please help! i do not know what to do for the adjusting entires. i figured out the daily transactions part but i need help with the adjusting entires part. thank you!
acon Machines Company began operations on November 1,2024 . The main operating goal of the company is to sell high end bots. Customers may pay using cash or if appropriate, credit is extended to customers with terms 3/15,n/30. Company Name: he company uses the perpetual inventory method and a FIFo cost system. The company follows a calendar year, with all djusting entries made at the end of the accounting period, December 31 . The company uses the straight-line depreciation Product Sold: all depreciable assets. The company has decided to use the Allowance method to account for uncollectible accounts. At end of the period, based on industry standards, the company believes 2% of the balance in accounts recievable will be ncollectible. The company purchases robots for resale only as such they carry them as inventory. e company has two employees, one is a sales technician, salary of $6000 per month and the other emplovee is the office anager 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 ollowing month. This means the November 30 payroll with accrue into Salaries Payable and then be paid on Decemember 1. equired: ) Make sure your student ID is correct, this will change the information. Macon Machines Company engaged in the following transactions for Jovember and December, Record the following transactions on the Daily Transactions tab. Lote: Place debits first, credits second but do NOT indent credits. If more than one debit or credit, please list in alphabetical order to receive ull credit. Round to the aennv unless atherwice noted. 15-Nov Purchased 12 robots at a totat cost of $4400 each on account, terms n/30, fOB Destination. Shipping of $150 was paid to the shippine company by the appropriate party. 17-Nov Paid for the supplies purchased on November 4. 18-Nov Paid for a two-year insurance policy for the store, 56000 . The policy was effective beginning December 1,2024. 20 -Nov Sold 15 robots for 57500 each on account, terms 3/15,n/30, the company uses Fifo to find the cost of goods sold. The robots 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 $4800 Prepared payroll for the month of November, the first payroll for the company. Record the Salares Expense entry first. 30-Nov The tax rates are as follows: Federal income Tax Rate 15% NC State Income Tax Rate- 10%. FicA Tax Rate 7.65% Unemployment Tax Rate -65 on the first 57000 of each emplovees earnings per vear. 1-Dec Paid the emplovees the amount due to them from the November 30 pawoll, taxes will be paid in January. 1.Dec The company borrowed $65000 from Bank of America by signing a 15 -year, 6% riote. The note requires annual payments of $6693 beginning December 1,2025, 1.Dec Purchased a new delivery truck to save customers on shipping The total cost of the Deliverv Truck was 560000 4.Dec Paid the amount due from the November 15 purchase. 5-Dec Declored and paid $2000 in cash dividends to the stockholders of the company. 6-Dec Purchased $2400 of supplies on account, term n/30. 7-Dec Purchased 20 robots at a cost of $4840 each on account, terms n/30, FOB Destination 2) Post all the Daily Transactions to the Ledget on the Ledger tab. 3) As of December 31, a search revealed the following information. Record any necessary adjusting entries for the year on the Adjusting 4) Post all the Adjusting Entires to the Ledger on the Ledger tab. 5) Based on the account balances in the ledger, create an adjusted uial balance on the Adjusted Trial Balance tab. 6) Based on the adjusted trial balance, prepare a multi-step income statement on the Income Statement tab. 7) Based on the adjusted trial balance, prepare the statement of stockholders' equity on the Equity Statement tab. 8) Based on the adjusted trial balance, prepare the balance sheet on the Balance Sheet tab. 9) Prepare the closing entries (DO NOT POST them to the ledger, just produce the entries). When journaling, close the accounts in the order they appear on the Trial Balance. Do one entry for revenue accounts, one for expense accounts and one for dividend accounts. 10) Calculate the ratios on the Ratios tab
