On December 1, 2014, Larry and Samantha West formed a corporation called Farm Branch Rentals. The new corporation was able to begin operations immediately by purchasing the assets and taking over the location of LMNOP Rentals, an equipment rental company that was going out of business. The newly formed company uses the following chart of accounts:Get accounting assignment Assignment: I need help writing a research paper.
- Set up the new company Farm Branch Rentals in the computerized accounting system software you selected with the information in the table that follows.
- Set up the chart of accounts listed below; currently all accounts are going to begin with a zero balance.
- Run an accounts listing of the chart of accounts and save in PDF format for submission.
Chart of AccountsCashIncome Taxes Payable
- Accounts Receivable
- Common/Capital Stock
- Prepaid Rent
- Retained Earnings
- Prepaid Insurance
- Dividends
- Office Supplies
- Rental Fees Earned
- Rental Equipment
- Salaries Expense
- Accumulated Depreciation: Rental Equipment
- Utilities Expense
- Notes Payable
- Rent Expense
- Accounts Payable
- Office Supplies Expense
- Interest Payable
- Depreciation Expense
- Salaries Payable
- Interest Expense
- Dividends Payable
- Income Taxes Expense
- Dividend Expense
- Unearned Rental Fees
For full-credit, submit a PDF from the computerized accounting system selected showing that the following steps have been completed correctly:
- Set up an account for the new company using the computerized accounting system selected.
- Use December 2014 as the first accounting period for the computerized accounting system selected.
- Revise, and set up the chart of accounts to match the chart of accounts provided by Samantha and Larry.
- After opening the company,
- Click “Company” from the menu bar,
- Then click “Chart of Accounts” in the Company section of the Home page.
- Right click the account, then select “Edit Account.”
- Run an account listing prior to saving.
- From the menu at the top of the window, select File & Save as PDF.
- Save the file as P1-IP_LASTNAME on your computer or external device.
- Submit your PDF.Get accounting assignment Assignment: I need help writing a research paper.
