All of my journal entries are correct, but it says something is missing in my T-accounts, and i cant figure out what it is i already inputted everything from the journal entries, also in my income statement i cant figure out what i am missing it says its incomplete, so it throws off my net income and i cannot fill it out in the statement of retained earnings, in my balance sheet i don't know what to put in the allowance for doubtful accounts and i think another account is missing there. and for the last part on number 2 i also need help on that one.

[The following information applies to the questions displayed below.] 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 $18,920 Unearned Revenue (30 units) $ * $ 9,950 Accounts Payable (Jan Rent) $1,500 $(1,000) Notes Payable $ 14,500 Inventory (35 units) $ 2,800 Contributed Capital $ 5,200 Retained Earnings - Feb 1, 2012 WWC establishes a policy that it will sell inventory at $165 per unit. In January, WWC received a $4,450 advance for 30 units, as reflected in Unearned Revenue. WWC's February 1 inventory balance consisted of 35 units at a total cost of $2,800. 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 $1,700 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 $1,700 balance to a note, and Kit Kat signs a 6-month note, at 12% annual interest. The principal and all interest will be due and payable to WWC on August 1, 2012. 02/02 20 WWC paid a $600 insurance premium covering the month of February. The amount paid is recorded directly as an expense. Doc An additional 130 units of inventory are purchased on account by WWC for 10 Ah additional 130 units of thventory ale purchased on account by WWL TOP 02/05 $9,750 - terms 2/15, n30. WWC paid Federal Express $260 to have the 130 units of inventory delivered 02/05 overnight. Delivery occurred on 02/06. 02/10 On Sales of 100 units of inventory occurred during the period of 02/07 - 02/10. The sales terms are 2/10, net 30. The 30 units that were paid for in advance and recorded in January are delivered 02/15 to the customer. 15 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 $2,400. 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 $1,100. 02/19 $3,000 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 $8,200 of customers' Accounts Receivable. Of the $8,200, the 02/19 discount was taken by customers on $4,500 of account balances; therefore WWC received less than $8,200. WWC recovered $420 cash from the customer whose account had previously 02/26 2 been written off (see 02/18). 02/27 A $600 utility bill for February arrived. It is due on March 15 and will be paid then. 02/28 WWC declared and paid a $800 cash dividend. Adjusting Entries: 02/29 Record the $2,400 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). No General Journal Credit Date Feb. 1 Debit 1,700 Notes Receivable Accounts Receivable 1,700 Feb. 2 600 Insurance Expense Cash 600 3 Feb. 5 9,750 Inventory Accounts Payable 9,750 4 Feb. 6 260 Inventory Cash 260 16,500 Accounts Receivable Sales Revenue 16,500 6 Feb. 10b 7,805 Cost of Goods Sold Inventory 7,805 7 Feb. 15a 4,450 Unearned Revenue Sales Revenue 4,450 8 Feb. 15b Cost of Goods Sold 2,310 Feb. 15C 1,155 Inventory Cost of Goods Sold 10 Feb. 15d 2,475 Sales Returns and Allowance Accounts Receivable 2,475 11 Feb. 16 2,400 Wages Expense Cash 2,400 12 Feb. 17 Accounts Payable 9,750 Cash 9,555 Inventory 195 13 Feb. 18 1,100 