February Transactions 1-thg 2 Paid six months of rent in advance, $5,100. 4-thg 2 Paid wages...

February Transactions
1-thg 2   Paid six months of rent in advance, $5,100.
4-thg 2   Paid wages and salaries for $2,180, part of which was accrued in January.
7-thg 2   Purchased supplies on account, $810
11-thg 2   Performed car repair services on account, $3,650.
17-thg 2   Collected cash from credit sales made in January and February, $4,560.
20-thg 2   Made a monthly payment on the equipment note, $65.
23-thg 2   Performed car repair services and received cash at the time of sale, $5,430.
25-thg 2   Accrued for the bonus earned by the shop manager that will be paid in April, $975.

February Adjusting Entries
28-thg 2   The estimated depreciation on building and equipment is $770.
28-thg 2   One month of rent has expired, $850.
28-thg 2   The annual interest rate is 4% on all notes and paid quarterly. Round to the nearest dollar.
28-thg 2   The supplies remaining at the end of the month was $840.
28-thg 2   Accrued wages and salaries worked in February that will be paid 3-4, $1,940.
28-thg 2   The estimated income taxes for the month is $505.

Record February transactions in the General Journal and post to the General Ledger.
Record adjusting entries for February in the General Journal and post to the General Ledger.
Prepare the adjusted trial balance as of February 28
Prepare the following February financial statements:
- a) Income Statement for month ended February 28
- b) Statement of Stockholders Equity for month ended February 28
- c) Balance Sheet as of February 28
- 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

Expert Solution

ekkarill92 answered 1 year ago

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