accounting homework 495093

Project Part 1: The Accounting Cycle Karen Harris starts her own scooter retail business, City Rides, on December 1, 20×2. The business operates as a proprietorship from a rented space near a busy downtown area. Harris hires Jim Waters as the sales associate and assistant manager of the business. The following transactions take place during December 20×2. Transactions ??Dec. 1?Harris deposits $45,000 into the business bank account. In exchange, she receives capital in the proprietorship.?? FORMCHECKBOX ????1?Harris writes and mails check #001 for $2,400 for rent. The rent payment covers rent for the three months ended February 28, 20×2. ?? FORMCHECKBOX ????2?Harris purchases office equipment for $1,800 by check #002.?? FORMCHECKBOX ????2?Harris purchases office supplies for $420 by check #003. ?? FORMCHECKBOX ????2?Harris purchases 20 Model X mopeds at $500 each and 15 Model L mopeds at $800 each, costing a total of $22,000, on account from a supplier, Fun Brands: Harris elects to use the first-in-first-out (FIFO) method to account for inventory. Fun Brands provides an invoice with the following terms: 2/10 net 30.?? FORMCHECKBOX ????9?In the first week of operation, City Rides sells 16 Model X mopeds at $750 each: 10 are sold on account, and the rest are sold for cash.?? FORMCHECKBOX ????12?City Rides makes payment to Fun Brands in full settlement of accounts payable by check #004. Payment is net of the purchase discount. Hint: The terms are 2/10 net 30, and any purchase discount received reduces the cost of inventory.?? FORMCHECKBOX ????13?City Rides purchases 10 Model X mopeds from Fun Brands on account at a cost of $520 each.?? FORMCHECKBOX ????16?The sales for the week are as follows: 6 Model X mopeds sold on account for $750 each—inventory cost accounted using the FIFO method.?? FORMCHECKBOX ????18?Cash receipts from customers on accounts receivable are $7,100.?? FORMCHECKBOX ????30?Sales for the rest of December are as follows: 2 Model L mopeds sold for…