$1.$ Using the guidelines for accrual$-$basis accounting, identify the February events that represent financial

transactions.

$2.$ Using the accrual basis of accounting, journalize the February transactions.

$3.$ Post the journal entries to the general ledger accounts.

$4.$ Prepare the unadjusted trial balance at February $28,2022$

Chart of Accounts

Acct. No $-$ Account Name

$101$ Cash

$104$ Accounts receivable

$110$ Prepaid insurance

$115$ Supplies

$140$ Equipment

$141$ Accumulated depreciation $-$ equipment

$201$ Accounts payable

$205$ Unearned revenue

$250$ Loan payable

$301$ C$.$ Ella, Capital

$302$ C$.$ Ella, Drawing

$350$ Income summary

$401$ Repair fees earned

$601$ Salaries expense

$610$ Rent expense

$611$ Utilities expense

$615$ Insurance expense

$640$ Supplies expense

$660$ Depreciation expense

Since I didn$$t know what you might need, I have written down everything that has happened since I opened my business. Here it is:

February

$1.$ I invested $$2,500$ cash and $$1,580$ of supplies into the business. I also opened a bank account in the business$$s name.

$2.$ I Purchased a $12-$month business insurance policy for $$1,200.$

$3.$ Took out a small business loan of $$5,000$ from My Local Bank. The first payment will not be due until the end of March.

$4.$ I Purchased repair equipment for $$2,100$ cash. This equipment should last for about five years.

$5.$ I Paid landlord $$875$ for January rent on my repair shop.

$6.$ Customer John Stewart brought in a device for repair. It took me two weeks to complete the repair. I gave John an invoice for $$10,900$ on February $18$th when he picked up his device.

$7.$ Paid my roommate $$375$ for my half of the rent on my apartment where I live.

$8.$ Purchased $$380$ of supplies with cash from Circuit City.

$9.$ Customer Sarah Church dropped of a device for repair and a cash prepayment of $$50.$

$10.$ Paid assistant$$s salary of $$1,200.$ I have one worker who I pay every two weeks on Friday.

$11.$ Purchased $$440$ of supplies on account from Technology Warehouse.

$12.$ Completed Sarah Church$$s repair. Total repair charge was $$75.$ Sarah paid the remaining balance when she picked up her device on February $18$th

$13.$ Customer Dr$.$ Embert prepaid $$4,000$ for a device he plans to deliver to me on March $3$rd for repair.

$14.$ Discussed potential contract with local computing firm. Will likely be worth $$45,000$ of work. They will let me know in the next couple of months if they want to move forward.

$15.$ Received $$1,000$ from John Stewart as payment on the work billed on February $18$th

$16.$ I took $$5,000$ out of the business bank for myself.

$17.$ Received the February utility bill. It is for $$95.$ I will pay it next month because it is not due until March $10$th