Original Work: Please Journalize The Following December 2015

Original Work Pleasejournalize The Following December 2015 Transac

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: The advance payment of rent on December 1 covered a period of three months. The annual interest rate on the note payable to LMNOP Rental is 6%. The rental equipment is being depreciated using the straight-line method over a useful life of 8 years; there is no salvage value. The office supplies on hand at December 31 equal about $600. As of December 31, six days of rent on the backhoe rented to Rocks Etc. on December 23 has been earned. During December, the company earned $3,700 of the rental fees paid in advance by Geller Construction, on December 8. Salaries earned by employees since the last payroll date (December 26) amounted to $1,400 at month end.

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). 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 2–3 paragraphs explaining how the tasks that you have completed previously (course objectives) impacted your ability to perform these entries. Please submit your assignment.

Paper For Above instruction

The December 2015 transactions encompass a wide range of fundamental accounting activities, including journalizing initial transactions, recording adjustments, and preparing a trial balance, all of which are integral components of a comprehensive accounting cycle. These tasks reinforce critical accounting principles such as recording journal entries accurately, understanding the timing of revenue and expense recognition, and applying depreciation and accruals in line with Generally Accepted Accounting Principles (GAAP). My prior coursework in financial accounting has significantly enhanced my ability to complete these tasks efficiently and accurately by providing a solid understanding of journal entry formats, account classification, and the importance of maintaining a balanced trial balance for verifying the correctness of recorded transactions.

Specifically, coursework on debits and credits helped me grasp how to record diverse transactions such as issuing stock, purchasing assets, paying expenses, and recording receivables and payables correctly. Lessons on adjusting entries—such as accrued revenues, prepaid expenses, and depreciation—directly informed my approach to accurately reflecting temporary accounts' balances at period end. For example, understanding that prepaid rent and supplies must be adjusted to match the expiration period and that depreciation spreads the cost of equipment over its useful life was essential for completing the necessary adjustments efficiently. These foundational concepts not only aid in precise data entry but also ensure the financial statements will accurately represent the company's financial position.

Furthermore, my familiarity with software functions gained from previous assignments has facilitated the organization and compilation of detailed trial balances and the creation of reports. The ability to navigate accounting software confidently allows me to produce detailed activity reports and financial statements, ensuring completeness and accuracy. Overall, the integration of theoretical knowledge from coursework with practical skills in accounting software enhances my capacity to execute the entire accounting cycle— from initial journal entries through to trial balance and final report generation— with confidence and precision.

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