I need part D I need part D History Bookmarks People Window Help Kimmel, Financi
ID: 2586089 • Letter: I
Question
I need part D I need part D History Bookmarks People Window Help Kimmel, Financial Accounting, Be, Custom for University of Akron Helo I System Announcements Comprehensive Accounting Cycle Review 11-2 (Part Level Submission) Karen Noonan opened Larkspur Ine. on February 1, 2017. During February, the following trensactions were completed: Issued 4,000 shares of Larkspur common stock for $9,880. tach share has a $1.50 par 1 Feb. L Borrowed $7,200 on a 2-year, 6% note payable. Pad $6,860 to purchase used foor and window cleaning equipment from a company going out of business ($3,280 wes for the floor equipment and $3,ss0 for the Paid $170 for February Imtemet and phone services. 3 Purchased cleening supplies for $740 on account 4 Hred 4 empioyees. Each wa be pad S360 per s-aay won w (Moday. rndty). Employees wil begin working Honcev, February 9. Osta ned insurance coverage for $9,840 per year. Coverage runs from February t, 2017, trough January 31, 2018. Karen pa d $2.460 cash for the frst quarter of 5 Discussions with the injurance agent indicated that providing outside window cleaning services wouid cost too much to insure. Karen sold the window cleaning 16 Biled customers $2,960 for cleaning services performed through February 13, 2017 17 Recerved S432 homcustomer for 4 weeks of cleenne services to begin Fenary 21. 2017. 8 Paid 5230 on amount owed on cleaning supplies 20 Paid 3 per share to buy 300 shares of Larksour common sock from a sharehoider who disagreed with management gos. The shares wit be held as treesury shares 23 Biled customers $3,270 for cleaning services perfarmed bhrough Pebruary 20. 24 Paid cash for employees" wages for 2 weeks (February 9-13 and 16-20) 5 Collecbed $1,900 cash from oustomers biled on February 16. 27 Peild $370 for Irnernet and phone services for March 2B Declared and paidcash dndend of 50.15 per share. -eur answer is corret MacBook Air 5 6 0Explanation / Answer
Journal entities :
P&L Account :
Date Particulars Debit Credit 27-Feb-17 Debtors account Dr. 2,890 To Revenue account 2,890 27-Feb-17 Revenue account dr. 2,890 To P&L account 2,890 10-Feb-17 Bad debts account dr. 220 To Debtors account 220 10-Feb-17 P&L account Dr. 220 To Bad debts account 220 28-Feb-17 P&L account Dr. 80 To Provision for Bad debts account 80 (Month end debtors = 2890-220=2670) provision @3% on 2670 Depreciation account dr. 68.33 To floor equipment account 68.33 (3280/4=820/12=68.33) P&L account dr. 68.33 To depreciation account 68.33 P&L account dr. 820 To insurance expenses 820 (9840/12) Advance account dr. 108 To Debtors account 108 (432/4=108) P&L account dr. 1,440 To wages outstanding 1,440 (360*4) P&L account dr. 36 To interest outstanding 36 (7200*6%/12)