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i Chrome File Edit View History Bookmarks People Window Help 0 / d Six Tips x D final engi How to c v Login-AX y P o ect. x E Present x Secure! https://edugen.wileypius.com/edugen/ltumain.uni 4296 D. Sun 2:20 PM | How To F Six Tips x Giving P x wile PLlx V WileyPU x e Chegg SX Return to Blackboard Kimmel, Accounting, 6e Help System Announcements Assignment>Open Assignment CALCULATORPRINTER VERSION BACK NECT ASSIGNMENT RESOURCES Comprehensive Accounting Cycle Review 11-2 (Part Level Submission) Karen Noonan opened Splish Brothers Inc. on February 1, 2017. During February, the following transactions were completed. Project 2 Feb. 1 Issued 4,600 shares of Clean Sweep common stock for $13,000. Each share has a $1.50 par Borrowed $8,000 on a 2-year, 6% note payable. 1 Paid $9,020 to purchase used floor and window cleaning equipment from a company going out of business ($4,720 was for the floor equipment and $4,300 for the window equipment). 11-2 (Pa Submission 1 Paid $220 for February Internet and phone services. Purchased cleaning supplies for $980 on account. Hired 4 employees. Each will be paid $480 per 5-day work week (Monday- Friday). Employees will begin working Monday, February 9. 3 4 Objective 5 Obtained insurance coverage for $9,840 per year. Coverage runs from February 1, 2017, through January 31, 2018. Karen paid $2,460 cash for the first quarter of coverage. 5 Discussions with the insurance agent indicated that providing outside window cleaning services would cost too much to insure. Karen sold the window cleaning equipment for $3,950 cash 16 Billed customers $3,900 for cleaning services performed through February 13, 2017 17 Received $432 from a customer for 4 weeks of cleaning services to begin February 21, 2017 18 Paid $300 on amount owed on cleaning supplies 20 Paid $3 per share to buy 300 shares of Clean Sweep common stock from a shareholder who disagreed with management goals. The shares will be held as treasury shares. 23 Billed customers $4,300 for deaning services performed through February 20. 24 Paid cash for employees' wages for 2 weeks (February 9-13 and 16-20). 25 Collected $2,500 cash from customers billed on February 16 27 Paid $220 for Internet and phone services for March. 28 Declared and paid a cash dividend of $0.35 per share. (a) Your answer is correct. All Rights Reserved, A Division of Version 4.24.3.3

Explanation / Answer

3 Bad debt expense 479 (9300*3%+200)              Allowance for doubtful accounts 479 6 Supplies expense 580 (980-400)              Supplies 580 8 salaries and wages expense 1920 (480*4)               Salaries and wages payable 1920

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