Expert answer: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 RentalsAddress:201 Farm Branch Road,Rocky Mount NC 27811Phone Number555-897-7752Federal ID Number56-4785965Business EntityCorporationWeb Address:www.farmbranchrentals.comEmail:farmbranchrentals@abc.com Chart of AccountsCashIncome Taxes PayableAccounts ReceivableCommon/Capital StockPrepaid RentRetained EarningsPrepaid InsuranceDividendsOffice SuppliesRental Fees EarnedRental EquipmentSalaries ExpenseAccumulated Depreciation: Rental EquipmentUtilities ExpenseNotes PayableRent ExpenseAccounts PayableOffice Supplies ExpenseInterest PayableDepreciation ExpenseSalaries PayableInterest ExpenseDividends PayableIncome Taxes ExpenseDividend ExpenseUnearned Rental FeesI 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.
