February Transactions 1-Feb Paid six months of rent in advance, $5,400. 4-Feb Paid wages and salaries...

 

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February Transactions 1-Feb Paid six months of rent in advance, $5,400. 4-Feb Paid wages and salaries for $2,150, part of which was accrued in January. 7-Feb Purchased supplies on account, $920 11-Feb Performed car repair services on account, $3,670. 17-Feb Collected cash from credit sales made in January and February, $4,300. 20-Feb Made a monthly payment on the equipment note, $70. 23-Feb Performed car repair services and received cash at the time of sale, $5,850. 25-Feb Accrued for the bonus earned by the shop manager that will be paid in April, $1,150. February Adjusting Entries 28-Feb The estimated depreciation on building and equipment is $810. 28-Feb One month of rent has expired, $900. 28-Feb The annual interest rate is 5% on all notes and paid quarterly. Round to the nearest dollar. 28-Feb The supplies remaining at the end of the month was $700. 28-Feb Accrued wages and salaries worked in February that will be paid 3-5, $2,000. 28-Feb The estimated income taxes for the month is $855. Prepare the adjusted trial balance as of February 28. Prepare the following February financial statements: o a) Income Statement for month ended February 28. o b) Statement of Stockholders Equity for month ended February 28. o c) Balance Sheet as of February 28. o d) Statement of Cash Flows for month ended February 28. Record February closing transactions in the General Journal and post to the General Ledger. • Prepare a post-closing trial balance as of February 28, I Tost - Closing Trial Balanu January 31, 2xx2 Accaunts Cash Accounts Reeivable Supplis. Cuilcing Equipmunt Accumulated Depseiatiúm Aucunk Payable Salaries and wayes fayabe Tncome Tax Payubie Vntesest fayable Wotes Payabie Common Stock Relained Earing Total $4650 $3790 $550 $76.000 $123,500 $39350 $5465 $1,600 $ T 7790 $133 $33,550 $91,200 29,402 $208,490 $208,490 February Transactions 1-Feb Paid six months of rent in advance, $5,400. 4-Feb Paid wages and salaries for $2,150, part of which was accrued in January. 7-Feb Purchased supplies on account, $920 11-Feb Performed car repair services on account, $3,670. 17-Feb Collected cash from credit sales made in January and February, $4,300. 20-Feb Made a monthly payment on the equipment note, $70. 23-Feb Performed car repair services and received cash at the time of sale, $5,850. 25-Feb Accrued for the bonus earned by the shop manager that will be paid in April, $1,150. February Adjusting Entries 28-Feb The estimated depreciation on building and equipment is $810. 28-Feb One month of rent has expired, $900. 28-Feb The annual interest rate is 5% on all notes and paid quarterly. Round to the nearest dollar. 28-Feb The supplies remaining at the end of the month was $700. 28-Feb Accrued wages and salaries worked in February that will be paid 3-5, $2,000. 28-Feb The estimated income taxes for the month is $855. Prepare the adjusted trial balance as of February 28. Prepare the following February financial statements: o a) Income Statement for month ended February 28. o b) Statement of Stockholders Equity for month ended February 28. o c) Balance Sheet as of February 28. o d) Statement of Cash Flows for month ended February 28. Record February closing transactions in the General Journal and post to the General Ledger. • Prepare a post-closing trial balance as of February 28, I Tost - Closing Trial Balanu January 31, 2xx2 Accaunts Cash Accounts Reeivable Supplis. Cuilcing Equipmunt Accumulated Depseiatiúm Aucunk Payable Salaries and wayes fayabe Tncome Tax Payubie Vntesest fayable Wotes Payabie Common Stock Relained Earing Total $4650 $3790 $550 $76.000 $123,500 $39350 $5465 $1,600 $ T 7790 $133 $33,550 $91,200 29,402 $208,490 $208,490

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February Transactions journal entries amt in Date Particulars Debit Credit Feb 1 Prepaid Rent Ac dr ... View the full answer