M 11 20 21 2 24 25 26 27 A H 3 Nov Purchased 10 tractors at a total cost of $1100 each for cash, FOB Destination 4. Nov Purchased $1700 of supplies on account om 1/30. 15-Nov Purchased 12 tractors at a total cost of $13 nach on account, terms 1/30, FOR Destination Shipping of $150 was paid to the shining companw by the appropria party 17.Nov Paid for the supplies purchased on November 4 18-Nov Paid for a two year insurance policy for the store, $12000. The policy was effective beginning December 1, 2024 20-Nov Sold 17tractors for $3200 euch on account, terms 2/10, 1/30, the company uses FIFO to find the cost of goods sold. The printers were shipped FOB Shipping Point. Record the sales revenue first 28-Nov Received payment in full on account from the November 20 sale. 29 Nov Paid for November's utilities bill $1700 Prepared payroll for the month of November, the first payroll for the company. Record the Salaries Expense entry first. The tax 30-Nov rates are as follows: Federal Income Tax Rate-15% NC State Income Tax Rate - 10% FICA Tax Rate7.65% Unemployment Tax Rate -6% on the first $7000 of each employees earnings per year. 28 29 30 31 32 23 34 35 36 37 1. Dec Paid the employees the amount due to them from the November 30 payroll taxes will be paid in January The company borrowed $60000 from Bank of America by signing a 10 year, 4% note. The note requires annual payments of 1-Dec $7397 beginning December 1, 2025 1-Dec Purchased a new delivery truck to save customers on shipping. The total cost of the Delivery Truck was $70000 4-Dec Paid the amount due from the November 15 purchase. Snarnarlar and ad Aath dividende in the stockholders at the.com Instructions Daly Transactions Ading Entre Ledger Auted Trace moment Egy men Sheet . 12 11.000 3. New Inventory Carch 13 11 000 15 1.700 4-Now Supplies Accounts Payable SH 1.200 IT 10 14.520 15 Norventory Accounts Payable 14.520 30 21 17 Nov 23 24 18-NO 25 20 27 20 Nov 20 29 10 20 Nov rastructions Back Sheet Acting Entries home Sun Daily Transaction Ledger Euty State Adjusted Trance Company Information & Summary of Significant Account Policies Lawn King Company began operations on November 1, 2024. The main operating goal of the company is to sell high end tractors. Customers may pay using cash or if appropriate, a credit is extended to customers with terms 2/10, 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 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 the end of the period, based on industry standards, the company believes 1% of the balance in accounts recievable will be uncollectible. The company purchases tractors for resale only as such they carry them as inventory. The company has two employees, one is a sales technician, salary of S4000 per month and the other employee is the office 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 following month. This means the November 30 payroll with accrue into Salaries Payable and then be paid on Decemember I. Required: 1) Lawn King Company engaged in the following transactions for November and December. Record the following transactions on the Transactions tab. Note: Place debits first, credits second but do NOT indent eredits. If more than one debit or credit, please list in alphabetical order to M 11 20 21 2 24 25 26 27 A H 3 Nov Purchased 10 tractors at a total cost of $1100 each for cash, FOB Destination 4. Nov Purchased $1700 of supplies on account om 1/30. 15-Nov Purchased 12 tractors at a total cost of $13 nach on account, terms 1/30, FOR Destination Shipping of $150 was paid to the shining companw by the appropria party 17.Nov Paid for the supplies purchased on November 4 18-Nov Paid for a two year insurance policy for the store, $12000. The policy was effective beginning December 1, 2024 20-Nov Sold 17tractors for $3200 euch on account, terms 2/10, 1/30, the company uses FIFO to find the cost of goods sold. The printers were shipped FOB Shipping Point. Record the sales revenue first 28-Nov Received payment in full on account from the November 20 sale. 29 Nov Paid for November's utilities bill $1700 Prepared payroll for the month of November, the first payroll for the company. Record the Salaries Expense entry first. The tax 30-Nov rates are as follows: Federal Income Tax Rate-15% NC State Income Tax Rate - 10% FICA Tax Rate7.65% Unemployment Tax Rate -6% on the first $7000 of each employees earnings per year. 28 29 30 31 32 23 34 35 36 37 1. Dec Paid the employees the amount due to them from the November 30 payroll taxes will be paid in January The company borrowed $60000 from Bank of America by signing a 10 year, 4% note. The note requires annual payments of 1-Dec $7397 beginning December 1, 2025 1-Dec Purchased a new delivery truck to save customers on shipping. The total cost of the Delivery Truck was $70000 4-Dec Paid the amount due from the November 15 purchase. Snarnarlar and ad Aath dividende in the stockholders at the.com Instructions Daly Transactions Ading Entre Ledger Auted Trace moment Egy men Sheet . 12 11.000 3. New Inventory Carch 13 11 000 15 1.700 4-Now Supplies Accounts Payable SH 1.200 IT 10 14.520 15 Norventory Accounts Payable 14.520 30 21 17 Nov 23 24 18-NO 25 20 27 20 Nov 20 29 10 20 Nov rastructions Back Sheet Acting Entries home Sun Daily Transaction Ledger Euty State Adjusted Trance Company Information & Summary of Significant Account Policies Lawn King Company began operations on November 1, 2024. The main operating goal of the company is to sell high end tractors. Customers may pay using cash or if appropriate, a credit is extended to customers with terms 2/10, 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 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 the end of the period, based on industry standards, the company believes 1% of the balance in accounts recievable will be uncollectible. The company purchases tractors for resale only as such they carry them as inventory. The company has two employees, one is a sales technician, salary of S4000 per month and the other employee is the office 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 following month. This means the November 30 payroll with accrue into Salaries Payable and then be paid on Decemember I. Required: 1) Lawn King Company engaged in the following transactions for November and December. Record the following transactions on the Transactions tab. Note: Place debits first, credits second but do NOT indent eredits. If more than one debit or credit, please list in alphabetical order to