You decide to open up your very own moving company. After three months of business, you realize your current accounting system (throwing all your invoices and moving schedules into a drawer) is no longer working. Additionally, you would like to take out a loan from the bank to purchase more moving trucks and grow your fleet. In order to do that, you need accurate financial statements of your company to present to your loan officer. Record all transactions for your new moving company

1. Record your initial investment of $100,000

2. Record the energy bills (January, February, and March)

3. Record all moving jobs that are listed on your calendar (January, February, and March). You will record the sale, contractor expense, and supplies expense for each job.

4. Record the two separate truck purchases and calculate depreciation for January, February, and March 5. Record the leasing agreement Any trucks purchased will be depreciated over 12 years with no residual value. Depreciation is calculated at the end of each month. 

• You have a 5 year loan on all the vehicles you purchase and the payment is due the 1st of every month. 

• You pay your movers (you consider them contractors) at $20 per man hour for each moving job. They are paid at the end of each week. You do not owe payroll taxes on their wages. 

• You expense the cost of supplies (boxes, tape, paper) for each job. The supply cost is listed for each job on the moving calendar. 

• You pay your bills on the due date, not when received. 

• You take full payment from the customers on the day of the move.

ALL VALUES

Initial Investment 100,000.00 Issued January 2, 2018

Dewey Cheatem, & Howe Energy Company Date 1/31/2018 Due to 2/15/2018 Amount Due $665.72 Date 2/28/2018 Due to 3/15/2018 Amount Due $845.79 Date 3/31/2018 Due to 4/15/2018 Amount Due $795.63 1/4/2018

Sam Smith - charge $1,500, man-hours 12, supplies $200 1/6/2018

Camila Cabello - charge $300, man-hours 2, supplies $50 1/9/2018

Nicki Minaj - charge $2,200, man-hours 15, supplies $500 1/12/2018

G-Eazy - charge $400, man-hours 2.5, supplies $50 1/28/2018

Imagine Dragons - charge $350, man-hours 1.5, supplies $50 2/1/2018

Led Zeppelin - charge $1,500, man-hours 12, supplies $300 2/4/2018

Pink Floyd - charge $650, man-hours 5, supplies $50 2/16/2018

Aerosmith - charge $5,000, man hours 23, supplies $1,000 2/20/2018

The Who - charge $500, man hours 3, supplies $50 3/10/2018

Nirvana - charge $2,000, man hours 18, supplies $300 3/14/2018

Sonic Youth - charge $300, man-hours 1.5, supplies $50 3/29/2018

Mumford & Sons - charge $1,500, man-hours 12, supplies $300 1/12/2018

MOVING TRUCKS OF TEXAS, INC. Description Cost 2015 Isuzu NPR HD Box Truck $ 34,990 2014 Isuzu NPR HD Box Truck $ 35,995 2018 RAM Promaster 3500 Box truck $ 32,495 Total Due $ 103,480 3/23/2018 MOVING TRUCKS OF TEXAS, INC. 2012 Isuzu NPR $ 22,375 2012 Isuzu NPR HD $ 25,950 Total Due $ 48,325 From Pioneer Leasing Regarding Lease Term Dear You, This letter is to confirm the new lease terms that have been agreed upon. You are leasing the office space on 56 North Eldorado Way in Dallas, Texas 78545 from Pioneer Leasing for a lease term of 5 years beginning January 1, 20XX. On this date, you will begin paying a monthly rent of $1,000, and this amount will be due on the first of each month. In addition to the monthly rent, you will pay us a deposit of $5,000 which will be returned to you once this lease has expired unless there are any damages to the leased space. We appreciate your business.

Answer rating: 100% (QA)

SOLUTION 1 Record your initial investment 122018 Cash 100000 Common stock 100000 2 Record the energy bills 1312018 Utility expenses 66572 Utility payable 66572 2152018 Utility Payable 66572 Cash 66572 ... View the full answer