Please provide in excel form and please explain each transaction IN DETAIL as much as possible. First time taking accounting class

11:20 chegg.com Prepare all journal entries: Book debits and credits to T-Account Excel sheet Year 1 - December 31, 2018 On January 1, 2018, Joan invested $1,500,000 in Fastforward, LLC On January 2, 2018, Fastforward deposited $50,000 into an escrow account for the purchase of Building A. a commercial rental building. On January 2, 2018, Fastforward secured a pre approved commitment to borrow $3,000,000 from a bank to buy a commercial or apartment building. The loan terms provide for a 5.5% interest rate and an amortization period of 10 years. On February 1, 2018, Fastforward purchased a vacant, Building A for $3,500,000. The purchase was made with equity of $500,000 (including the deposit made previously) and debt of $3,000,000. Joan valued the land at $500,000 and the building at $3,000,000. No value was placed on other property (fixtures, land improvements, etc.) At closing. Joan assumed $200,000 of tenant security deposits and applied the $50,000 security deposit to the purchase. Loan payments are due on the 15th of each month. Payments are for principle and interest through the prior month end. All payments were made through December 15, 2018. In conjunction with a new lease, the Tenant G negotiated certain improvements will be made to the building (to build out the tenant space) before they move in. Joan hired the contractor to complete the renovation and the total improvements were completed at a cost of $250,000 in March 31, 2018, but Joan did not yet pay the contractor for the improvements For the period from January 15, 2018 to January 31, 2018, Fastforwarc e lled 11:20 chegg.com On February 1, 2018, Fastforward purchased a vacant, Building A for $3,500,000. The purchase was made with equity of $500,000 (including the deposit made previously) and debt of $3,000,000. Joan valued the land at $500,000 and the building at $3,000,000. No value was placed on other property (foxtures, land improvements, etc.) At closing, Joan assumed $200,000 of tenant security deposits and applied the $50,000 security deposit to the purchase. Loan payments are due on the 15th of each month. Payments are for principle and interest through the prior month end. All payments were made through December 15, 2018. In conjunction with a new lease, the Tenant G negotiated certain improvements will be made to the building (to build out the tenant space) before they move in. Joan hired the contractor to complete the renovation and the total improvements were completed at a cost of $250,000 in March 31, 2018, but Joan did not yet pay the contractor for the improvements. For the period from January 15, 2018 to January 31, 2018, Fastforward incurred and was billed professional fees for due diligence on Building A in the amount of $50,000. The bill was paid immediately upon receipt. On March 1, 2018, Fastforward signed a 5-year lease with a Tenant G. The lease term runs from April 1 2018 to March 31, 2023. After three months of no (zero) rental payments, the lease agreement requires even payments of $20,000/mo. over the remaining 57 months. Record the payments at year end. On May 1, 2018, property taxes of $12,000 were paid, representing six months of taxes that are due for the period from February 1, 2018 - July 31, 2018. Taxes for the next six months are also expected to be $12,000. Five of six months (or $10,000) are owed as of December 31, 2018. On April 1, 2018 a management fee contract which requires payments QtY0/mo was sianed 11:21 An chegg.com On March 1, 2018, Fastforward signed a 5-year lease with a Tenant G. The lease term runs from April 1, 2018 to March 31, 2023. After three months of no (zero) rental payments, the lease agreement requires even payments of $20,000/mo. over the remaining 57 months. Record the payments at year end. On May 1, 2018, property taxes of $12,000 were paid, representing six months of taxes that are due for the period from February 1, 2018 - July 31, 2018. Taxes for the next six months are also expected to be $12,000. Five of six months (or $10,000) are owed as of December 31, 2018. On April 1, 2018 a management fee contract which requires payments of $2,000/mo. was signed. Prepayment of 2-months ($4,000) was required upon signing of the contract. Utilities were incurred each month as follows: February $280, March $300, April $310, May $300, June $300, July $310, August $320, September $240, October $280, November $290, December $300. The total utility bill for each month was paid in the month after it was incurred, except that both the November and December bill were paid on January 12, 2019 Professional fees for bookkeeping and tax returns for the year were incurred after year end. The total fees were $2,500 and related to the year ended Dec 31, 2018. Joan