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Date Dec. 1 Dec. 1 Dec. 1 Dec. 4 Dec. 8 Dec. 12 Dec. 15 Dec. 17 Dec. 23 Dec.26 Dec.27 Dec.28 Dec.29 Dec.31 Dec.31 Susquehanna Equipment Rental General Journal Dec.1-31, 2009 cash accounts receivable rental fees earned earn equipment rental fees unexpired insurance cash purchase a 12-month public-liability insurance utilities expense accounts payable utiliy bill due in 30 days account payable cash paid the account payable to Earth Movers, Inc. recorded on Dec.17 dividends dividends payable declared a dividend of 10 cens per share on 20,000 shares due on Jan.15 cash accounts receivable collect accounts receivable recorded on Dec.15 salaries expense cash paid wages for two weeks accounts receivable rental fees unearned receive rental fees for 15 days of equipment maintenance expense accounts payable purchase repair expense on account. Due in 10 days unearned rental fees receive advance payment in cash on equipment salaries expense cash paid wages for two weeks cash cash purchase buildings and land from Sharpior Realty office supplies accounts payable purchase office supplies on credit from Modern Office Co Due in 30 days cash Account titles and explanation cash capital stock owners invest cash in the business rental equipment notes payable cash purchase equipment. Paid part in cash; balance payable in one year prepaid rent notes DrCrDrCr 65,000 8,400(f)1,500 12,000(a)4,000 9,600 1,000(d)400 240,000 (c)2,500 100,000 1,700 (b)500 (g)1,400 2,000 8,000 (e)3,700 (h)9,080 200,000 2,000 38,000(e)3,700(f)1,500 10,400(g)1,400 600 700 (a)4,000 (d)400 (c)2,500 (b)500 (h)9,080 349,700349,70023,08023,080 349,700349,70023,08023,080 retained earnings dividends income statement accounts rental fees earned net income total salaries expense maintenance expense interest payable salaries payable dividends payable unearned rental fees income taxes payable capital stock office supplies rental equipment accumulated depreciation: rental equipment notes payable accounts payable balance sheet accounts cash adjustments accounts receivable prepaid rent office supplies expense depreciation expense interest expense income taxes expense income summary subtotal unexpired insurance unadjusted trail balance utilities expense rent expense Susquehanna Equipment Rental work sheet for the year ended Dec. 31,2009 DateDebit Dec.314,000 Dec.31500 Dec.312,500 Dec.31400 Dec.313,700 Dec.311,500 Dec.311,400 Dec.319,080 (a)advanced payment used during December (b)interest expense accrued during December on note paybale (c)monthly depreciation on equipment(240,000/8/12) (d)office supplies used during Dec. (e)earned of rental fees paid in advance on Dec.8 (f)earned six days rental fees on backhoe rented on Dec.23 (g)to accrue salaries owed to employees but unpaid as of month-end (h)estimate income taxes applicable to taxable income earned in Dec. interest payable interest expense accrued during December on note paybale depreciation expense accumulated depreciation: rental equipment monthly depreciation on equipment(240,000/8/12) office supplies expense office supplies office supplies used during Dec. unearned rental fees rental fees earned earned of rental fees paid in advance on Dec.8 accounts receivable debitcredit bal. 8,400 adjusting ledger accounts receivable rental fees earned earned six days rental fees on backhoe rented on Dec.23 salaries expense salaries payable to accrue salaries owed to employees but unpaid as of month-end income taxes expense income taxes payable estimate income taxes applicable to taxable income earned in Dec. 12/31 1,500 bal. 9,900 office supplies debitcreidt bal. 1,00012/31 400 credit 12/31 1,400 bal. 600 prepaid rent debitcreidt bal. 12,000 bal. 8,000 12/31 4,000 creditdebit accumulated depreciation:rental equipment income taxes payable debitcredit bal. 9,080 12/31 3,700bal. 8,000 Susquehanna Equipment Rental adjuesting general journal Dec.31,2009 Account titles and explanation rent expense prepaid rent advanced payment used during December interest expense credit interest payable debitcredit 12/31 500 bal. 500 salaries payable debit bal. 1,400 12/31 9,080 unearned rental fees debit Susquehanna Equipment Rental DateDebit Dec.3143,200 Dec.3129,580 12/31 2,500 bal. 2,500 rental fees earned debitcredit salaries expense income taxes expense bal. 4,300 bal. 38,000 12/31 3,700 12/31 1,500 bal. 43,200 bal. 10,400 12/31 1,400 bal. 11,800 credit interest expense debitcredit debitcredit 12/31 4,000 bal. 4,000 12/31 600 bal. 600 rental fees earned income summary to close the rental fees earned account bal. 9,080 debitcredit rent expense debitcredit 12/31 500 income summary salaries expense maintenance expense utilities expense account