Journalize The December 2015 Transactions In Quick

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Journalize The Following December 2015 Transactions In Quickbooksdece Journalize the following December 2015 transactions in Quickbooks: 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

Dr. Jack HW Helper · Accepted Answer

The process of accurately journalizing transactions and preparing adjustments in QuickBooks during December 2015 demonstrates a comprehensive understanding of accounting principles and the application of accounting software. My prior coursework on accounting fundamentals, including journal entries, accruals, depreciation, and adjusting entries, significantly enhanced my ability to recognize the types of transactions, determine appropriate accounts, and record entries correctly within QuickBooks. For example, understanding the nature of each transaction—such as issuing stock, purchasing equipment, paying rent advance, earning rental fees, or recording expenses—allowed me to classify and document them systematically, adhering to the accrual basis of accounting. Additionally, lessons on depreciation methods and adjusting entries directly influenced my capacity to perform necessary adjustments accurately at period-end. Knowledge of straight-line depreciation enabled me to calculate and record depreciation expenses for rental equipment over its useful life. Similarly, understanding the importance of adjusting for accrued revenues, expenses, and supplies on hand helped ensure the financial statements reflect the true financial position of the company at December 31. My familiarity with the software interface, gained through prior hands-on exercises, permitted efficient navigation in QuickBooks, ensuring that journal entries, adjusting entries, and trial balances were executed smoothly. Overall, the integration of theoretical knowledge and practical skills from my coursework facilitated the precise and timely recording of complex transactions, thereby enhancing the integrity and accuracy of the company's financial records. References Garrison, R. H., Noreen, E. W., & Brewer, P. C. (2021). Managerial Accounting (8th ed.). McGraw-Hill Education. Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2020). Financial Accounting (12th ed.). Wiley. Horngren, C. T., Sundem, G.

Journalize The Following December 2015 Transactions In Quickbooksdece

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