Allowance for Doubtful Accounts Accounts Receivable 1,100 14 Feb. 19a Accounts Payable Rent Expense Cash 1,500 1,500 3,000 15 Feb. 19b Cash Sales Discounts Accounts Receivable 8,110 90 8,200 16 Feb. 26a Accounts Receivable 420 1-b. Post all February entries (transactions and adjustments) to the T-accounts. Cash 18,920 Beg. bal. Beg. bal. Feb. 10a Feb. 26a Accounts Receivable 9,950 16,500 1,700 Feb. 1 2,475 Feb. 15d 1,100 (Feb. 18 8,200 Feb. 196 420 Feb. 26b 600 Feb. 2 260 Feb. 6 2,400 Feb. 16 9,555 Feb. 17 3,000 Feb. 19a 800 Feb. 28 420 Feb. 19b Feb. 26b End. bal. 8,110 420 10,835 End. bal. 12,975 1,000 Allowance for Doubtful Accounts Beg. bal. Feb. 18 T 1,100 420 Feb. 26a 718 Feb. 29b Inventory 2,800 9,750 260 1,155 Beg. bal. Feb. 5 Feb. 6 Feb. 15c Feb 29b 1 7,805 Feb. 10b 2,310 Feb. 15b 195 Feb. 17 End. bal. 1,038 End. bal. 3,655 Notes Receivable Interest Receivable Beg. bal. Feb. 1 Beg. bal. Feb. 29d 1,700 End. bal. 5,020 End. bal. 800 Sales Revenue Sales Returns & Allowances Beg. bal. Beg. bal. Feb. 150 N 2,475 16,500 Feb. 10a 4,450 Feb. 15a End. bal. 20,950 End. bal. 2,475 Sales Discounts Cost of Goods Sold Beg. bal. Feb. 19b 90 Beg. bal. Feb. 10b Feb. 15b 1,155 Feb. 15c 7,805 2,310 End. bal. 90 End. bal. 8,960 Interest Revenue Bad Debt Expense Beg. bal. Beg. bal. Feb. 29b 17 Feb. 29d 718 End. bal. End. bal. 718 Insurance Expense Interest Expense Beg. bal. Beg. bal. End. bal. End. bal. 718 Insurance Expense Interest Expense Beg. bal. Feb. 2 Beg. bal. Feb. 290 600 145 End. bal. 600 End. bal. 145 Rent Expense Utility Expense Beg. bal. Feb. 19a Beg. bal. Feb. 27 1,500 600 End. bal. 1,500 End. bal. 600 Wages Expense Beg. bal. Feb. 29a Feb. 16 2,400 2,400 4,800 End. bal. 1,700 End. bal. Beg. bal. Feb. 19a Feb. 17 Accounts Payable 1,500 1,500 9,750 Feb. 5 9,750 600 Feb. 27 Beg. bal. Feb. 15a Unearned Revenue 4,450 4,450 I End. bal. 600 End. bal. Wages Payable Interest Payable Beg. bal. Beg. bal. 2,400 Feb. 29a 145 (Feb. 29c End. bal. 2,400 End. bal. 145 Notes Payable 14,500 Contributed Capital 5,200 Beg. bal. Beg. bal. End. bal. 14,500 End. bal. 5,200 Dividends Declared Retained Earnings 5,020 Beg. bal. Beg. bal. Feb. 28 800 WWC, Inc. Income Statement For the Month Ended February 29 Revenues $ 20,950 2,475 Sales Revenue Less: Sales Returns and Allowances Less: Sales Discounts Net Sales 90 18,385 Gross Profit $ 18,385 Expenses 600 4,800 718 Insurance Expense Wages Expense Bad Debt Expense Rent Expense Utility Expense Interest Expense 1,500 600 145 Total Expenses 8,363 Net Income | $ 10,022 WWC, Inc. Statement of Retained Earnings For the Month Ended February 29 Retained Earnings, Beginning of Period $ Add: Net Income Less: Dividends Retained Earnings, End of Period 5,020 800 www, Inc. Balance Sheet Assets Liabilities Current Assets Cash $ $ Current Liabilities | Accounts Payable Wages Payable Interest Payable 10,835 1,700 3,655 12,975 600 2,400 145 Notes Receivable Inventory Accounts Receivable Allowance for Doubtful Accounts Interest Receivable 17 Total Current Assets $ 29,182 Total Current Liabilities $ 3,145 Total liabilities 3,145 Stockholders' Equity 5,200 Contributed Capital Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 5,200 8,345 Total Assets $ 29,182 | $ T TTT 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 View journal entry worksheet No Transaction General Journal Debit Credit Sales Revenue Interest Revenue No Transaction Recorded