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How should the transactions occuring on November 30 be recorded. I need both entries. Thank you! Company information & Summary of Significant Account Policies Madison

How should the transactions occuring on November 30 be recorded. I need both entries. Thank you!
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Company information & Summary of Significant Account Policies Madison Machines Company began operations on November 1, 2023. The main operating goal of the company is to sell high end robots. Customers may pay using cash or if appropriate, a credit is extended to customers with terms 3/15.1/30 The company uses the perpetual Inventory method and a FIFO cost system. The company follows a calendar year with all adjusting entries made at the end of the accountint period, December 31. The company uses the straight line depreciation for all depreciable assets. The company has decided to use the Allowance method to account for uncollectible accounts. At the end of the period, based on industry standards, the company believes 1% of the balance in accounts recevable will be untollectible. 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 $4000 per month and the other employee is the office manager with a salary of 56000 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 active into Saluries Payable and then be paid on Decemember 1. Required: 1) Madison Machines Company engaged in the following transactions for November and December. Record the following transactions on the Daily Transactions tab. Note: Place debita first, credits second but do NOT indent credits. If more than one debit ar credit, please list in alphabetical order to receive full credit 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 tent on the office space $12000 3-Now Purchased 10 robots at a total cost of $1000 each for cash, FOR Destination 4. Now Purchased 51600 of supplies on account, term/20. 15-Noy Purchased 12 robots at a total cost of $1100 each on account, terms w/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 Now Paid for two year insurance policy for the store 56000. The policy was effective beginnin December 1, 2023 20 Sold 16 robots for $3100 each on account, terms 3/15.1/30, the company user FIFO to find the cost of goods sold. The printers were shipped FOB Shipping Point Record the sales revenue first 20 NOV Received payment in full on account from the November 20 sale 29. Now Paid for November utilities bill $1500 Prepared payroll for the month of November, the first payroll for the company Record the Salates Expense entry first. The tax rates JO NOV e as follows Federal Income Tax Rate-15% NC State Income Tax Rate - 10% FICATO Rat-7.656 Unemployment Tax Hate-ok on the first 57000 ofach employens camins per years Prepared payroll for the month of November the first payroll for the company Record the Sutures Expense entry first. The tax rates 30-Now are as follows: Federal Income Tax Rate-15% NC State Income Tax Rate -10% FICA Tax Rate - 7,65% Unemployment Tax Rate -6% on the first $7000 of each employees eaming per year. Company information & Summary of Significant Account Policies Madison Machines Company began operations on November 1, 2023. The main operating goal of the company is to sell high end robots. Customers may pay using cash or if appropriate, a credit is extended to customers with terms 3/15.1/30 The company uses the perpetual Inventory method and a FIFO cost system. The company follows a calendar year with all adjusting entries made at the end of the accountint period, December 31. The company uses the straight line depreciation for all depreciable assets. The company has decided to use the Allowance method to account for uncollectible accounts. At the end of the period, based on industry standards, the company believes 1% of the balance in accounts recevable will be untollectible. 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 $4000 per month and the other employee is the office manager with a salary of 56000 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 active into Saluries Payable and then be paid on Decemember 1. Required: 1) Madison Machines Company engaged in the following transactions for November and December. Record the following transactions on the Daily Transactions tab. Note: Place debita first, credits second but do NOT indent credits. If more than one debit ar credit, please list in alphabetical order to receive full credit 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 tent on the office space $12000 3-Now Purchased 10 robots at a total cost of $1000 each for cash, FOR Destination 4. Now Purchased 51600 of supplies on account, term/20. 15-Noy Purchased 12 robots at a total cost of $1100 each on account, terms w/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 Now Paid for two year insurance policy for the store 56000. The policy was effective beginnin December 1, 2023 20 Sold 16 robots for $3100 each on account, terms 3/15.1/30, the company user FIFO to find the cost of goods sold. The printers were shipped FOB Shipping Point Record the sales revenue first 20 NOV Received payment in full on account from the November 20 sale 29. Now Paid for November utilities bill $1500 Prepared payroll for the month of November, the first payroll for the company Record the Salates Expense entry first. The tax rates JO NOV e as follows Federal Income Tax Rate-15% NC State Income Tax Rate - 10% FICATO Rat-7.656 Unemployment Tax Hate-ok on the first 57000 ofach employens camins per years Prepared payroll for the month of November the first payroll for the company Record the Sutures Expense entry first. The tax rates 30-Now are as follows: Federal Income Tax Rate-15% NC State Income Tax Rate -10% FICA Tax Rate - 7,65% Unemployment Tax Rate -6% on the first $7000 of each employees eaming per year

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