02/02 WWC paid a $650 Insurance premium covering the month of February. The amount paid is recorded directly as an expense. 02/05 An additional 180 units of Inventory are purchased on account by WwC for $13,500 -terms 2/15, n30. 02/05 WWC paid Federal Express $360 to have the 180 units of Inventory delivered overight. Delivery occurred on 02/06. 02/10 Sales of 150 units of Inventory occurred during the period of 02/07 - 02/10. The sales terms are 2/10, net 30. The 30 units that were paid for in advance and recorded in January are delivered to the customer. 25 units of the Inventory that had been sold on 2/10 are returned to WWC. The 02/15 units are not damaged and can be resold. Therefore, they are returned to Inventory. Assume the units returned are from the 2/05 purchase 02/16 WWC pays the first 2 weeks wages to the employees. The total pald Is $2.800. Pald In full the amount owed for the 2/05 purchase of Inventory WwC records 02/17 purchase discounts in the current period rather than as a reduction of Inventory costs. 02/18 Wrote off a customer's account in the amount of $2,000. 02/19 $6,600 of rent for January and February was pald. Because all of the rent will soon expire, the February portion of the payment is charged directly to expense. Collected $10,000 of customers' Accounts Receivable. Or the $10,000, the 02/19 discount was taken by customers on $8,000 of account balances, therefore WWC received less than $10,000. WWC recovered $600 cash from the customer whose account had previously 02120 been written off (see 02/18). 02/27 A $950 utility bill for February arrived. It is due on March 15 and will be paid then. 02/28 WWC declared and paid a $950 cash dividend. Adjusting Entries: 02/29 Record the $2,800 employee salary that is owed but will be paid March 1 WwC decides to use the aging method to estimate uncollectible accounts. WWC 02/29 determines 8% of the ending balance is the appropriate end of February estimate or uncollectible accounts. 02/29 Record February interest expense accrued on the note payable 02/29 Record one month's interest earned Kit Kat's note (see 02/01). Required: 1-0. Prepare all February journal entries and adjusting entries. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) 02/02 WWC paid a $650 Insurance premium covering the month of February. The amount paid is recorded directly as an expense. 02/05 An additional 180 units of Inventory are purchased on account by WwC for $13,500 -terms 2/15, n30. 02/05 WWC paid Federal Express $360 to have the 180 units of Inventory delivered overight. Delivery occurred on 02/06. 02/10 Sales of 150 units of Inventory occurred during the period of 02/07 - 02/10. The sales terms are 2/10, net 30. The 30 units that were paid for in advance and recorded in January are delivered to the customer. 25 units of the Inventory that had been sold on 2/10 are returned to WWC. The 02/15 units are not damaged and can be resold. Therefore, they are returned to Inventory. Assume the units returned are from the 2/05 purchase 02/16 WWC pays the first 2 weeks wages to the employees. The total pald Is $2.800. Pald In full the amount owed for the 2/05 purchase of Inventory WwC records 02/17 purchase discounts in the current period rather than as a reduction of Inventory costs. 02/18 Wrote off a customer's account in the amount of $2,000. 02/19 $6,600 of rent for January and February was pald. Because all of the rent will soon expire, the February portion of the payment is charged directly to expense. Collected $10,000 of customers' Accounts Receivable. Or the $10,000, the 02/19 discount was taken by customers on $8,000 of account balances, therefore WWC received less than $10,000. WWC recovered $600 cash from the customer whose account had previously 02120 been written off (see 02/18). 02/27 A $950 utility bill for February arrived. It is due on March 15 and will be paid then. 02/28 WWC declared and paid a $950 cash dividend. Adjusting Entries: 02/29 Record the $2,800 employee salary that is owed but will be paid March 1 WwC decides to use the aging method to estimate uncollectible accounts. WWC 02/29 determines 8% of the ending balance is the appropriate end of February estimate or uncollectible accounts. 02/29 Record February interest expense accrued on the note payable 02/29 Record one month's interest earned Kit Kat's note (see 02/01). Required: 1-0. Prepare all February journal entries and adjusting entries. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.)