{"id":49764,"date":"2018-02-20T23:50:30","date_gmt":"2018-02-20T23:50:30","guid":{"rendered":"https:\/\/writemyessayfree.com\/acct-unit-4-ind-proj"},"modified":"2017-08-16T12:24:33","modified_gmt":"2017-08-16T12:24:33","slug":"acct-unit-4-ind-proj","status":"publish","type":"post","link":"https:\/\/www.benedictsol.com\/blogs\/acct-unit-4-ind-proj\/","title":{"rendered":"ACCT UNIT 4 IND PROJ"},"content":{"rendered":"<p><b>ORIGINAL WORK PLEASE!!!!<\/b><\/p>\n<p>Journalize the following December 2015 transactions in the computerized accounting system selected:<\/p>\n<ul>\n<li>December 1:&nbsp;Issued to Larry and Samantha West 10,000 shares of common\/capital stock each, in exchange for a total of $200,000 cash.<\/li>\n<li>December 1:&nbsp;Purchased for $240,000 all of the equipment formerly owned by LMNOP Rental.&nbsp;Paid $140,000 cash, and issued a one-year note payable for $100,000.<\/li>\n<li>December 1:&nbsp;Paid $12,000 to&nbsp;HJW Realty as three months advance rent on the rental yard and the office formerly occupied by LMNOP Rentals.<\/li>\n<li>December 4:&nbsp;Purchased office supplies on account from Modern Office Supply&nbsp;Co. for&nbsp;$1,000.&nbsp;Payment is due in 30 days.&nbsp;(These supplies are expected to last for several months; debit the Office Supplies asset account.)<\/li>\n<li>December 8:&nbsp;Received $8,000 cash as advance payment on an equipment rental from Geller Construction Company.&nbsp;(Credit unearned rental fees.)<\/li>\n<li>December 12:&nbsp;Paid salaries for the first two weeks in December, in the amount of&nbsp;$5,200.<\/li>\n<li>December 15:&nbsp;Excluding the Geller advance payment of $8,000, equipment rental fees earned during the first 15 days of December amounted to $18,000, $12,000 of which was received in cash and $6,000 AR to be collected from Gellar.<\/li>\n<li>December 17:&nbsp;Purchased on account from Relocating, Inc., were $600 in parts needed to repair a rental tractor.&nbsp;(Debit an expense account).&nbsp;Payment is due in 10 days.<\/li>\n<li>December 23:&nbsp;Collected $2,000 of the accounts receivable recorded on December 15 from Geller.<\/li>\n<li>December 23:&nbsp;Rented a back hoe to Rocks Etc. at a price of $250 per day, to be paid when the backhoe is returned.&nbsp;Rocks Etc. expects to keep the backhoe for about 10 days. (The company is using accrual basis method of accounting)<\/li>\n<li>December 26:&nbsp;Paid biweekly salaries, in the amount of $5,200.<\/li>\n<li>December 27:&nbsp;Paid the account payable to Relocating, Inc., in the amount of $600.<\/li>\n<li>December 28: &nbsp;Declared a dividend of 10 cents per share, payable on January 15, 2016.<\/li>\n<li>December 31:&nbsp;Received a bill from Progress Energy Utilities for the month of December for $700, due on January 12, 2016.<\/li>\n<li>December 31:&nbsp;Equipment rental fees earned during the second half of December amounted to $20,000, $15,600 of which was received in cash from Geller Construction Company and $4,400 in AR for Rocks.<\/li>\n<\/ul>\n<p>Journalize the following adjustments:<\/p>\n<ul>\n<li>The advance payment of rent on December 1 covered a period of three months.<\/li>\n<li>The annual interest rate on the note payable to LMNOP Rental is 6%.<\/li>\n<li>The rental equipment is being depreciated using the straight-line method over a useful life of 8 years; there is no salvage value.<\/li>\n<li>The office supplies on hand at December 31 equal about $600.<\/li>\n<li>As of December 31, six days of rent on the backhoe rented to Rocks Etc. on December 23 has been earned.<\/li>\n<li>During December, the company earned $3,700 of the rental fees paid in advance by Geller Construction, on December 8.<\/li>\n<li>Salaries earned by employees since the last payroll date (December 26) amounted to $1,400 at month end.<\/li>\n<\/ul>\n<p>Present a trial balance to show the balancing of accounts. (There are a few accounts that will need to be added in order to successfully complete the journal entries and adjustments).<\/p>\n<p>Upon completion of the journal entries and adjustments, review and print a PDF report in the software that will show the activity of the company. Write a summary of 2\u20133 paragraphs explaining how the tasks that you have completed previously (course objectives) impacted your ability to perform these entries.&nbsp;&nbsp;<\/p>\n<p><b>Please submit your assignment.<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"<p>ORIGINAL WORK PLEASE!!!! Journalize the following December 2015 transactions in the computerized accounting system selected: December 1:&nbsp;Issued to Larry and Samantha West 10,000 shares of common\/capital stock each, in exchange for a total of $200,000 cash. December 1:&nbsp;Purchased for $240,000 <a href=\"https:\/\/www.benedictsol.com\/blogs\/acct-unit-4-ind-proj\/\" class=\"read-more\">Read More &#8230;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-49764","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/49764","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=49764"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/49764\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=49764"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=49764"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=49764"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}