sale Fage Lay Cat Copy Fete LMES D N1 Tart a Review View Hep AA 6 Agent 8 Number R pany Information & Summary of Significant Account Policies 2 Madison Machines Compa perations on November 1, 2023. The main operating goal of the company is to sell high end 3kilns. Customers may pay using cash or if appropriate, a credit is extended to customers with terms 3/15, 1/30. The company uses the perpetual inventory method and a FIFO cost system. The company follows a calendar year, with all 3djusting entries made at the end of the accounting period, December 31. The company uses the straight-line depreciation 6 for all depreciable assets. The company has decided to use the Allowance method to account for uncollectible accounts. At the end of the period, based on industry standards, the company believes 1% of the balance in accounts recievable will be uncollectible. The company purchines kilns for resale only as such they carry them as inventory. 10 The company has two employees, one is a sales technician, salary of $4000 per month and the other employee is the office- manager 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 12/following month. This means the November 30 payroll with accrue into Salaries Payable and then be paid on Decemeber 1. 14 Required 4) Madis es Company engaged in the following transactions for November and December. Record the following 15 transactions on the Daily Transactions tab. 17 18 20 21 Note: Place debits first, credits second but do NOT indent credits. If more than one debit or credit, please but in alphabetical order to receive full credit 1 Nov The owner invested $125000 into the company in eachange for 5.000 shares of common stock 1 Nov The company purchased a computer system for $12000 and signed a one year note for the entire balance. The note is due on November 1, 2024 and has an annual rate of interest of 3% 2. Paid for two years sent us the office space, $15000 3 New Perchased 10 kilns at a total cost of $1200 wait for cash, FOB Destination. 4.Now Purchased $1700 of supplies on account, tem 30 15-Nov Purchased 12 kls at a total cost of 51120 each on account, terms /30, FOB Destination. Shipping of 5150 was paid to the hipping company by the appropriate party 17 to Paid for the supplies purchased on November & 18 Now Paid for a two-year insurance policy for the store, 9000 The policy was effective beginning December 1, 2023 20 Now Sold 15 kilns for $3100 each on account, trims 3/15, 30, the company unes HD to find the cost of goods sold the printers shipped FOB Shipping Point Record the sales revenue finit calved payment in full on account from the November 20 sale 29-Noviaid for Movember's utiles $1700 Pred payroll for the mouth of November, the first periff for the company Record the Sales Expense entry First T 30-fates as as fallow Inderal Income Tax Rate-15% Agusting Triac Ledge And hp