Question: Please help! It would be greatly appreciated! Comprehensive Accounting Cycle Review 11-2 Karen Noonan opened Larkspur Inc. on February 1, 2017. During February, the following

Please help! It would be greatly appreciated!

Please help! It would be greatly appreciated! Comprehensive Accounting Cycle Review 11-2Karen Noonan opened Larkspur Inc. on February 1, 2017. During February, thefollowing transactions were completed: Feb. 1 Issued 4,000 shares of Larkspur commonstock for $13,260. Each share has a $1.50 par. Borrowed $8,000 ona 2-year, 6% note payable Paid $9,200 to purchase used floor andwindow cleaning equipment from a company going out of business ($5,120 wasfor the floor equipment and $4,080 for the window equipment) 1 1

Comprehensive Accounting Cycle Review 11-2 Karen Noonan opened Larkspur Inc. on February 1, 2017. During February, the following transactions were completed: Feb. 1 Issued 4,000 shares of Larkspur common stock for $13,260. Each share has a $1.50 par. Borrowed $8,000 on a 2-year, 6% note payable Paid $9,200 to purchase used floor and window cleaning equipment from a company going out of business ($5,120 was for the floor equipment and $4,080 for the window equipment) 1 1 Paid $220 for February Internet and phone services 3 Purchased cleaning supplies for $1,000 on account 4. Hired 4 employees. Each will be paid $490 per 5-day work week (Monday- Friday). Employees will begin working Monday, February 9 Obtained insurance coverage for $11,040 per year. Coverage runs from February 1, 2017, through January 31, 2018. Karen paid $2,760 cash for the first quarter of coverage. 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 $4,030 cash Billed customers $3,980 for cleaning services performed through February 13, 2017. Received $540 from a customer for 4 weeks of cleaning services to begin February 21, 2017. Paid $310 on amount owed on cleaning supplies Paid $3 per share to buy 300 shares of Larkspur common stock from a shareholder who disagreed with management goals The shares will be held as treasury shares. 5 5 16 17 18 23Billed customers $4,390 for cleaning services performed through February 20 24 Paid cash for employees' wages for 2 weeks (February 9-13 and 16-20) 25 Collected $2,550 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 $0.15 per share lournalize the February transactions. (Credlit account titles are automatically indented when amount is entered. Do not Comprehensive Accounting Cycle Review 11-2 Karen Noonan opened Larkspur Inc. on February 1, 2017. During February, the following transactions were completed: Feb. 1 Issued 4,000 shares of Larkspur common stock for $13,260. Each share has a $1.50 par. Borrowed $8,000 on a 2-year, 6% note payable Paid $9,200 to purchase used floor and window cleaning equipment from a company going out of business ($5,120 was for the floor equipment and $4,080 for the window equipment) 1 1 Paid $220 for February Internet and phone services 3 Purchased cleaning supplies for $1,000 on account 4. Hired 4 employees. Each will be paid $490 per 5-day work week (Monday- Friday). Employees will begin working Monday, February 9 Obtained insurance coverage for $11,040 per year. Coverage runs from February 1, 2017, through January 31, 2018. Karen paid $2,760 cash for the first quarter of coverage. 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 $4,030 cash Billed customers $3,980 for cleaning services performed through February 13, 2017. Received $540 from a customer for 4 weeks of cleaning services to begin February 21, 2017. Paid $310 on amount owed on cleaning supplies Paid $3 per share to buy 300 shares of Larkspur common stock from a shareholder who disagreed with management goals The shares will be held as treasury shares. 5 5 16 17 18 23Billed customers $4,390 for cleaning services performed through February 20 24 Paid cash for employees' wages for 2 weeks (February 9-13 and 16-20) 25 Collected $2,550 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 $0.15 per share lournalize the February transactions. (Credlit account titles are automatically indented when amount is entered. Do not

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!