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File Edit Insert Table Organize Format Arrange View Share Window Help Mason Project (Student Version) - Spring 2021-1 100% Zoom Add Category Intert Table Chart Text Shape Media Com Information Journal Entries T-Accounts Balance Sheet Trial Balance A C D E 3 4 JE Activity For The Month of January + Mason Automotive sols 10.000.000 shares a $2 par for $20 on January , 2021 7 2 Mason Automotive purchases fixed assets of 5100 Milion that will have a le of 18 years and a savage value of $30 million on January 9, 2021 500 million was paid with cash with the remaining balance on account These assets are depreciated using the straight-line method Mason Automotive purchased $250 Million dollars worth of invertory on January 3rd, 2021. 500 Million was 3 paid with cash with the remaining balance on account. Mason notes that will use a perpetual inventory system to Mack inventory 10 11 12 4 Mason Automotive purchased 54 Min dolls worth of sales on account on January 4th, 2021 13 Ed Mason, the CEO hires 4.000 employees, whom will receive a combined salary of $4.75 Million on 5 monthly basis. The employees started on January 1st and will be paid for the month of January on February 41. Employees withholdings are as follows: 115 to federal income taxes 5.6% for state income taxes and 1765. for FICA Record the necessary entry as of the date of birer 1, 2021 14 15 6 On January 6th, Mason Automotive receives S60 Milion advance payment from a customer. Highland in to Imatracture 6,000 cars. 16 12 On January 7th Mason Automotive shipped an order to Panther Paws Corporation. The shipping terms were 7 OB shipping point. The sales of the order was $200 Million and the entory cost was $105 Million Assume that this sale was made on account 18 10 Mason Automotive issues a bond payable on January 8, 2021 with a face value of $100 Million at 95 The bond will have a seule of 20 years with an interest payment of 78% Annual Percentage Role due at the end of the month Record the necessary journal entry as of January 2021 No When considering the amortization of the discount or premium, assure the straight line method is 20 21 22 Mason Advere-gays for rent Expense for the next two years of 518 Million on January 1st 2021 23 Mason Automotive buy a pantom Apple for $175 Milion on January 10, 2021. The patent has als 10 of 27 years and all of 20 years. Record the necessary entry as of January 10th, 2021. Assume the palen was purchased ng cash 20 11. Masen Automotive decidere chade 100.000 shares of Treasury Block 925 per Month End Adjusting When reviewing the supply room as of the end of the month, Mason Automation noted that it had $3.5 Million worth of supplies still Tere atv MacBook Air 80 goa DDD a
