Required 1-a. Prepare all February journal entries and adjusting entries. (If no

Question

Required 1-a. Prepare all February journal entries and adjusting entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Answer is complete but not entirely correct. No Date General Journal Debit Credit Feb. 1 Notes Receivable 1,400 Accounts Receivable 1,400 Feb. 2 nsurance Expense 850 Cash 850 3 Feb. 5 Inventory 15,000 Accounts Payable 15,000 4 Feb. 6 600 Inventory Cash 600 5 Feb. 10a Accounts Receivable 25,500 Sales Revenue 25,500 Feb. 10b Cost of Goods Sold 10,900 Inventory 10,900 Feb. 15a Unearned Revenue 5,150 Sales Revenue 5,150

Explanation / Answer

Date Account Debit Credit Feb 1 Note Receivable 1400 Feb 1 Accounts Receivable 1400 Feb 2 Insurance Expense 850 Feb 2 Cash 850 Feb 5 Inventory 15000 Feb 5 Accounts Payable 15000 Feb 5 Inventory 600 Feb 5 Cash 600 Feb 10 Accounts Receivable 25500 Feb 10 Sales 25500 Feb 10 Cost of Goods Sold (3400)+(160*78)                   (1500+600)/200 15880 Feb 10 Inventory 15880 Feb 15 Unearned Revenue 5150 Feb 15 Sales 5150 Feb 15 Sales Return and Allowance 4500 Feb 15 Accounts Receivable 4500 Feb 15 Inventory (30*78) 2340 Feb 15 Cost of Goods Sold 2340 Feb 16 Wages Expense 2400 Feb 16 Cash 2400 Feb 17 Accounts Payable 15000 Feb 17 Inventory 300 Feb 17 Cash 14700 Feb 18 Allowance for doubtful accounts 1800 Feb 18 Accounts Receivable 1800 Feb 19 Accounts Payable 2900 Feb 19 Rent Expense 2900 Feb 19 Cash 5800 Feb 19 Cash 9460 Feb 19 Sales Discount 140 Feb 19 Accounts Receivable 9600 Feb 26 Accounts Receivable 560 Feb 26 Allowance for doubtful accounts 560 Feb 26 Cash 560 Feb 26 Accounts Receivable 560 Feb 27 Utilities Expense 750 Feb 27 Utility Payable 750 Feb 28 Dividend Declared 600 Feb 28 Cash 600 Feb 29 Wages Expense 2400 Feb 29 Wages Payable 2400 Feb 29 Bad Debt Expense (20250*8%) 1620 Feb 29 Allowance for Doubtful Accounts 1620 Feb 29 Interest Expense 140 Feb 29 Interest Payable 140 Feb 29 Interest Receivable 11 Feb 29 Interest Revenue 11 Closing Entries Feb 29 Sales 30650 Feb 29 Interest Revenue 11 Feb 29 Sales Return and Allowance 4500 Feb 29 Sales Discount 140 Feb 29 Income Summary 26021 Feb 29 Income Summary 11060 Feb 29 Insurance 850 Feb 29 Wages 4800 Feb 29 Bad Debt 1620 Feb 29 Rent 2900 Feb 29 Utilities 750 Feb 29 Interest 140 Feb 29 Income Summary 14961 Feb 29 Retained Earning 14961 (Closed Income Summary) Feb 29 Retained Earning 600 Feb 29 Dividend 600 Income Statement Revenue Sales Revenue 30650 Less: Sales Discount 140 Less: Sales Return and Allowance 4500 Net Sales 26010 Less: Cost of Goods Sold 13540 Gross Profit 12470 Expense: Insurance 850 Wages 4800 Bad Debt 1620 Rent 2900 Utilities 750 Interest 140 Total Expense 11060 Add: Interest Revenue 11 Net Income 1421 Statement of Retained Earning Retained Earning, beginning 6120 Add: net income 1421 Less: Dividend -600 Retained Earning, ending 6941 Balance Sheet Assets Liabilities Current Assets: Current Liabilities: Cash 6090 Interest Payable 140 Accounts Receivable 20250 Wages Payable 2400 Allowance for Doubtful Accounts -2080 Utilitis Payable 750 Interest Receivable 11 Note Receivable 1400 Inventory 5160 Total Current Assets 30831 Total Current Liabilities 3290 Note Payable 14000 Total Liabilities 17290 Contributed Capital 6600 Retained Earning 6941 Total Assets 30831 Total Liabilities and Equity 30831 Part-3 1 Gross Profit 12470 2 Gross Profit Percentage 12470/26010 47.94% 3 Net Sales 26010 4 Untis In ending Inventory 40+200-170+30 100 5 Cost per unit of Ending inventory 78

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