McDoodIes Company began operations on November 1. 2022. The main operating goal of the company is to sell high end copy machines. Customers may pay using cash or if appropriate, a credit is extended to customers with terms 2.110. W30 . 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 straightline depreciation for all depreciabie assets. The company has decided to use the Allowance method to account for uncollecb'ble accounts. At the end of the period, based on industry standards, the company believes 2% of the balance in accounts recievable at the end of the period. December 31. The company purchases copiers for resale only as such they carry copiers as inventory. The company has two employees, one is a sales technician. salary of $6000 per month and the other employee is the ofce manager with a salary of $4000 per month. Payroll is processed on the last day of the month. and paid on the rst day of the following month. This means the November30 payroll with accrue into Salaries Payable and then be paid on Decemember 1. Required: 1} McDoodles Company engaged In the following transactions for November and December. Record the following transactions on the Daily 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 credit. he owner invested $70000 into the company in exchange for 5,000 shares of common stock. he company purchased a computer system for $8000 and signed a oneyear note for the entire balance. The note is due on November 1, 2023 and has an annual rate of interest of 6%. 2-N I Paid for two years rent on the ofce space, $19200. 3~N - Purchased 8 copiers at a total cost of $1000 each for cash, FOB Destination. Purchased $4800 of supplies on account, term M30. 154% Purchased 6 copiers at a total cost of $1100 each on account. terms m'30, FOB Destination. Shipping of $150 was paid to the shipping company by the appropriate party. 1?No Paid for the supplies purchased on November 4. 18-No Paid for a two-year insurance policy for the store. $2400. The policy was effective beginning December 1, 2022. ZGNO Sold 9 copiers for $3100 each on account. terms 2f10, #30. the company uses FIFO to nd the cost of goods sold. The printers were shipped FOB Shipping Point Record the sales revenue first 23-bit} Received payment in full on account from the November 20 sale. 29-No Paid for November's utilities bill $1500. Prepared payroll for the month of November, the rst payroll for the company. Record the Salares Expense entry rst. he tax rates 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 rst $1000 of each employees earnings per year. Paid the employees the amount due to them from the November 30 payroll, taxes will be paid in January. _ _ he company borrowed $60000 from Bank of America bysigninga 10-year. 4% note The note requlres annual payments ' of $7.400 beginning December 1 2023. m Purchased a new delivery truck to save customers on shipping. The total cost of the Delivery Truck was $40000. 4 I -.- Paid the amount due from the November 15 purchase. 5D :4- Declared and paid $2000 in cash dividends to the stockholders of the company. m Purchased $1200 of supplies on account, term M30. Illll .2 'lD _ Sold 22 copiers for $3410 each on account. temts H10. moo. the company uses FIFO to nd the cost of goods sold. Record the sales revenue rst. - Prepared payroll for the month of December. the rst payroll for the company. Record the Salaries Expense entry rst. he tax rates are as follows: Federal Income Tax Rate 15%. NC State Income Tax Rate 10%