ASSIGNMENT RESOURCES rehensiv Problem comprehensive Accounting Review 11-2 Review Score Review Results b Study objective Comprehensive Accounting Cycle Review 1 Karen Noonan opened Teal Mountain Inc. on February 1, 2017. During February, the following transactions were completed: Feb. 1 Issued 4,800 shares of Teal Mountain common stock for $10,920. Each share has a $1.50 par 1 Borrowed $7,200 on a 2-year, 6% note payable. aid $9,000 to purchase used floor and window ning equipment from a company going out of business ($4,820 was for the floor equipment and $4,180 for the indow equipment) 1 Paid $180 for February Internet and phone services 3 Purchased cleaning supplies for $820 on account Hired 4 employees. Each will be paid $400 per 5-day work week (Monday- Friday). Employees will begin working Monday, February 9, obtained insurance coverage for $8,640 per year. Coverage runs from February 1, 2017, through January 31, 2018. Karen paid $2,160 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 $3,320 cash Billed customers $3,280 for deaning services performed through February 13, 2017 16 Received $468 from a customer for 4 weeks of deaning services to begin February 21, 2017 17 18 Paid $250 on amount owed on cleaning s paid $3 per share to buy 300 shares of Teal Mountain common stock from a shareholder who disagreed with management goals. The shares will be held as treasury 20 shares, 23 Billed customers $3,610 for cleaning services performed through February 20 Paid cash for employees' wages for 2 weeks (February 9-13 and 16-20). 24 Collected $2,100 cash from cu stomers billed on February 16 25 27 Paid $180 for nternet and phone services for March 28 Declared and paid a cash dividend of $0.15 per share Your answer is correct. Joumalize the February transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Account Titles and Explanation 10920 Feb. 1 Cash Common Stock 7200 3720 Paid-in Capital in Excess (To record issuance of common stock in excess of par) 7200 Feb. 1 Cash 2001 Notes Payable To record Durchase of notes pavable