Chart of accounts
On December 1, 2015, 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:
- 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.
| Name of Company: | Farm Branch Rentals |
|
Address: |
201 Farm Branch Road, Rocky Mount NC 27811 |
|
Phone Number |
555-897-7752 |
|
Federal ID Number |
56-4785965 |
|
Business Entity |
Corporation |
|
Web Address: |
www.farmbranchrentals.com |
|
Email: |
farmbranchrentals@abc.com |
| Chart of Accounts | |
| Cash | Income 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 ExpenseDividend Expense |
|
Unearned Rental Fees |
|
I still cannot get access to quickbooks to do this as I really need help with this assignment and another that is due tomorrow. Im having a rough week.
