The following events occurred in August and September: 8/1 YOU filed a charter with the State of Louisiana to form the YOUR Accounting Corporation. The charter authorizes you to issue 5000 shares of $2 par common stock. The state charged you a $75 fee to file the charter. Since your business is not yet approved, you had to pay this fee using personal funds. 9/1 You received your charter from the State of Louisiana and officially opened your business. Your first order of business was to become a shareholder of YOUR Accounting Corp. To do this, you purchased 500 shares of common stock by issuing a check to YOUR Accounting Corp for $10,000. You used this money to open a checking account at First Funds Bank. 9/1 You rented an office for YOUR Accounting Corp. The monthly rent is $500, with the first months rent due immediately. You issue check #100 to Office Builders for the first months rent. 9/2 You then went to the Apple store and purchased a new computer system for your business. Your Mac Pro cost $2700 and your new printer cost $450. You set up a 30-day account with Apple to make this purchase. 9/2 You purchased office furniture from Business World Supplies in the amount of $1750. You issued check #101 to pay for the items. NOTE: The total for the office furniture is below the capitalization threshold. 9/3 You ordered business cards and stationary from Marketing Media on account. The order totaled $250 and will be shipped FOB Destination. (Record all purchases of supplies in the Supplies on Hand account). 9/4 You decided to purchase a new vehicle for your business. Upon visiting Pro-Auto, you decide on a new SUV at a cost of $55,000. This vehicle will be used 100% for business purposes. You finance the vehicle with Pig E Bank at a rate of 5% for 6 years. Your first monthly payment is due on October 4. NOTE: You will need to create a loan amortization schedule to determine the amount of the monthly note and the interest expense for each month. You can use a website such as www.bankrate.com to create the schedule. When recording your journal entries, round all amounts to the nearest dollar. 9/5 You purchased supplies from KEM Supply for your business at a cost of $600. KEM opened a customer charge account for you. The payment terms on your account will be 2/10, net 30. The time period for determining the payment amount begins on the purchase date. 9/6 You purchased a one-year auto insurance policy from InsureMart for $1200. InsureMart gave you an invoice for the policy. YOUR Accounting Corporation capitalizes the insurance policy and records an expense at year-end for the expired portion of the policy. 9/6 You purchased a one-year Renters Insurance policy from InsureMart. The premium is $1800. Instead of paying the premium in full, you chose to make 12 monthly payments with a 10% annual interest rate. Your first payment was due today. You issued check #102 in the amount of $165. 9/10 Your first client, Red Fische, came in today needing assistance with filing the appropriate paperwork to start his new seafood restaurant. You issued invoice #1 to Red Fische and he paid you an initial $2,000 Engagement Fee. Red Fische also agreed to contract with you to provide accounting services for $2,500 per month. 9/12 You issue check #103 to YOUR Accounting Corp to establish a $500 Petty Cash Fund. You will use this account to make small cash purchases. 9/12 You reimburse yourself for the filing fees associated with forming your corporation. 9/14 You paid KEM Supply by issuing check #104. 9/15 You hire an administrative assistant, Mandi Handi, she will be paid a monthly salary of $1500. You have decided that all pay periods will end on the last day of the month and that checks will be issued on the 5th of each month. NOTE: Assume the following rates when preparing the payroll: federal income tax 15%, state income tax 5%, and FICA 7.65%. YOUR Accounting Corp. has state and federal unemployment insurance rates of 1% (FUTA) and 2% (SUTA) on the first $7,700 of wages per employee. The employer FICA rate is 7.65%. 9/16 Marketing Media delivered your business cards and stationary. Check #105 was issued to pay for the supplies. 9/20 You visited a new client, Anita Cooke, to set up a Quickbooks accounting system for her new business, Cooking For You. You gave Anita and invoice #2 for the Engagement Fee and she paid you by issuing a check in the amount of $2,000. Anita also agreed to a monthly fee of $1,500 for you to handle her ongoing accounting needs. 9/22 You purchased $50 of fuel for your new SUV from Get n Go. You charged this to your Get n Go account. 9/25 You really dont like cleaning, so you contracted with Clean Machine for weekly janitorial services. You will be invoiced $100 per month after services are performed. 9/30 Mandi sent pro-rated invoices, #3 & #4, to Red Fische and Cooking For You for Monthly Accounting Services. The payment terms are 1/10, net 30. 9/30 You accrued interest on the Pig E. Bank note. Accrue interest based on the number of days in the month. 9/30 You computed and accrued the payroll for September. 9/30 You received monthly bills for the following: Max Power Company - $100, terms n/30 WaterWorks #1 - $20, terms n/30. The following events occurred in October: 10/1 You paid the monthly office rent of $500 by issuing check #106. 10/1 Pest Away began bi-monthly services today. Fees are to be paid at the time of service. You issued check #109 in the amount of $35. 10/2 You received and paid the bill from the Apple Store by issuing check #107. 