On February 1, 2021, Company A started with a cash balance of $100,000, the following transactions...

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On February 1, 2021, Company A started with a cash balance of $100,000, the following transactions then took place: • On Feb 2, bought furniture for $7,000 with cash. • On Feb 5, purchased goods with cash for $10,000 to make widgets. • On Feb 15, sold widgets for $15,000 in Accounts Receivable. • On Feb 19, took out a go-day loan for $25,000. • On Feb 28, paid employees $3,000. Please submit an Excel file that includes the answers to all the questions below: 1. Please create a journal entry for all the transactions. What accounts are going to be debited and credited? 2. Please create a balance sheet for February 1, 2021? 3. Please create a balance sheet for Feb 28, 2021? 4. How much operating income or loss was made in February? (Hint: create the income statement to calculate the operating income.) On February 1, 2021, Company A started with a cash balance of $100,000, the following transactions then took place: • On Feb 2, bought furniture for $7,000 with cash. • On Feb 5, purchased goods with cash for $10,000 to make widgets. • On Feb 15, sold widgets for $15,000 in Accounts Receivable. • On Feb 19, took out a go-day loan for $25,000. • On Feb 28, paid employees $3,000. Please submit an Excel file that includes the answers to all the questions below: 1. Please create a journal entry for all the transactions. What accounts are going to be debited and credited? 2. Please create a balance sheet for February 1, 2021? 3. Please create a balance sheet for Feb 28, 2021? 4. How much operating income or loss was made in February? (Hint: create the income statement to calculate the operating income.)

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Certainly lets go through the transactions and create the journal entries balance sheets for Februar... View the full answer