please help me do rhe jounral entries from 10-1 to 12-31. when i did it i went onto the trial balance my numbers werent adding up.
10-1-20 Scott Blout invested $100,000 Cash to start Master Flow Plumbing Supply, LLC. 10-1-20 Master Flow rented a Warehouse with a Retail Store Front. No security deposit was required. Scott paid October's 1" month rent of $2,000, writing the first check drawn on the new business' bank account. The lease is a 12 month lease at $2,000 / month. 10-1-20 10-3-20 10-3-20 Master Flow purchased Storage Racks for the Warehouse for $5,000. Scott used a business check for this purchase. These racks are expected to benefit the Company for several years. The will have a useful life for accounting purposes of 5 Years and will have no salvage value. Scott has directed you to use the Straight Line Method of Depreciation for all of the Capital Assets for the Company. Master Flow bought a 2nd Hand Computer and Printer for $200, paying with a business check. You have established an Accounting Policy for the Company that states any equipment purchases valued at less than $250 will not be capitalized. Master Flow purchased 500 Units @ $100/Unit in plumbing fixtures from Kohler, Inc. to establish the Company's initial merchandise inventory. The Company opened a trade account with Kohler with a $60,000 Credit Limit. The terms of all purchases with this vendor are 2/10, N60. You talk to Scott about the inventory accounting and valuation methods to use. You agree to use the Perpetual Inventory Method with LIFO. Master Flow had some marketing brochures printed at a cost of $200, paying with a company check. Master Flow hired Ring Social Media Company to build Master Flow's Web Site for $3,000 and paid a $1,000 initial payment up front and opened a $2,000 trade account with Ring. Final payment will be due upon completion of the Web Site Master Flow, LLC made it first sale of Plumbing Fixtures from inventory to Shore HVAC They sold 25 units at $200/Unit. Shore HVAC paid at the counter with a check. Master Flow purchased general liability with an annual premium of $1,200, paying with a company check. The Policy period is for 11-1-20 to 10-31-21. Scott Blout withdrew $4,000 cash from the Business Master Flow paid November's rent for the Warehouse / Retail Store Front Facility 10-4-20 10-8-20 10-15-20 11-1-20 11-1-20 11-1-20 11-7-20 Master Flow paid JCP&L for the October Electric Bill, writing a check for $88. 11-9-20 Master Flow, LLC sold 100 Units of Plumbing Fixtures to Craftsman Custom Builders at $200 /Unit. Master Flow opened a Trade Account for Craftsman. The terms are 2/10, N30. You do some research with the local industry trade group. Uncollectible accounts typically run a 2% of receivables for the Industry. You discuss this with Scott and you agree to establish an allowance using this guidance. 11-11-20 Master Flow made a payment on its Trade Account with Kohler, for the full Balance. 11-15-20 11-18-20 Master flow makes a cash sale of 10 Units of plumbing fixtures to "The Plumbing Guys" Contractors for $250 Unit. There was an extra markup, due to the small size of the order. Master Flow receives payment in full on the Craftsman's Trade account. Seeing that the business is getting some traction, but could benefit from more Capital, Scott Blout invests another $30,000 of his personal money into the Business. Master Flow paid December's rent for the Warehouse / Retail Store Front Facility. 12-1-20 12-1-20 12-1-20 Master Flow purchased a specialized pipe bending machine for the Warehouse. The machine has a purchase price of $8,000. It will cost $300 to have it delivered; $500 to have it setup and it requires a custom platform that will cost $1,000. The machine uses disposable grommets. Scott purchases an initial lot of $200 pieces of the disposable grommets for $200. The Manufacturer for the Machine is providing $10,000, 90 Day financing at a 10% interest rate for the purchase. and Master Flow pays the balance due of 12-4-20 The Final Web Site is delivered and goes $2.000 to Ring Social Media 12-4-20 12-8-20 The Final Web Site is delivered and goes live and Master Flow pays the balance due of $2,000 to Ring Social Media. Master Flow buys 80 Units of plumbing fixtures from Standard Plumbing Supply for Inventory at $125 / Unit, paying with a company check. Master Flow, LLC sells 40 Units of Plumbing Fixtures from inventory to Shore HVAC at $225 / Unit. Shore pays at the counter with their check. 12-15-20 12-21-20 12-31-20 Master Flow's first employee, Emma Stone starts at the Company. She will be responsible for Warehouse Management. She will be paid $20 / Hour. Emma works 30 Hours / Pay Period (every two weeks). The pay period ends on 12-31-20. Emma's Federal Tax Withholding is $50, based on her W4, and all other standard payroll taxes apply at their appropriate rates. She does not receive benefits and does not have any contributions of any type withheld from her pay. Master Flow has received, but not paid the JCP&L bill for November and December 2020 Electric in the aggregate amount of $150. Sitting on Scott's desk is a 4 Quarter 2020 Water bill for Master Flow's facility in the amount of $300, which has not been paid. Scott Blout takes a year end distribution form the Business of $5,000. In preparing for the year-end close, you determine that depreciation and prepaid amortization for the quarter has not been recorded yet. 12-31-20 12-31-20 12-31-20 10-1-20 Scott Blout invested $100,000 Cash to start Master Flow Plumbing Supply, LLC. 10-1-20 Master Flow rented a Warehouse with a Retail Store Front. No security deposit was required. Scott paid October's 1" month rent of $2,000, writing the first check drawn on the new business' bank account. The lease is a 12 month lease at $2,000 / month. 