titles and explanation closing general journal Dec.31,2009 Susquehanna Equipment Rental bal. 500 12/31 9,080 12/31 2,500 bal. 2,500 office supplies expense debitcredit depreciation expense debit Dec.3113,620 Dec.312,000 rent expense office supplies expense depreciation expense interest expense income taxes expense to close the expense accounts income summary retained earnings transferring net income earned to the retained earning account retained earnings dividends to transfer dividendsto retained earning account rental fees earned closing ledger income summary 600 utilities expense rentained earnings dividends bal. 700700 bal. 4,0004,000 bal. 400400 bal. 2,5002,500 bal. 500500 bal. 9,0809,080 bal. 2,0002,000 12/31 29,58012/31 43,200 bal. 13,62013,620 12/31 2,000bal. 0 12/31 13,620 bal. 11,620 rent expense office supplies expense depreciation expense interest expense income taxes expense bal. 43,20043,200 salaries expense bal. 11,80011,800 maintenance expense bal. 600 Susquehanna Equipment Rental DebitCredit 200,000 200,000 240,000 100,000 140,000 12,000 12,000 1,000 1,000 8,000 8,000 5,200 5,200 12,000 6,000 18,000 600 600 2,000 2,000 5,200 5,200 600 600 2,000 2,000 9,600 9,600 700 700 15,600 4,400 20,00012/17 600 bal. 600 journal entry ledger unearned rental fees debit debit 12/28 2,000 bal. 2,000 debit debit debit 12/27 600 debit rental equipment debit office supplies debit 12/4 1,000 bal. 1,000 credit accounts receivable debit 12/15 6,000 12/31 4,400 bal. 8,400 credit 12/23 2,000 12/1 240,000 bal. 240,000 credit prepaid rent debit 12/1 12,000 bal. 12,000 credit cash credit 12/1 140,000 12/1 12,000 12/12 5,200 12/26 5,200 12/27 600 12/29 9,600 12/1 200,000 12/8 8,000 12/15 12,000 12/23 2,000 12/31 15,600 debit bal. 65,000 debit 12/12 5,200 debit maintenance expense debit 12/26 5,200 bal. 10,400 unexpired insurance debitcredit 12/29 9,600 bal. 9,600 Susquehanna Equipment Rentals DrCrDrCrDrCrDrCrDr 65,00065,00065,000 9,9009,9009,900 8,0008,0008,000 9,6009,6009,600 600600600 240,000240,000240,000 2,5002,500 100,000100,000 1,7001,700 500500 1,4001,400 2,0002,000 4,3004,300 9,0809,080 200,000200,000 2,00013,620 2,0002,0002,000 (e)3,700(f)1,50043,20043,20043,200 11,80011,80011,800 600600600 700700700 4,0004,0004,000 400400400 2,5002,5002,500 500500500 9,0809,0809,080 43,20043,200 364,680364,68029,58043,200335,100321,48043,20043,200333,100 13,62013,620 364,680364,68043,20043,200335,100335,10043,20043,200333,100 income statement post closing trail balance balance sheetclosing debit 12/31 700 bal. 700 adjusted trail balance Susquehanna Equipment Rental work sheet for the year ended Dec. 31,2009 Credit revenue: 4,000$43,200 $43,200 500$11,800 600 700 2,5004,000 400 2,500 40050020,500 $22,700 9,080 3,700$13,620 1,500 1,400 9,080 $240,000 2,500 (a)advanced payment used during December (b)interest expense accrued during December on note paybale (c)monthly depreciation on equipment(240,000/8/12) (d)office supplies used during Dec. (e)earned of rental fees paid in advance on Dec.8 (f)earned six days rental fees on backhoe rented on Dec.23 (g)to accrue salaries owed to employees but unpaid as of month-end (h)estimate income taxes applicable to taxable income earned in Dec. rent expense office supplies expense depreciation expense interest expense income before income taxes income taxes net income statement of retained earnings for the year ended Dec.31,2009 income statement for the year ended Dec.31,2009 rental fees earned totla revenue expense: add: net income subtotal less: dividends retained earnings,Dec.31,2009 balance sheet Dec.31,2009 assets liabilities: notes payable accounts payable interest payable salaries payable dividends payable unearned rental fees income taxes payable total liabilities ownersequity: retained earnings,Dec.1,2009 liabilities and owners equity cash accounts receivable prepaid rent unexpired insurance office supplies rental equipment Susquehanna Equipment Rental Susquehanna Equipment Rental Susquehanna Equipment Rental less: accumulated depreciation total assests salaries expense maintenance expense utilities expense Credit 43,200 11,800 600 700 The companys potential liability due to pending litigation is $25,000. Note 1: depreciation policies Depraciation expense in the financial statement is computed by the straight-line method. Estimate useful lives are eight years. Note 2: maturity dates of liabilities The companys notes payable consist of a single obligation that matures on Dec.1 of the coming year. The maturity value of this note, including interest charges, will amount to $106,000. Note 3: potential liability due to pending litigation capital stock retained earnings total ownersequity total liabilities and ownersequity f. no, the company wont