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Accounting help please. Thank you in advance. Wally's Widget Company (WWC) incorporated near the end of 2011. Operations began in January of 2012. WWC prepares

Accounting help please. Thank you in advance.
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Wally's Widget Company (WWC) incorporated near the end of 2011. Operations began in January of 2012. WWC prepares adjusting entries and financial statements at the end of each month. Balances in the accounts at the end of January are as follows: Cash Accounts Receivable Allowance for Doubtful Accounts Inventory (45 units) $19,970 Unearned Revenue (40 units) $ 4,800 $11,000 Accounts Payable (Jan Rent) $ 2,200 $(1,350) Notes Payable 14,500 $ 3,150 Contributed Capital 5,900 Retained Earnings - Feb 1, 5,370 $ 2012 $ . WwC establishes a policy that it will sell inventory at $165 per unit. In January, WWC received a $4,800 advance for 40 units, as reflected in Unearned Revenue. WWC's February 1 inventory balance consisted of 45 units at a total cost of $3,150. WWC's note payable accrues interest at a 12% annual rate. WWC will use the FIFO inventory method and record COGS on a perpetual basis. February Transactions Included in WWC's February 1 Accounts Receivable balance is a $1,500 account due from Kit Kat, a WWC customer. Kit Kat is having cash flow problems and 02/01 cannot pay its balance at this time. WWC arranges with Kit Kat to convert the $1,500 balance to a note, and Kit Kat signs a 6-month note, at 10% annual interest. The principal and all interest will be due and payable to WWC on August 1, 2012 02/02 wwc paid a $500 insurance premium covering the month of February. The amount paid is recorded directly as an expense. An additional 200 units of inventory are purchased on account by WwC for 02/05 $15,000 - terms 2/15, n30. 02/05 WWC paid Federal Express $200 to have the 200 units of inventory delivered overnight. Delivery occurred on 02/06. Sales of 170 units of inventorv occurred during the period of 02/07 - 02/10. The ard ASAP Gmail h Hulu Netflix HBO Max ACC/ECO Seved February Transactions Included in WWC's February 1 Accounts Receivable balance is a $1,500 account due from Kit Kat, a WWC customer. Kit Kat is having cash flow problems and 02/01 cannot pay its balance at this time, wwc arranges with Kit Kat to convert the $1,500 balance to a note, and Kit Kat signs a 6-month note, at 10% annual interest. The principal and all interest will be due and payable to WWC on August 1.2012 02/02 Wwc paid a $500 insurance premium covering the month of February. The 02/05 An additional 200 units of inventory are purchased on account by WwC for $15,000 - terms 2/15, n30. 02/05 WWC paid Federal Express $200 to have the 200 units of inventory delivered overnight. Delivery occurred on 02/06. 02/10 Sales of 170 units of inventory occurred during the period of 02/07 - 02/10. The sales terms are 2/10, net 30. 02/15 The 40 units that were paid for in advance and recorded in January are delivered to the customer 30 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 paid is $3,100. Paid 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 $1,450. $4,400 of rent for January and February was paid. Because all of the rent will 02/19 soon expire, the February portion of the payment is charged directly to expense. Collected $8,900 of customers' Accounts Receivable. Of the $8,900, the 02/19 discount was taken by customers on $5,000 of account balances; therefore WwC received less than $8,900. 02/26 WWC recovered $490 cash from the customer whose account had previously been written off (see 02/18). 02/27 A $400 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 $3,100 employee salary that is owed but will be paid March 1. WWC decides to use the aging method to estimate uncollectible accounts. WWC Prey 1 of 1 25 Adjusting Entries: 02/29 Record the $3,100 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 6% 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). Required: 1-a. 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.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 23 > Included in WWC's February 1 Accounts Receivable balance is a $1,500 account due from Kit Kat, a WWC customer. Kit Kat is having cash flow problems and cannot pay its balance at this time. WwC arranges with Kit Kat to convert the $1,500 balance to a note, and Kit Kat signs a 6-month note, at Note: Enter debits before credits. Date General Journal Debit Credit Feb. 1 Record entry Clear entry View general Journal 1-b. Post all February entries (transactions and adjustments) to the T-accounts. Cash Accounts Receivable Beg bal tieg bei End, bol Endal Allowance for Doubtful Accounts Beg tal Beg tal Endbal Endbol Notes Receivable Intrat Receivable Beg bal Beg bol End bal Endbal Accounts Payable Une med Revenge Beg bal Beghal End Endal 25 Required information Enda and bat Notes Payable Contributed Capital Begbal Beg bal End, bal End, bal Retained Earnings Dividends Declared Begbal Beg.ba End, bal End. bal. Sales Revenue Sales Retums & Allowances Beg bal Begal End bal End, al Sales Discounts Cost of Goods Sold Beg bal Beg bat Endbal End, hal Interest Revenue Bed Debt Expense Begbal Beg, hal Endal Endbal Insurance Expense Interest Expense Beg bal Beg, hal Required information Rent Expense ty Expense Beg bal Beg bal End, bal End, bal Wages Expense Beg bal te. Prepare the financial statements at the end of February (Balance Sheet only, items to be deducted must be indicated with a negative amount) wwc, Inc Income Statement WWC, Inc. Statement of Retained Earnings Retained Earnings, Beginning of Period Retained Earnings, End of Period Required information www.Inc. Balance Sheet Assets Liabilities Current Assets Current Liabilities Total Current Assets $ 0 Total Current Liabilities 0 Total liabilities 0 Stockholders' Equity O Total Stockholders' Equity Total Liabilities and Stockholders' Equity Total Assets $ 2. Prepare all February 29 closing entries for WWC. Post to the T-Accounts in requirement 1-b. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet

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