28 Declared and paid a cash dividend of $0 20 per share Instructions: (a) Journalize the February transactions. (You do not need to include an explanation for each jourmal entry) (b) Post to the ledger accounts (Use T-accounts) (c) Prepare a trial balance at February 28, 2017 (d) Joumalize the following adjustments (Round all amounts to whole dollars) 1. Services performed for customers through February 27, 2017, but unbilled and uncollected were $3,800 Received notice that a customer who was billed $200 for services performed February 10 has filed for bankruptcy Clean Sweep does not expect to collect any portion of this outstanding receivable. 3. Clean Sweep uses the allowance method to estimate bad debts Clean Sweep estimates that 3% of its month-end receivables will not be collected Record 1 month of depreciation for the floor equipment Use the straight-line method, an estimated life of 4 years, and $500 salvage value. 5. Record 1 month of insurance expense 6. An inventory count shows $400 of supplies on hand at February 28. 7. One week of services were performed for the customer who paid in advance on February 17 8. Accrue for wages owed through February 28, 2017 9. Accrue for interest expense for 1 month 10 Karen estimates a 20% income tax rate. (e) Post adjusting entries to the T accounts. (f) Prepare an adjusted trial balance (G) Prepare a multiple-step income statement, a retained earnings statement, and a properly classified balance sheet as of February 28, 2017 th) Journalize closing entries Chapter 11, Problem ACR11-2 Karen Noonan opened Clean Sweep Inc on February 1, 2017 During February, the following transactions were completed Feb. 1 Issued 5,000 shares of Clean Sweep common stock for $13,000 Each share has a $1.50 par 1 Borrowed $8,000 on a 2-year, 6% note payable. 1 Paid $9,020 to purchase used floor and window cleaning equipment from a company going out of business ($4,820 was for the floor equipment and $4,200 for the window equipment) 1 Paid $220 for February Intermet and phone services 3 Purchased cleaning supplies for $980 on account 4 Hired 4 employees. Each will be paid $480 per 5-day work week (Monday Friday) Employees will begin working Monday, February 9 5 Obtained insurance coverage for $9 840 per year Coverage runs from February 1, 2017, through January 31, 2018. Karen paid $2,460 cash for the first quarter of coverage 5 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 $3,950 cash 16 Billed customers $3,900 for cleaning services performed through February 13, 2017 17 Received $540 from a customer for 4 weeks of cleaning services to begin February 21, 2017 (By paying in advance, this customer receved 10% off the normal weekly fee of $150 ) 8 Paid $300 on amount owed on cleaning supplies 20 Paid $3 per share to buy 300 shares of Clean Sweep common stock from a shareholder who disagreed with management goals. The shares will be held as treasury shares 23 Billed customers $4,300 for cleaning services performed through February 20. 24 Paid cash for employees' wages for 2 weeks (February 9-13 and 16 20) 25 Collected $2,500 cash from customers billed on February 16 27 Paid $220 for Intemet and phone services for March. 28 Declared and paid a cash dividend of $0.20 per share