PLEASE HELP !!!!!!!!!!!!!!ME can u answer the question i need to check if my ans is correct please give the answer in terms of the format ive sent !!!!!!!! hwlp me it is abour ledger accounts
December of its first year of operations, the corporation entered into the following transactions. Dec. 1 Issued to John and Patty Driver 24,000 new shares in exchange for a total of $240,090 cash. Dec. 1 Purchased for $259,200 all of the equipent formerly owned by Rent-It. Paid $140, 0e9 cash and issued a 1 -yeur note payable for $119,200. The note, plus all 12 months of accrued interest, are due Novenber 30 , Year 2. Dec. I Paid $10,800 to Shapiro Realty as three eonths? advance rent on the rental yard and office fornerly occupied by Rent-1t: Dec. 4 Purchased office supplies on account fron Modern office Co., \$1,4e. Payment due in 30 days. (These supplies are expected to last for several sonths; debit the office Supplies asset account.) Dec. a fleceived $5,300 cash as advance payment on equipment rental from McNaner Construction Conpany. (Credit Unearned fiental fees.) Dee, 12 Paid salaries of $5,100 for the first two weeks in Deceaber. Dec.15 Excluding the Nchamer advance, equipment rental fees earned during the first 15 days of Decenber anounted to $18,400, of wich $12,600 was received in cash. Dec. 17 Furchased on account from Earth Movers, Inc., $900 in parts needed to perforn basic maintenance on a rental tractor. payment is due in 10 days. Dec. 23 Collected $2,800 of the accounts receivable recorded on Decenber 15. Dec.26 Mented a backhoe to Mission Landscaping at a price of $260 per day, to be paid when the, backhoe is returned. Mission tandscaping expects to keep the backhoe for about two or three weeks. Dec.26 Paid blweekly salaries, 55,100 . Dec.27 Paid the account payable to Earth Movers, Inc., $990. Dec.28 Declared a dividend of 10 cents per share, payable on January 15, Year 2. Dec.29 Susquehana Equipment Rentals was nased, along with Mission Landscaping and Collier Construction, as a codefendant in a $30, eee lansuit filed on behalf of Kevin Davenport. Mission Landscaping had left the rented backhon in a fenced construction site owned by Collier Construction. After working hours on Decenber 26 , Davenport had climbed the fence to play on parked construction equipment. While playing on the backhoe, he fell and liroke his arm. The extent of the conpany's legal and financial responsibility for this accident, if any, cannot be deternined at this tine. (Notet This event does not require a journal entry at this tine, but may require disclosure in notes accompanying the statenents.) Dec.29 Purchased a 12 - month public liability insurance policy for $9,120. This policy protects-the company against liability for injuries and property danage caused by its equipent. However, the policy goes into effect on January 1, Year 2, and affords no coverage for the injuries sustained by Kevin Davenport on Decenber 26. Dec.31 Iteceived a bill from Universal utilities for the month of Decenber, $680. Payment is due in 30 days. Dec.31 Equipeent rental fees earned during the second half of Decenber anounted to $20, 000 , of which $15,600 was received in cash. Doto for Adjusting Entries in Year 1 a. The advance payment of rent on December 1 covered a period of three months. b. The annual interest rate on the note payable to Rent- It is 6 percent c. The rental equipment is being depreciated by the straight-line method over a period of eight years. Any salvage value at the end of its useful life is expected to be negligible and immaterial. d. Olfice supplies on hand at December 31 are estimated at $610. e. During Decembet, the company earned $4,300 of the rental fees paid in advance by McNamer Construction Company on December 8. 1. As of December 31, sbx days' rent on the backhoe rented to Mission Landscaping on December 26 has been eamed. 9. Salaries earned by employees since the last payroll date (December 26) amounted to $1,900 at month-end. h. It is estimated that the company is subject to an income tax rate of 30 percent of profit before income taxes (total revenue minus all expenses other than income taxes). These taxes will be payable in Year 2. Required information [The following information applies to the questions displayed below.] On December 1, Year 1, John and Patty Drlver formed a corporation called Susquehanna Equipment Rentals. The new corporation was able to begin operations immediately by purchasing the assets and taking over the location of Rent-it, an equipment rental company that was going out of business. The newly formed company uses the following accounts. The corporation performs adjusting entries monthly, Closing entries are performed annually on December 31. During December of its first year of operations, the corporation entered into the following transactions. Dec. 1 Issued to John and Patty Driver 24,000 new shares in exchange for a total of $240,000 cash. Dec. 1 Purchased for $259,206 all of the equipment formerly owned by Rent-It. Paid $140,000 cash and issued a 1-year note payable for $119,289. The note, plus al1 12 nonths of accrued interest, are due Novenber 30 , Year 2 . Dee. 1 Paid $10, Bbe to Shapiro Realty as three months? advance rent on the rental yard and office fornerly accupied by
