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. Required:
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, the 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.