Comprehensive Problem 1 Susquehanna Equipment Rentals
Susquehanna Equipment Rentals, 16th Edition
A COMPREHENSIVE ACCOUNTING CYCLE PROBLEM
On December 1, 2011, John and Patty Driver formed a corporation called Susquehanna Equipment Rentals. The new corporation was able to begin operations immediately by purchasing the assets and taking over the location of Rent-It, an equipment rental company that was going out of business. The newly formed company uses the following accounts:
AND SO ON
The corporation performs adjusting entries monthly. Closing entries are performed annually on December 31. During December, the corporation entered into the following transactions:
Dec. 1- Issued to John and Patty Driver 20,000 shares of capital stock in exchange for a total of $200,000 cash.
AND SO ON
g. Would it be ethical for Patty Driver to maintain the accounting records for this company, or must they be maintained by someone who is independent of the organization?
Click here for the solution: (Comprehensive Problem 1 Susquehanna Equipment Rentals) On December 1, 2011, John and Patty Driver formed a corporation called Susquehanna Equipment Rentals