Taylor withdrew $500,000 for her personal use. Expert Answer Archana 11:20 chegg.com Prepare all journal entries: Book debits and credits to T-Account Excel sheet Year 1 - December 31, 2018 On January 1, 2018, Joan invested $1,500,000 in Fastforward, LLC On January 2, 2018, Fastforward deposited $50,000 into an escrow account for the purchase of Building A. a commercial rental building. On January 2, 2018, Fastforward secured a pre approved commitment to borrow $3,000,000 from a bank to buy a commercial or apartment building. The loan terms provide for a 5.5% interest rate and an amortization period of 10 years. On February 1, 2018, Fastforward purchased a vacant, Building A for $3,500,000. The purchase was made with equity of $500,000 (including the deposit made previously) and debt of $3,000,000. Joan valued the land at $500,000 and the building at $3,000,000. No value was placed on other property (fixtures, land improvements, etc.) At closing. Joan assumed $200,000 of tenant security deposits and applied the $50,000 security deposit to the purchase. Loan payments are due on the 15th of each month. Payments are for principle and interest through the prior month end. All payments were made through December 15, 2018. In conjunction with a new lease, the Tenant G negotiated certain improvements will be made to the building (to build out the tenant space) before they move in. Joan hired the contractor to complete the renovation and the total improvements were completed at a cost of $250,000 in March 31, 2018, but Joan did not yet pay the contractor for the improvements For the period from January 15, 2018 to January 31, 2018, Fastforwarc e lled 11:20 chegg.com On February 1, 2018, Fastforward purchased a vacant, Building A for $3,500,000. The purchase was made with equity of $500,000 (including the deposit made previously) and debt of $3,000,000. Joan valued the land at $500,000 and the building at $3,000,000. No value was placed on other property (foxtures, land improvements, etc.) At closing, Joan assumed $200,000 of tenant security deposits and applied the $50,000 security deposit to the purchase. Loan payments are due on the 15th of each month. Payments are for principle and interest through the prior month end. All payments were made through December 15, 2018. In conjunction with a new lease, the Tenant G negotiated certain improvements will be made to the building (to build out the tenant space) before they move in. Joan hired the contractor to complete the renovation and the total improvements were completed at a cost of $250,000 in March 31, 2018, but Joan did not yet pay the contractor for the improvements. For the period from January 15, 2018 to January 31, 2018, Fastforward incurred and was billed professional fees for due diligence on Building A in the amount of $50,000. The bill was paid immediately upon receipt. On March 1, 2018, Fastforward signed a 5-year lease with a Tenant G. The lease term runs from April 1 2018 to March 31, 2023. After three months of no (zero) rental payments, the lease agreement requires even payments of $20,000/mo. over the remaining 57 months. Record the payments at year end. On May 1, 2018, property taxes of $12,000 were paid, representing six months of taxes that are due for the period from February 1, 2018 - July 31, 2018. Taxes for the next six months are also expected to be $12,000. Five of six months (or $10,000) are owed as of December 31, 2018. On April 1, 2018 a management fee contract which requires payments QtY0/mo was sianed 11:21 An chegg.com On March 1, 2018, Fastforward signed a 5-year lease with a Tenant G. The lease term runs from April 1, 2018 to March 31, 2023. After three months of no (zero) rental payments, the lease agreement requires even payments of $20,000/mo. over the remaining 57 months. Record the payments at year end. On May 1, 2018, property taxes of $12,000 were paid, representing six months of taxes that are due for the period from February 1, 2018 - July 31, 2018. Taxes for the next six months are also expected to be $12,000. Five of six months (or $10,000) are owed as of December 31, 2018. On April 1, 2018 a management fee contract which requires payments of $2,000/mo. was signed. Prepayment of 2-months ($4,000) was required upon signing of the contract. Utilities were incurred each month as follows: February $280, March $300, April $310, May $300, June $300, July $310, August $320, September $240, October $280, November $290, December $300. The total utility bill for each month was paid in the month after it was incurred, except that both the November and December bill were paid on January 12, 2019 Professional fees for bookkeeping and tax returns for the year were incurred after year end. The total fees were $2,500 and related to the year ended Dec 31, 2018. Joan Taylor withdrew $500,000 for her personal use. Expert Answer Archana