10-1-20 10-3-20 10-3-20 Master Flow purchased Storage Racks for the Warehouse for $5,000. Scott used a business check for this purchase. These racks are expected to benefit the Company for several years. The will have a useful life for accounting purposes of 5 Years and will have no salvage value. Scott has directed you to use the Straight Line Method of Depreciation for all of the Capital Assets for the Company. Master Flow bought a 2nd Hand Computer and Printer for $200, paying with a business check. You have established an Accounting Policy for the Company that states any equipment purchases valued at less than $250 will not be capitalized. Master Flow purchased 500 Units @ $100/Unit in plumbing fixtures from Kohler, Inc. to establish the Company's initial merchandise inventory. The Company opened a trade account with Kohler with a $60,000 Credit Limit. The terms of all purchases with this vendor are 2/10, N60. You talk to Scott about the inventory accounting and valuation methods to use. You agree to use the Perpetual Inventory Method with LIFO. Master Flow had some marketing brochures printed at a cost of $200, paying with a company check. Master Flow hired Ring Social Media Company to build Master Flow's Web Site for $3,000 and paid a $1,000 initial payment up front and opened a $2,000 trade account with Ring. Final payment will be due upon completion of the Web Site Master Flow, LLC made it first sale of Plumbing Fixtures from inventory to Shore HVAC They sold 25 units at $200/Unit. Shore HVAC paid at the counter with a check. Master Flow purchased general liability with an annual premium of $1,200, paying with a company check. The Policy period is for 11-1-20 to 10-31-21. Scott Blout withdrew $4,000 cash from the Business Master Flow paid November's rent for the Warehouse / Retail Store Front Facility 10-4-20 10-8-20 10-15-20 11-1-20 11-1-20 11-1-20 11-7-20 Master Flow paid JCP&L for the October Electric Bill, writing a check for $88. 11-9-20 Master Flow, LLC sold 100 Units of Plumbing Fixtures to Craftsman Custom Builders at $200 /Unit. Master Flow opened a Trade Account for Craftsman. The terms are 2/10, N30. You do some research with the local industry trade group. Uncollectible accounts typically run a 2% of receivables for the Industry. You discuss this with Scott and you agree to establish an allowance using this guidance. 11-11-20 Master Flow made a payment on its Trade Account with Kohler, for the full Balance. 11-15-20 11-18-20 Master flow makes a cash sale of 10 Units of plumbing fixtures to "The Plumbing Guys" Contractors for $250 Unit. There was an extra markup, due to the small size of the order. Master Flow receives payment in full on the Craftsman's Trade account. Seeing that the business is getting some traction, but could benefit from more Capital, Scott Blout invests another $30,000 of his personal money into the Business. Master Flow paid December's rent for the Warehouse / Retail Store Front Facility. 12-1-20 12-1-20 12-1-20 Master Flow purchased a specialized pipe bending machine for the Warehouse. The machine has a purchase price of $8,000. It will cost $300 to have it delivered; $500 to have it setup and it requires a custom platform that will cost $1,000. The machine uses disposable grommets. Scott purchases an initial lot of $200 pieces of the disposable grommets for $200. The Manufacturer for the Machine is providing $10,000, 90 Day financing at a 10% interest rate for the purchase. and Master Flow pays the balance due of 12-4-20 The Final Web Site is delivered and goes $2.000 to Ring Social Media 12-4-20 12-8-20 The Final Web Site is delivered and goes live and Master Flow pays the balance due of $2,000 to Ring Social Media. Master Flow buys 80 Units of plumbing fixtures from Standard Plumbing Supply for Inventory at $125 / Unit, paying with a company check. Master Flow, LLC sells 40 Units of Plumbing Fixtures from inventory to Shore HVAC at $225 / Unit. Shore pays at the counter with their check. 12-15-20 12-21-20 12-31-20 Master Flow's first employee, Emma Stone starts at the Company. She will be responsible for Warehouse Management. She will be paid $20 / Hour. Emma works 30 Hours / Pay Period (every two weeks). The pay period ends on 12-31-20. Emma's Federal Tax Withholding is $50, based on her W4, and all other standard payroll taxes apply at their appropriate rates. She does not receive benefits and does not have any contributions of any type withheld from her pay. Master Flow has received, but not paid the JCP&L bill for November and December 2020 Electric in the aggregate amount of $150. Sitting on Scott's desk is a 4 Quarter 2020 Water bill for Master Flow's facility in the amount of $300, which has not been paid. Scott Blout takes a year end distribution form the Business of $5,000. In preparing for the year-end close, you determine that depreciation and prepaid amortization for the quarter has not been recorded yet. 12-31-20 12-31-20 12-31-20
