(Solved): Macon Machines Company began operations on November 1,2024 . The main operating goal of the company ...

Macon Machines Company began operations on November 1,2024 . The main operating goal of the company is to sell high end robots. Customers may pay using cash or if appropriate, credit is extended to customers with terms $3/15,\mathrm{n}/30$. The company uses the perpetual inventory method and a FIFO cost system. The company follows a calendar year, with all adjusting entries made at the end of the accounting period, December 31 . The company uses the straight-line depreciation for all depreciable assets. The company has decided to use the Allowance method to account for uncollectible accounts. At the end of the period, based on industry standards, the company believes $2\%$ of the balance in accounts recievable will be uncollectible. The company purchases robots for resale only as such they carry them as inventory. The company has two employees, one is a sales technician, salary of $\$2000$ per month and the other employee is the office manager with a salary of $\$5000$ per month. Payroll is processed on the last day of the month, and paid on the first day of the following month. This means the November 30 payroll with accrue into Salaries Payable and then be paid on Decemember 1. Required: 1) Make sure your student ID is correct, this will change the information. Macon Machines Company engaged in the following transactions for November and December. Record the following transactions on the Daily Transactions tab. Note: Place debits first, credits second but do NOT indent credits. If more than one debit or credit, please list in alphabetical order to receive full credit. Round to the penny unless otherwise noted. \begin{tabular}{|r|l|} \hline 1-Dec & Paid the employees the amount due to them from the November 30 payroll, taxes will be paid in January. \\ \hline 1-Dec & $\begin{array}{l}\text{ The company borrowed }\$65000\text{ from Bank of America by signing a }15\text{-year, }6\%\text{ note. The note requires annual payments of }\\ \$6693\text{ beginning December }1,2025.\end{array}$ \\ \hline 1-Dec & Purchased a new delivery truck to save customers on shipping. The total cost of the Delivery Truck was $\$50000$. \\ \hline 4-Dec & Paid the amount due from the November 15 purchase. \\ \hline 5-Dec & Declared and paid $\$2000$ in cash dividends to the stockholders of the company. \\ \hline 6-Dec & Purchased $\$4800$ of supplies on account, term n/30. \\ \hline 7-Dec & Purchased 20 robots at a cost of $\$9680$ each on account, terms n/30, FOB Destination. \\ \hline 15-Dec & $\begin{array}{l}\text{ Sold }22\text{ robots for }\$12650\text{ each on account, terms }2/10,n/30,\text{ FOB Shipping Point, the company uses FIFO to find the cost of }\\ \text{ goods sold. Record the sales revenue first. }\end{array}$ \\ \hline 18-Dec & Paid for an ad in the local newspaper, $\$8000$. \\ \hline 24-Dec & Received $\$101200$ payment for 8 robots to be shipped on January $8,2025$. \\ \hline 31-Dec & $\begin{array}{l}\text{ Prepared payroll for the month of December, the first payroll for the company. Record the Salaries Expense entry first. The }\\ \text{ tax rates are as follows: }\\ \text{ Federal Income Tax Rate }?15\%.\\ \text{ NC State Income Tax Rate }?10\%.\\ \text{ FICA Tax Rate - }7.65\%.\\ \text{ Unemployment Tax Rate }?6\%\text{ on the first }\$7000\text{ of each employees earnings per year. }\end{array}$ \\ \hline \end{tabular} 2) As of December 31, a search revealed the following information. Record any necessary adjusting entries for the year on the Adjusting Entries tab. \begin{tabular}{r|l|} \hline 1 & The computer equipment purchased on November 1 has a 5-year life and an expected residual (salvage) value of $\$6000$. \\ \hline 3 & Record any interest that has accrued on the note signed on November 1 for the computer system. \\ \hline 3 & The rent paid on November 2 is for two years beginning on November 1. \\ \hline 5 & The insurance policy purchased on November 18 is effective beginning December 1. \\ \hline 6 & The delivery truck purchased on December 1 has a 10 -year life and an expected residual (salvage) value of $\$5000$. \\ \hline 7 & Accrue the interest, if needed, on the note signed on December 1. \\ \hline 8 & Record any bad debt expense for the year ended December 31. Round answer to the whole dollar if needed. \\ \hline 9 & Utilites accrued but not yet paid as of December 31 totaled \$\$ 8600. \\ \hline \end{tabular}