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Chart Of Accounts: Cash, Account Recievable, Prepaid rent, Unexpired Insurance, Office Supplies, Rental Equipment, Accumulated Depreciation: Rental Equipment, Notes Payable, Accounts Payable, Interest Payable, Salaries Payable, Unearned Rental Fees, Eliud Torres- Capital, Eliud Torres-Drawing, Income Summary, Rental Fees Earned, Salaries Expense, Maintenance Expense, Utilities Expense, Rent Expense, Office Supplies Expense, Depreciation Expense: Rental Equipment, Interest Expense
Dec 1: Eliud Torres Deposited $150, 000 cash
Dec 1: Paid $12,000 to Hernandez Realty as 3 months advance rent on the rental yard and office formerly occupied by Rent-it.
Dec 1: Purchased office supplies on account from sterling office co. $1,700. Payment due in 30 days (these supplies are expected to last for several months: debit the office supplies asset account)
Dec 6: Purchased for $180,000 all equipment formerly owned by rent-it. Paid $80,000 cash and issued a one-year note payable for $100,000, plus interest at the annual rate of 9%.
Dec 8: Received $11, 000 cash from Lewis Construction co. as advance payment on rental equipment.
Dec 12: Paid Salaries for the first two weeks in Dec. $3,500
Dec 15: Excluding the lewis advance, equipment rental fees earned during the first 15 days of Dec amounted to $6,000, of which $5,300 was received in cash.
Dec 15: Excluding the Lewis advance, equipment rental fees earned during the first 15 days of Dec amounted to $6,000, of which $5,300 was received in cash.
Dec 17: Purchased on account from Rutland Movers, $400 in parts needed to repair a rental tractor, Payment due in 10 days.
Dec 22: Purchased a 12-month public-liability insurance policy for $2,700, policy goes into effect January 1
Dec 23: collected $210 of the accounts receivable recorded on December 15
Dec 25: Rented a backhoe to Jangne at a price of $200 per day, to be paid when returned. Jagne expects to keep for about 2-3 weeks
Dec 26: Paid Biweekly salaries, $3,500
Dec 27: Paid the account payable to Rutland Movers Inc, $400
Dec 28: Eliud Torres withdrew $2,000 cash for personal use
Dec 29: Received a bill from Universal Utilities for months of Dec. $270. Payment due in 30 days
Dec 31: Equipment rental fees earned during second half of Dec and received in cash amounted to $8,450
Data for adjusting Entries:
A. Advance payment to Hernandez for rent on Dec 1 covered a period of three months
B. Interest accrued on the note payable to Rent-it amounted to $750 at Dec 31
C. The rental equipment is being depreciated by the straight-line method over a period of 10 years
D. Office supplies on hand at December 31 are estimated at $1,000
E. During December, the company earned $4, 840 of the rental fees paid in advance by Lewis Construction co. On dec 8
F. As of Dec. Eliud’s Leasing Inc has earned five days of rent to backhoe rent to Jagne Landscaping on Dec 25
G. Salaries earned by employees since the last payroll date (Dec 26.) amounted to $1,000 at month-end
I need help with:
Journalizing the transactions
Post to ledger accounts
The 10-Column worksheet
Journalizing the adjusting entries
Preparing Closing Entries and After-closing trial balance
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