02/18 Wrote off a customer's account in the amount of $1,150. 02/19 $3,200 of rent for January and February was paid. Because all of the rent will soon expire, the February portion of the payment is charged directly to expense. Collected $8,300 of customers' Accounts Receivable. Of the $8,300, the 02/19 discount was taken by customers on $5,000 of account balances; therefore WWC received less than $8,300. 02/26 WWC recovered $430 cash from the customer whose account had previously been written off (see 02/18) 02/27 A $650 utility bill for February arrived. It is due on March 15 and will be paid then. 02/28 WWC declared and paid a $900 cash dividend. Adjusting Entries: 02/29 Record the $2,500 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 of 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). 02/18 Wrote off a customer's account in the amount of $1,150. 02/19 $3,200 of rent for January and February was paid. Because all of the rent will soon expire, the February portion of the payment is charged directly to expense. Collected $8,300 of customers' Accounts Receivable. Of the $8,300, the 02/19 discount was taken by customers on $5,000 of account balances; therefore WWC received less than $8,300. 02/26 WWC recovered $430 cash from the customer whose account had previously been written off (see 02/18) 02/27 A $650 utility bill for February arrived. It is due on March 15 and will be paid then. 02/28 WWC declared and paid a $900 cash dividend. Adjusting Entries: 02/29 Record the $2,500 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 of 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)