Discuss the closing process and explain why these accounts are closed and certain accounts remain open without posting transactions to the computerized accounting system selected.
These two assignments are DUE in 8 hours!!!
For your Farm Branch Rental project, complete the following:
Journalize the following December 2015 transactions in the computerized accounting system selected:
December 1: 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: Purchased for $240,000 all of the equipment formerly owned by LMNOP Rental. Paid $140,000 cash, and issued a one-year note payable for $100,000.
December 1: Paid $12,000 to HJW Realty as three months advance rent on the rental yard and the office formerly occupied by LMNOP Rentals.
December 4: Purchased office supplies on account from Modern Office Supply Co. for $1,000. Payment is due in 30 days. (These supplies are expected to last for several months; debit the Office Supplies asset account.)
December 8: Received $8,000 cash as advance payment on an equipment rental from Geller Construction Company. (Credit unearned rental fees.)
December 12: Paid salaries for the first two weeks in December, in the amount of $5,200.
December 15: 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.
December 17: Purchased on account from Relocating, Inc., were $600 in parts needed to repair a rental tractor. (Debit an expense account). Payment is due in 10 days.
December 23: Collected $2,000 of the accounts receivable recorded on December 15 from Geller.
December 23: Rented a back hoe to Rocks Etc. at a price of $250 per day, to be paid when the backhoe is returned. Rocks Etc. expects to keep the backhoe for about 10 days. (The company is using accrual basis method of accounting)
December 26: Paid biweekly salaries, in the amount of $5,200.
December 27: Paid the account payable to Relocating, Inc., in the amount of $600.
December 28: Declared a dividend of 10 cents per share, payable on January 15, 2016.
December 31: Received a bill from Progress Energy Utilities for the month of December for $700, due on January 12, 2016.
December 31: 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.
Journalize the following adjustments:
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