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I really need help with daily transactions for December pls Company Information & Of Account policies Macon Machines Company began operations on November I. 2024.
I really need help with daily transactions for December pls
Company Information & Of Account policies Macon Machines Company began operations on November I. 2024. The main operating goal Of the company is to sell high end robots. Customers may pay using cash or if appropriate, credit is extended to customers with terms 3/15. n/30 . The company uses the perpetual inventory method and a FIFO cost systern. The company follows a calendar year, with all adjusting entries made at the end Of the accounting 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 7 the end of the period, based on industry standards. the company believes 2%ofthe balance in accounts recievable will be 8 uncollectible. The company purchases robots for resale only they inventory. 10 The cornpanv has two employees. one is a sales technician. salary Of per month and the Other employee is the Office 11 manager with a salary of $2000 per month. Payroll is processed on the last day of the nwnth, 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 t. 14 Required: i) Make sure your student ID correct, this Will change the information. Muon Machines Company ene.eed in the following IS transactions for November December. Record the following transactions on the tab. Note: debits first, credits second but do NOT indent credits. mor. than on. debit or credit, plus. list in alphabetical order 16 to receive full credit. Round to the nn unless otherwise noted. Name: Macon Machines Product Sold: 20 21 23 24 26 28 in exchan for shares Of canmon stock. lNov The owner invested 190000 into the com I-Nov The company purchased a computer system for SOOOOO and signed a one-year note the entire balance. The note is due on November I, 2025 and has an annual rate Of interest Of 2Nov Paid fortwo ars rent On the office s ce, 158CX). 3-Nov Purchased 10 robots at a total cost of each for cash, FOB Destination. 4Nov Purchased S 3500 Of Su lies on account. term n 30. 15Nov Purchased 12 robots at a total cost Of 9700 each on account. n/30. VOB Destination. Shipping of $150 was paid to the i com an thea 17Nov Paid for the Su lies urchased on November 4. 18-Nov Paid fora two ar insurance Ii the store, SOOO. The i was effective inni December l. 2024. 20NOV Sold 15 robots for SIOSOO each on account. terms 3/15, n/30. the company uses FIFO to find the cost Of goods sold. The robots were shl FOB Shi i Point. Record the sales revenue first. 28-Nov Received a ent in full on account from the November 20 sale. 29Nov Paid for Ncwembers utilities bill S7900. Prepared payroll for the month of November, the first payroll for the company. Record the Salares Expense entry first. The tax 30Nov rates are as follmvs: Federal Income Tax Rate 15%. Instructions Daily Transactions Adjusting Entries Ledger AgustedTriaI Balarxe IrronYStatement Equity Statement Balance Sheet Closing Enl mor 16 order to receive full credit. Round to the nn unless otherwise noted. a 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 I-Nov The owner invested 790000 into thecom an in exchan efor5 OOOshares of common stock. I-Nov The company purchased a computer system for 560000 and signed a one-year note for the entire balance. The note is due on November 1, 2025 and has an annual rate of interest Of 3%. 2-Nov Paid fortwo ars rent on the offices ace, 15800. 3-Nov Purchased 10 robots at a total cost Of 7000 each for cash FOB Destination. a-Nov Purchased 3500 of su lies on account, term O. 15-Nov Purchased 12 robots at a total cost of $7700 each on account, terms n/30, FOB Destination. Shipping of $150 was paid to the shi in com thea ro riate 17-Nov Paid for the su lies urchased on November 4. 18-Nov Paid for a two- ar insurance i for the store, S6000. The li was effective be innin December 1, 2024. 20-Nov Sold 15 robots for $10500 each on account, terms 3/15, n/30, the company uses FIFO to find the cost of goods sold. The robots were shi FOB Shi in Point. Record the sales revenue first. 28-Nov Received a ent in full on account from the November 20 sale. 29-Nov Paid for November's utilities bill 7900. Prepared payroll for the month of November, the first payroll for the company. 30-Nov tax rates are as follows: Record the Salares Expense entry first. The Federal Income Tax Rate 15%. NC State Income Tax Rate 10%. FICA Tax Rate - 7.65%. Unem 10 ment Tax Rate on the first 70000feach em searnins r ar. I-Dec I-Dec a-Dec 5-oec 6-Dec 7-Dec 15-Dec 18-Dec 24.oec Paid the em the amount due to them from the November 30 a 011 taxes will be aid in Janua The company borrowed $65000 from Bank Of America by signing a 15-year, 6% note. The note requires annual payments Of 6693be innin December 1 2025. I-Dec Purchased a new delive truck to save customerson shi i . The total cost of the Delive Truck was 20000. Paid the amount due from the November 15 urchase. Declared and aid S2000 in cash dividends to the stockholdersofthecom an . Purchased 2000fsu lies on account term n O. Purchased 20 robots at a cost Of 70 each on account terms n 30 FOB Destination. Sold 22 robots for $11550 each on account, terms 2/10, n/30, FOB Shipping Point, the company uses FIFO to find the cost Of oods sold. Record the sales revenue first. Paid for an ad in the local newsa r 7000. Received 92400 a ment for 8 robots to be shi on Janua 8, 2025. 31-Dec Prepared payroll for the month of December, the first payroll for the company. tax rates are as follows: Federal Income Tax Rate 15%. NC state Income Tax Rate -10%. FICA Tax Rate - 7.65%. Unem 10 ment Tax Rate on the first 7000 Of each em earnin s Record the Salaries Expense entry first. The ar.
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