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4 part question. if you can please write on the spaces in the photos? thanks! Barbara Jones opened Barb's Book Business on February 1. You

4 part question. if you can please write on the spaces in the photos? thanks! image text in transcribed
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Barbara Jones opened Barb's Book Business on February 1. You have been hired to maintain the ompanys financial records. The following transactions occurred in February, the first month of operations. 1. Received shareholders' cash contributions on February 1 totaling $16,000 to form the corporation issued 1,000 shares of common stock Paid $2,400 cash on February 2 for three months rent for office space. TIP For convenience, simply record the full amount end of the month, this account will be adjusted to its proper balance 3. Purchased supplies on February 3 for $300 cash. 4. Signed a promissory note on February 4, payable in two years, deposited $10.000 in the company's bank account. 5. On February 5, purchased equipment for $2 500 and land for $7,500 6. Placed an advertisement in the local paper on February 6 for $425 cash 7. Recorded sales on February 7 totaling $1,800 $1/525 was in cash and the rest on accounts receivable. 8. Collected accounts receivable of $50 from customers on February 8 9 On February 9, repaired one of the computers for $120 cash TIP: Most repairs involve costs that do not provide additional future economic benefits 10. Incurred and paid employee wages on February 28 of $420 2 of the payment as an asset (Prepaid Rent) At the Required: 1 1. Prepare the journal entry for each of the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Post the transaction activity from requirement 1 to the T-Accounts belo.Al accounts begin with zero balances because this is the first month of operations Beg. Bal Beg. Bal End. Bal End. Bal Supplies repa Beg Bal Beg. Bal End Bal End Bal qu arn Beg Bal Beg Bal End Bal End Bal Parable Beg. Bal Beg. Bal End. Bal End. Bal Service Revenue Advertising Expense Beg. Bal Beg. Bal End. Bal End. Bal Repairs & Maintenance Expense Salaries and Wages Expense Beg. Bal Beg. Bal End. Bal End. Bal 3. Prepare an unadjusted trial balance at the end of February BARB'S BOOK BUSINESS Unadjusted Trial Balance Account Name DebitCredit Cash Accounts Receivable Supplies Prepaid Rent Land Equipment Notes Payable (long-term) Common Stock Service Revenue Advertising Expense Salaries and Wages Expense Repairs and Maintenance Expense Total 4-a. Refer to the revenues and expenses shown on the unadjusted trial balance Based on this information calculate preliminary net income and net profit margin? (Round your Net Profit Margin answer ton decimal place.) et ar 4.b. Determine whether the net profit margin is better or worse than the 10 0 percent earned by a close competitor INE) Better Worse Barbara Jones opened Barb's Book Business on February 1. You have been hired to maintain the ompanys financial records. The following transactions occurred in February, the first month of operations. 1. Received shareholders' cash contributions on February 1 totaling $16,000 to form the corporation issued 1,000 shares of common stock Paid $2,400 cash on February 2 for three months rent for office space. TIP For convenience, simply record the full amount end of the month, this account will be adjusted to its proper balance 3. Purchased supplies on February 3 for $300 cash. 4. Signed a promissory note on February 4, payable in two years, deposited $10.000 in the company's bank account. 5. On February 5, purchased equipment for $2 500 and land for $7,500 6. Placed an advertisement in the local paper on February 6 for $425 cash 7. Recorded sales on February 7 totaling $1,800 $1/525 was in cash and the rest on accounts receivable. 8. Collected accounts receivable of $50 from customers on February 8 9 On February 9, repaired one of the computers for $120 cash TIP: Most repairs involve costs that do not provide additional future economic benefits 10. Incurred and paid employee wages on February 28 of $420 2 of the payment as an asset (Prepaid Rent) At the Required: 1 1. Prepare the journal entry for each of the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Post the transaction activity from requirement 1 to the T-Accounts belo.Al accounts begin with zero balances because this is the first month of operations Beg. Bal Beg. Bal End. Bal End. Bal Supplies repa Beg Bal Beg. Bal End Bal End Bal qu arn Beg Bal Beg Bal End Bal End Bal Parable Beg. Bal Beg. Bal End. Bal End. Bal Service Revenue Advertising Expense Beg. Bal Beg. Bal End. Bal End. Bal Repairs & Maintenance Expense Salaries and Wages Expense Beg. Bal Beg. Bal End. Bal End. Bal 3. Prepare an unadjusted trial balance at the end of February BARB'S BOOK BUSINESS Unadjusted Trial Balance Account Name DebitCredit Cash Accounts Receivable Supplies Prepaid Rent Land Equipment Notes Payable (long-term) Common Stock Service Revenue Advertising Expense Salaries and Wages Expense Repairs and Maintenance Expense Total 4-a. Refer to the revenues and expenses shown on the unadjusted trial balance Based on this information calculate preliminary net income and net profit margin? (Round your Net Profit Margin answer ton decimal place.) et ar 4.b. Determine whether the net profit margin is better or worse than the 10 0 percent earned by a close competitor INE) Better Worse

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