Home Insert Page Layout Formulas Data Review View A-A- Wrap Text B I U A Merge & Center S Paste x fx P1 A B . C D G H Company Information & Summary of Significant Account Policies 2 Madison Machines Company began operations on November 1, 2023. The main operating goal of the company is to sell high end 3 robots Customers may pay using cash or if appropriate, a credit is extended to customers with terms 3/15, n/30. 4 The company uses the perpetual inventory method and a FIFO cost system. The company follows a calendar year, with all 5 adjusting entries made at the end of the accounting period, December 31. The company uses the straight-line depreciation 5 for all depreciable assets. The company has decided to use the Allowance method to account for uncollectible accounts. At 7 the end of the period, based on industry standards, the company believes 1% of the balance in accounts recievable will be 8 uncollectible. The company purchases robots for resale only as such they carry them as inventory. 9 10 The company has two employees, one is a sales technician, salary of $4000 per month and the other employee is the office 13 manager with a salary of $6000 per month. Payroll is processed on the last day of the month, and paid on the first day of the 12 following month. This means the November 30 payroll with accrue into Salaries Payable and then be paid on Decemember 1. 13 14 Required: 1) Madison Machines Company engaged in the following transactions for November and December. Record the following transactions on the Daily 25 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 16 credit. 17 1-Nov The owner invested $100000 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, 2024 and has an annual rate of interest of 3%. 2-Nov Paid for two years rent on the office space, $12000 18 19 20 21 4-Nov Purchased 51600 of supplies on account, term n/30. ERR 3-Nov Purchased 10 robots at a total cost of $1000 each for cash, FOB Destination 15-Nov Purchased 12 robots at a total cost of $1100 each on account, terms n/30, FOB Destination. Shipping of $150 was paid to the shipping company by the appropriate party 18-Nov Paid for a two-year insurance policy for the store, $6000. The policy was effective beginning December 1, 2023) 20-Nov Sold 16 robots for $3100 each on account, terms 3/15, n/30, the company uses FIFO to find the cost of goods sold. The printers were shipped 22 23 17-Nov Pald for the supplies purchased on November 4. 24 25 FOB Shipping Point. Record the sales revenue first 26 28-Nov Received payment in full on account from the November 20 sale 27 29-Nov Paid for November's utilities bill $1500 26 Prepared payroll for the month of November, the first payroll for the company. Record the Salares Expense entry first. The tax rates are as 30-Nov follows Randy Instructions Daily Transactions Adjusting Entries esc 80 000 F3 000 14 Ledger Adjusted Trial Balanoe T dtv