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if you could check the little work i have and possibly help with the rest that would be great. thank you. Journal Entry + Mason

if you could check the little work i have and possibly help with the rest that would be great. thank you. image text in transcribed
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Journal Entry + Mason Automotive sells 15,000,000 shares at $3 par for $25 on January 1, 2018 Journal Entry #2 Ed Mason, the CEO, biros 2,500 employees, whom will receive a combined salary of $2 Million on a monthly basis. The employves started on January it and will be paid for the month of January on February 5th. Employee's withholdings are as follows: 113 for federal income taxes 6% for state income taxes and 5% for PICA. Record the necesary entry as of January 1st, 2018 Journal Entry #3 Mason Automotive issues a bond payable on January at, 2018 with a face value of $200 Million at 101. The band will have a weful life of 5 years with an interest payment of 5% (Annual Percentage Rate) due at the end of the month. Record the necessary journal entry as of January 2018 (Note: When considering the amortization of the discount or premium, assume the straight line method is used). Journal Entry #4 Mason Automotive purchased $75 Million dollars worth of inventory on account on January and, 2018. Mason notes that it will use a perpetuul inventory system to track inventory Journal Entry * Mason Automotive purchases fixed assets of $180 Million that will have a useful life of 10 years and no malvage value on January 2, 2018,525 million was paid with cash with the remaining balance on account. These assets are depreciated using the straight-line method Journal Entry #6 On January 2nd, Mason Automotive shipped an order to Corby Panther Company. The shipping terms were POE shipping point and the value of the order was $60 Million and the inventory cost was $30 Million. Assume that this sale was made on account. Journal Entry On January 3rd, Mason Automotive received so Million advance payment from a customer, Michael Scott Paper Company, to manufacture 9,000 cars. Journal Entry #8 Mason Automotive buys e patent from Apple for $96 Million on January 3rd, 2018. The patent has a legal life of 20 years, but a useful life of 10 years. Record the necessary entry as of January 3rd, 2018. Assume the patent was purchased using cash. 3 Journal Entry #9 Mason Automotive purchased $2.5 Million dollars worth of supplies January 4th, 2018. 5.75 Million was paid with cash with the remaining balance on account, Journal Entry #10 3 Mason Automotive pre-pays for Rent Expense for the next year of S12 Million and Insurance Expense of $3 Million on January 4th, 2018 4 Journal Entry #11 On January 20th Mason Automotive decides to purchase 1,200,000 shares of Treasury stock at $26 per share. Ralance Sheet . rest Debit Account January 1st 2018 Cash Credit Account Common Stock Additional Paid in Capital Debit Amount Credit Amount 375,000,000 45,000,000 330,000,000 January 1st 2018 Cash Additional Paid in Capital January 1st 2018 January 2nd 2018 January 2nd 2018 January and 2018 January 3rd 2018 3 January 3rd 2018 3 + 5 January 4th 2018 8 9 January 4th 2018 AN 45.000 Lt DO 100 000000 2300 All M. ARA med Best Opening Balance Sheet Debit 963,050,000 Credit Adjusted Trial Balance 063,050,000 1,320,000 720.000 (1,320,000) (720,000) Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Supplies Pre-Paid Expense Property Plant and Equipment Accumulated Depreciation Patent Accounts Payable Unearned Revenue Salaries and Wages Payable FICA Withholding Payable Federal Income Tax Payable State Income Tax Paynble Payable Bond Payable Premium/Discount Common Stock Additional Paid In Capital Treasury Stock Retained Earnings Revenue Cost of Goods Sold Insurance Expense Rent Expense Salaries and Wages Expense Payroll Tax Expense Depreciation Expense Amortization Expense (Patent) Bad Debt Expense Supplies Expense Interest Expense Totals 45,000,000 330,000,000 (45,000,000) (330,000,000) 586,010,000 963,050,000 377,040,000 Statement Balance Sheet TARVERIG LLLLLLLL 1/31/2018 (Enter Account Description) (Enter Account Description) Total Revenue (Enter Account Description) (Enter Account Description) Gross Profit Operating Expenses (Selling and Administrative) (Enter Account Description) (Enter Account Description) (Enter Account Description) (Enter Account Description) (Enter Account Description) (Enter Account Description) (Enter Account Description) (Enter Account Description) (Enter Account Description) (Enter Account Description) (Enter Account Description) Total Operating Expenses Net Income Current Assets (Inter Account Description) (Enter Account Description) (Enter Account Description) Net (Acest Receivable (Enter Account Description) Enter ABC Description Inter Account Description) Total Current Assets Current Liabilities inter Account Description (Enter Account Description) (er Account Description) for Account Description) (Enter Act Description Amount Descript (Enter Account Decoration) Total Current Liabilities Property Plant and Equipment (Enter Acent Description Enter Account Description Total Property Plant and Equipment Long Term Liabilities Enter Account Iscription) (Enter Account Description enter Account Description) Total Long Term Liabilities Total Liabilities Intangible Assets Enter Account Description Total Intangible Assets Total Assets Stockholder's Equity (Enter Account Description) (Enter Account Description) Enter Account Description) (Ester Account Description) Total Stockholder's Equity Total Liabilities and Stockholders Equity 56 37 40 41

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