8-20 Master Flow buys 80 Units of plumbing fixtures from Standard Plumbing Supply for Inventory at $125 / Unit, paying with a company check. 12-15-20 Master Flow, LLC sells 40 Units of Plumbing Fixtures from inventory to Shore HVAC at $225/ Unit. Shore pays at the counter with their check. 12-21-20 Master Flow's first employee, Emma Stone starts at the Company. She will be responsible for Warehouse Management. She will be paid $20/ Hour. Emma works 30 Hours / Pay Period (every two weeks). The pay period ends on 12-31-20. Emma's Federal Tax Withholding is $50, based on her W4, and all other standard payroll taxes apply at their appropriate rates. She does not receive benefits and does not have any contributions of any type withheld from her pay. 12-31-20 Master Flow has received, but not paid the JCP&L bill for November and December 2020 Electric in the aggregate amount of $150. 12-31-20 Sitting on Scott's desk is a 4 Quarter 2020 Water bill for Master Flow's facility in the amount of $300, which has not been paid. 12-31-20 Scott Blout takes a year end distribution form the Business of S5,000. 12-31-20 In preparing for the year-end close, you determine that depreciation and prepaid amortization for the quarter has not been recorded yet. 10 1-20f Cash al pr 18100000 10 Scottslout Capital al $10000 07 Dr $2000 $2000 10-1-20 Cash are Rent ale To fexto Income of To cash ali Storage Racke ak To Cast al 10 1-20 Dr $ 500 $5100 DY 3200 18-2:20 Expense ale 1 To Carth alc $200 10-3-20 Plumbling bintuits Meulonyale De $50000 Tokohterine $50000 16-4-20 Expanse C Brochu) $200 To Bank ak $2.00 $3000 2000 16-8-20 Exgene for web site ale Dr To ash and TO Ring social media afe 1215-20 Cash alcan DY $100 $500 To sals alk -1-20 Promfum al $200 tood Pre paid formamak TO Cash alk $1200 DY 11-1-20 Scott Blout capital al $40 TO Cash ale DY $200 0 1 1.20 Rentak $2 To Catok Dr 11-1-20 Toplak ss to cash al $20000 13600 19-20 Craftenan ak Dr Dr 4010 421 Bardibles poutsonale To sales ac 1-4-20 Kohler alc To Cash of DY $51000 $50 Dr $2500 Cash ale To sales alc $25 11-12-20 DV Cash ok To Craftmon alc $20080 $30000 $34 121.20 Cash ale and TO Scott. 10-H Costel als (12-1-20 totale 71 Cash ale $2000 Chart of Accounts General Journal General Ledger Trial Balance 1-2019 Adj Trial Balance Post Master Flow, LLC Chart of Accounts ACN AC Name Chart of Accounts General Journal General Ledger Trial Balance 1-2019 Adj Trial Balance Post Master Flen, LLC General Journal Jolid Date Account Title and Descriptive PR Det Credit Chart of Accounts General Journal General Ledger Trial Balance 1-2019 Adj Trial Balance Post Master Flow, LLC General Ledger Account Nome and Number: Noeler el Tols To Create Separate per Canile For Back Account Needed) Explanation PR Debit Credit Date Balance Chart of Accounts General Journal General Ledger Trial Balance 1-2019 Adj Trial Balance Post Master Flow, LLC Trail Balance As of 12-01-20 Account Account Name Debit Credit Chart of Accounts General Journal General Ledger Trial Balance 1-2019 Adj Trial Balance Post Master Flow, LLC Trail Balance As of 12-31-20 Account Account Name Debit Credit Chart of Accounts General Journal General Ledger Trial Balance 1-2019 Adj Trial Balance Post Master Flow, Le Adjusted Trial Balance As of 12-31-20 Trial Bal Credit Adjustments Dhit Credit Post Adj Trial Bal Debit Credit Account Account Name Debit Chart of Accounts General Journal General Ledger Trial Balance 1-2019 Adj Trial Balance Post Master Flow, LLC Post Closing Trail Balance As of 12-01-20 Account Account Name Dehit Credit Chart of Accounts General Journal General Ledger Trial Balance 1-2019 Adj Trial Balance Post Master Flow, LLC Income Statement Period Ending December 31, 2030 Revenues Expenses Net Income Chart of Accounts General Journal General Ledger Trial Balance 1-2019 Adj Trial Balance Post Master Flow, LLC Classified Balance Sheet As of December 31, 2020 Assets Current Tonal Care Long Total Long Term Asset Property Total Proy & B Other det Total uur Total Asses Equities Thala La LangYorwe Titel Long Term La Other Law Thallur Llahi Total Capital Total Equities