10/4 You make the first monthly payment to Pig E Banks by issuing check #108. 10/5 Igotta Troubles came to your office looking for assistance with cleaning up her accounting problems. You agree to assist her and agree upon an Engagement Fee of $2,000 plus an hourly charge of $250 for Hourly Accounting Services to be billed on the 15th and 30th of each month with payment due in 15 days. Igotta writes you a check for the engagement fee in the amount of $2,000 in payment of invoice #5. 10/5 You issued check #109 to Mandi Handi for the September payroll. 10/6 You paid your monthly payment of $165 to InsureMart by issuing check #110. 10/7 You received a check from Red Fische in full payment of invoice #3. 10/9 You decide that it is time to purchase a business cell phone. You visit the Apple store and purchase an Iphone 7 for a total purchase price of $849. You pay for the phone by issuing check #111. 10/12 You issued check #112 to Max Power and check #113 to WaterWorks #1 in payment of September utility bills. 10/14 You sent invoice #6 to Igotta Troubles for 25 hours of Hourly Accounting Services, terms 1/10, n30. 10/15 You made an online purchase of $180 with YOUR Accounting Corp.s bank debit card to YourSuppliesOnline. There were no sales tax collected on the purchase. There is a parish sales tax of 4.5% and a state sales tax of 5.5% that is due before the 21st of next month. Totals should be rounded to the nearest dollar. 10/16 You paid the fuel bill from Get n Go for the fuel purchased on 9/22 by issuing check #114. 10/18 Ima Payne comes to you needing assistance with depositing the monthly payroll taxes for her business. You perform this service and hand her invoice #7 in the amount of $500 for Tax Services. Ima pays you in cash. 10/20 You received a check from Cooking For You in full payment of Invoice #4. 10/25 You Accounting Corp. declared and paid dividends of $4 per share to its shareholders of record. The dividends are paid by issuing check #115. 10/25 Check #116 was issued to Clean Machine in the amount of $100 for services rendered from 9/25-10/25. 10/30 You sent the following invoices, terms 1/10, net 30: #8 to Igotta Troubles for 10 hours of Hourly Accounting Services #9 to Red Fische for Monthly Accounting Services, and #10 to Cooking For You for Monthly Accounting Services. 10/30 You accrued interest on the Pig E. Bank note. Accrue interest based on the number of days in the month. 10/30 You computed and accrued the payroll for October. 10/30 First Funds Bank drafted $15 from your bank account for service charges. 10/30 You received monthly bills for the following: Max Power Company - $200, terms n/30 WaterWorks #1 - $20, terms n/30 Great Coverage Cellular - $50, terms n/3 The following events occurred in November: 11/1 You purchase a 6-month liability insurance policy for YOUR Accounting Corp. by issuing check #117 in the amount of $300. YOUR Accounting Corporation capitalizes the insurance policy and records an expense at year-end for the expired portion of the policy. 11/1 You paid the monthly office rent of $500 by issuing check #118. 11/2 You make the second monthly payment to Pig E Banks by issuing check #119. 11/4 You purchase breakfast for the office from Cooking For You. You pay for breakfast by taking $20 out of the petty cash fund. 11/5 You issue check #120 to Mandi Handi for the October payroll. 11/6 You receive a $4,000 check from Igotta Troubles. 11/6 You paid your monthly payment of $165 to InsureMart by issuing check #121. 11/7 You received full payment of invoice #10 from Cooking For You. 11/8 You issued check #122 to Max Power and check #123 to WaterWorks #1 and check #124 to Great Cellular Coverage in payment of October utility bills and Telephone bill. 11/10 You contracted Signs R Us to design and fabricate a sign to place on your office to help advertise your business. Signs R Us gave you a bill totaling $600, payment is due upon delivery and installation of the sign. 11/12 You received full payment of invoice #9 from Red Fische. 11/12 To pay taxes from your online purchase you issued check #125 to Parish Sales Tax Fund and check #126 to LA Dept. of Revenue. 11/15 You sent invoice #11 to Igotta Trouble for 15 hours of Hourly Accounting Services. 11/18 Ima Payne walks into your office needing assistance with Quickbooks Online. You pull up her business and fix her problems. You issue invoice #12 to Ima for 4 hours of Hourly Accounting Services. Ima pays you $1,000 in cash. 11/25 You remitted payment to the U.S Treasury for the federal income taxes, FICA taxes and FUTA taxes related to the September payroll with check #127. In addition, you remitted payment to the Louisiana Department of Revenue with check #128 for the state income taxes and SUTA taxes related to the September payroll. 11/25 Check #129 was issued to Clean Machine in the amount of $100 for services rendered from 10/26-11/25. 11/30 You sent the following invoices, terms 1/10, net 30: #13 to Igotta Troubles for 12 hours of Hourly Accounting Services #14 to Red Fische for Monthly Accounting Services, and #15 to Cooking For You for Monthly Accounting Services. 11/30 You accrued interest on the Pig E. Bank note. Accrue interest based on the number of days in the month. 11/30 You computed and accrued the payroll for November. 11/30 First Funds Bank drafted $15 from your bank account for service charges. 11/30 You received monthly bills for the following: Max Power Company - $150, terms n/30 WaterWorks #1 - $20, terms n/30 Great Coverage Cellular - $50, terms n/30.