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Assignment 1 The Green Thumb Gardener

Merchandise inventory on December 31, 2019, is \$11,521. During 2019, the firm had net credit sales of \$27,000; the firm estimates that 0.6 percent of these sales will result in uncollectible accounts. On December 31, 2019, an inventory of the supplies showed that items costing \$235 were on hand. On October 1, 2019, the firm signed a six-month advertising contract for \$960 with a local newspaper and paid the full amount in advance.

On January 2, 2018, the firm purchased store equipment for \$7,620. At that time, the equipment was estimated to have a useful life of five years and a salvage value of \$520. On January 2, 2018, the firm purchased office equipment for \$1,120. At that time, the equipment was estimated to have a useful life of five years and a salvage value of \$120. On December 31, 2019, the firm owed salaries of \$1,750 that will not be paid until 2020. On December 31, 2019, the firm owed the employerâ&#x20AC;&#x2122;s social security tax (assume 6.2 percent) and Medicare tax (assume 1.45 percent) on the entire \$1,750 of accrued wages. On December 31, 2019, the firm owed federal unemployment tax (assume 0.6 percent) and state unemployment tax (assume 5.4 percent) on the entire \$1,750 of accrued wages.

Assignment 2 TRANSACTIONS Signed a lease for an office and issued Check 101 for \$14,100 to pay the rent in advance for six months.

Borrowed money from Second National Bank by issuing a four-month, 12 percent note for \$32,800; received \$31,488 because the bank deducted the interest in advance.

Signed an agreement with Carter Corp. to provide accounting and tax services for one year at \$6,600 per month; received the entire fee of \$79,200 in advance.

Purchased office equipment for \$26,400 from Office Outfitters; issued a two-month, 6 percent note in payment. The equipment is estimated to have a useful life of six years and a \$1,920 salvage value. The equipment will be depreciated using the straight-line method.

Purchased a one-year insurance policy and issued Check 102 for \$1,692 to pay the entire premium.

Purchased office furniture for \$18,400 from Furniture Warehouse; issued Check 103 for \$10,400 and agreed to pay the balance in 60 days. The equipment has an estimated useful life of five years and a \$1,000 salvage value. The office furniture will be depreciated using the straight-line method.

Purchased office supplies for \$1,930 with Check 104. Assume \$860 of supplies are on hand July 31, 2019.

Acc 291 week 4 apply connect assignment (with excel file)
Acc 291 week 4 apply connect assignment (with excel file)