According to the revenue recognition principle, revenues should be recognized when or as the company performs acts promised to the customer. For many businesses, this condition is met at the point of delivery of goods or services. The following transactions occurred in September: Required: For each of the transactions, If revenue is to be recognized in September, indicate the amount. (Enter your answers in dollars but not in millions.) Prepare the journal entry for each of the above transactions. (If no entry is required for a transaction/event, select "No Required" in the first account field.) Barbara Jones opened Barb's Book Business on February 1. You have been hired to maintain the company's financial records. The following transactions occurred in February, the first month of operations. a. Received shareholders' cash contributions on February 1 totaling $16,000 to form the corporation; issued 1,000 shares of common stock. b. Paid $2,400 cash on February 2 for three month' rent for office space. TIP. For convenience, simply record the full amount of the payment as an asset (Prepaid Rent). At the end of the month, this account will be adjusted to its proper balance. c. Purchased and received supplies on February 3 for $300 cash d. Signed a promissory note on February 4 , payable in two years; deposited $10,000 in the company's bank account. e. On February 5 , paid cash to buy equipment for $2,500 and land for $7,500. t. Placed an advertisement in the local paper on February 6 for $425 cash. g. Recorded sales on February 7 totaling $1,800;$1,525 was in cash and the rest on accounts receivable. h. Collected accounts receivable of $50 from customers on February 8. 1. On February 9, repaired one of the computers for $120 cash. TIP: Most repairs involve costs that do not provide additional future economic benefits. 1. Incurred and paid employee wages on February 28 of $420. Required: 1. Prepare the journal entry for each of the above transactions. 2. Post the transaction activity from requirement 1 to the T-Accounts below. All accounts begin with zero balances because this is the first month of operations. 3. Prepare an unadjusted trial balance at the end of February. 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? 4-b. Determine whether the net profit margin is better or worse than the 10.0 percent earned by a close competitor. Complete this question by entering your answers in the tabs below. Prepare the journal entry for each of the above transactions. (If no entry is required for a transaction/event, select "No Jo Required" in the first account field.) According to the revenue recognition principle, revenues should be recognized when or as the company performs acts promised to the customer. For many businesses, this condition is met at the point of delivery of goods or services. The following transactions occurred in September: Required: For each of the transactions, If revenue is to be recognized in September, indicate the amount. (Enter your answers in dollars but not in millions.) Prepare the journal entry for each of the above transactions. (If no entry is required for a transaction/event, select "No Required" in the first account field.) Barbara Jones opened Barb's Book Business on February 1. You have been hired to maintain the company's financial records. The following transactions occurred in February, the first month of operations. a. Received shareholders' cash contributions on February 1 totaling $16,000 to form the corporation; issued 1,000 shares of common stock. b. Paid $2,400 cash on February 2 for three month' rent for office space. TIP. For convenience, simply record the full amount of the payment as an asset (Prepaid Rent). At the end of the month, this account will be adjusted to its proper balance. c. Purchased and received supplies on February 3 for $300 cash d. Signed a promissory note on February 4 , payable in two years; deposited $10,000 in the company's bank account. e. On February 5 , paid cash to buy equipment for $2,500 and land for $7,500. t. Placed an advertisement in the local paper on February 6 for $425 cash. g. Recorded sales on February 7 totaling $1,800;$1,525 was in cash and the rest on accounts receivable. h. Collected accounts receivable of $50 from customers on February 8. 1. On February 9, repaired one of the computers for $120 cash. TIP: Most repairs involve costs that do not provide additional future economic benefits. 1. Incurred and paid employee wages on February 28 of $420. Required: 1. Prepare the journal entry for each of the above transactions. 2. Post the transaction activity from requirement 1 to the T-Accounts below. All accounts begin with zero balances because this is the first month of operations. 3. Prepare an unadjusted trial balance at the end of February. 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? 4-b. Determine whether the net profit margin is better or worse than the 10.0 percent earned by a close competitor. Complete this question by entering your answers in the tabs below. Prepare the journal entry for each of the above transactions. (If no entry is required for a transaction/event, select "No Jo Required" in the first account field.)