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On 1 December 2013, John and Patty Driver 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-lt, an equipment rental company that was going out of business. The newly formed company uses the following accounts: Cash Accounts Receivable Prepaid Rent Unexpired Insurance Office Supplies Rental Equipment Accumulated Depreciation Rental Equipment Accounts Payable Interest Payable Salaries Payable Dividends Payable Unearned Rental Fees Income Taxes Payable Notes Payable Share Capital Retained Earnings Dividends Income Summary Rental Fees Earned Salaries Expense Maintenance Expense Utilities Expense Office Supplies Expense Depreciation Expense Interest Expense Income Taxes Expense Rent Expense The corporation performs adjusting entries monthly. Closing entries are performed annually on 31 December. During December, the corporation entered into the following transactions: (Debit an Dec. 1 Issued to John and Patty Driver 27,000 new shares in exchange for a total of $270,000 cash. Dec. 1 Purchased for $278,400 all of the equipment formerly owned by Rent-lt. Paid $133,000 cash and issued a one-year note payable for $145,400. The notes, plus all 12-months of accrued interest, are due 30 November 2013. Dec. 1 Paid $11,700 to Shapiro Realty as three months' advance rent on the rental yard and office formerly occupied by Rent-It Dec. 4 Purchased office supplies on account from Modern Office Co. $1,400. Payment due in 30 days. (These supplies are expected to last for several months, debit the Office Supplies asset account.) Dec. 8 Received $8.700 cash as advance payment on equipment rental from McNamer Construction Company. (Credit Unearned Rental Fees.) Dec. 12 Paid salaries for the first two weeks in December, $4,900. Dec. 15 Excluding the McNamer advance, equipment rental fees earned during the first 15 days of December amounted to $18,100, of which $12,300 was received in cash. Dec. 17 Purchased on account from Earth Movers Limited, $800 in parts needed to repair rental tractor an expense account.) Payment is due in 10 days. Dec. 23 Collected $2,800 of the accounts receivable recorded on 15 December. a Dec. 26 Rented a backhoe to Mission Landscaping at a price of $250 per day, to be paid when the backhoe is returned. Mission Landscaping expects to keep the backhoe for about two or three weeks. Dec. 26 Paid biweekly salaries, $4.900 Dec. 27 Paid the account the account payable to able to Earth Movers Limited, $800. Dec. 28 Declared a dividend of 10 cents per share, payable on 15 January 2014 Dec. 29 Equipment Rentals was named, along with Mission Landscaping and Collier Construction co-defendant in a $21.000 lawsuit filed on behalf of Kevin Davenport. Mission Lande Landscaping had left the rented backhoe in a fenced construction site owned by Collier Construction. After hours on 26 December, Davenport had climbed the fence to play on parked construction equipment . While playing on the backhoe, he fell and broke his arm. The extent of the company's legal and financial responsibility for this accident, if any, cannot be determined at this time. (Note: This event does not require a journal entry at this time, but may require disclosure in notes accompanying the statements.) Dec. 29 Purchased a 12-month public-liability insurance policy for $8,520. This policy protects the company against liability for injuries and property damage caused by its equipment. However, the policy goes into effect on 1 January 2014, and affords no coverage for the injuries sustained by Kevin Davenport on 26 December Dec. 31 Received a bill from Universal Utilities for the month of December, $690. Payment is due in 30 days. Dec. 31 Equipment rental fees earned during the second half of December amounted to $20,300, of which $16,200 was received in cash. as a working hours Data for Adjusting Entries a. The advance payment of rent on 1 December covered a period of three months. b. The annual interest rate on the note payable to Rent-lt is 6 percent. c. The rental equipment is being depreciated by the straight-line method over a period of eight years. d. Office supplies on hand at 31 December are estimated at $640. e. During December, the company earned $4,100 of the rental fees paid in advance by McNamer Construction Co.on 8 December f. As of 31 December, six days' rent on the backhoe rented to Mission Landscaping on 26 December has be been earned Salaries earned by employees since the last payroll date (26 December) amounted to $1,500 at month- h. It is estimated that the company is subject to an income tax rate of 30 percent of profit before income taxes (total revenue minus all expenses other than income taxes). These taxes will be payable in 2014. g. end. Journalize the December transactions. Do not record adjusting entries at this point. (In cases where no entry is required, please select the option "No journal entry required" for your answer to grade correctly. Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.) General Journal Credit Date Dec. 1 Debit $290000 V Cash Share Capital $290000 1 $278400 Rental equipment Cash Notes payable $133000 $145400 1 S11700 Prepaid rent Cash $11700 4 $1400 Office supplies Accounts payable $1400 8 Cash $8700 Unearned rental fees $8700 12 $4900 Salaries expense Cash $4900 15 Cash Accounts receivable Rental fees earned $12300 $5800 V $18100 17 $800 Maintenance expense Accounts payable $800 23 $2800 Cash Accounts receivable $2800 26 $0 No journal entry required No journal entry required $0 26 V $4900 Salaries expense Cash $4900 27 $800 Accounts payable Cash $800 28 $2700 Dividends Dividends payable $2700 $0 29 No journal entry required No journal entry required $0 $0 26 No journal entry required No journal entry required $0 $4900 26 Salaries expense Cash $4900 $800 27 Accounts payable Cash $800 28 $2700 Dividends Dividends payable $2700 $0 29 No journal entry required No journal entry required $0 $8520 29 Unexpired insurance Cash $8520 31 $690 Utilities expense Accounts payable $690 31 Cash Accounts receivable Rental fees earned $16200 $4100 $20300 Prepare the necessary adjusting entries for December. (Do not round intermediate calculations and round your final answers to the nearest dollar amount. Omit the "$" sign in your response.) General Journal Credit Date Dec. 31 Debit $3900 Rent expense Prepaid rent $3900 31 $727 Interest expense Interest payable $727 31 $2900 Depreciation expense Accumulated depreciation: Rental equip. $2900 31 $760 Office supplies expense Office supplies $760 31 $4100 Unearned rental fees Rental fees earned $4100 31 $1500 Accounts receivable Rental fees earned $1500 31 $1500 Salaries expense Salaries payable $1500 31 Income taxes expense Income taxes payable Prepare closing entries and post to ledger accounts. (Do not round intermediate calculations. Omit the "S" sign in your response.) Debit Credit Date Dec. 31 General Journal Rent fees earned Income summary 31 (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) 31 (Click to select) (Click to select) Prepare closing entries and post to ledger accounts. (Do not round intermediate calculations. Omit the "$" sign in your response.) Date General Journal Debit Credit Dec. 31 Rent fees earned Income summary 31 (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) 11 1 1 MM 10 $ > > | >> $ > > | >>