a 6 c 1 r r 4 ' J K L m N v a K ' vu v w 7 Balance Sheet [ Income Statement I Date Transaction Description Cash Asset Noncash Asset - ContraAsset = Liabilities Contributed Retained Revenues - Expenses = NetIncome (accumulated Capital Earnings depreciation) - * = = + + = = roommate, Victor. Victor will be paid $50 in salary for each team that competes in the race. His salary will be paid after the race. 22 8-Dec The company pays $1,200 to purchase a permit from a state park -1200 + 7 = + + -1200 - SGAExp 1200 = -1200 where the race will be held. The amount is recorded as a miscellaneous expense. 23. 12-Dec The company purchases racing supplies for $2800 on account due in + | Supplies 2,800 - = A/P 2800 + + - a 30 days. Supplies include trophies for the top-finishing teams in each category, promotional shirts, snack foods and drinks for the participants and the field markers to prepare the racecourse. 24 15-Dec The company receives $20,000 cash from a total of 40 teams and the 20000 + - = + + 20000 20000 - = 20000 race is held. 25 16-Dec The company pays Victor's salary of $2,000 -2000 -2000 Salaries 2000 -2000 Exp 26 31-Dec The company pays a total dividend of $4000 ($2,000 to Tony and -4000 -4000 $2,000 tO Suzie) 27 31-Dec __Using his personal money Tony purchases a diamond ring for $4,500. Tony surprises Suzie by proposing they get married and Suzie says yes! Adjusting entries 31-Dec $8,000 Depreciation on Mountain bikes and Kayaks for the year | . 31-Dec _ Insurance policy used up for X months 31-Dec Used storage unit rental agreement purchased on 9/1 of X months 31-Dec _ Tony Determined there were no office supplies left at the end of the year 31-Dec _Interest on loan 31-Dec Tony determines there are $200 of racing supplies left at the end of the year 31-Dec Suzie infoms Tony that it's a good idea to estimate tax payment that will be paid next month. She estimates that approximately 27.532% of their pretax income will be paid to taxes (rounded to the nearest thousands) (Hint: you must calculate income before taxes and multiply by the percentage) NP OD UD AD WEND ED Sub totals of each column " + S Total Assets Total Liabilites + total Equity