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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,

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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 $28,000 to form the corporation; issued 1,000 shares of commor stock b. Paid $2,970 cash on February 2 for three months' 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 accoun will be adjusted to its proper balance. c. Purchased and received supplies on February 3 for $655 cash. d. Signed a promissory note on February 4, payable in two years: deposited $19,300 in the company's bank account. e. On February 5. paid cash to buy equipment for $8,000 and land for $11,300. 1. Placed an advertisement in the local paper on February 6 for $705 cash. g. Recorded sales on February 7 totaling $3,450; 1,680 was in cash and the rest on accounts receivable, h. Collected accounts receivable of $115 from customers on February 8. 1.On February 9, repaired one of the computers for $170 cash, TIP: Most repairs involve costs that do not provide additional future economic benefits. J. Incurred and paid employee wages on February 28 of 5715 Requirement General Journal General Ledger Trial Balance Analysis Prepare the journal entries to record the transactions (a) through 0). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet 2 3 4 5 6 7 8 9 10 > Received shareholders' cash contributions on February 1 totaling $28,000 to form the corporation; issued 1,000 shares of common stock. Record the transaction Note: Enter debits before credits. General Journal Date Feb 01 Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 6 7 8 9 10 > Paid $2,970 cash on February 2 for three months' rent for office space. Record the transaction. Note: Enter debits before credits. Date General Journal Debit Credit Feb 02 Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 6 7 8 910 > Purchased and received supplies on February 3 for $655 cash. Record the transaction. Note: Enter debits before credits. Date General Journal Debit Credit Feb 03 Record entry Clear entry View general journal Journal entry worksheet Signed a promissory note on February 4, payable in two years; deposited $19,300 in the company's bank account. Record the transaction. Note: Enter debits before credits. Date General Journal Debit Credit Feb 04 Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 6 7 8 9 10 > On February 5, paid cash to buy equipment for $8,000 and land for $11,300. Record the transaction. Note: Enter debits before credits. Date General Journal Debit Credit Feb 05 Record entry Clear entry View general journal Journal entry worksheet 6 Placed an advertisement in the local paper on February 6 for $705 cash. Record the transaction. Note: Enter debits before credits. Date General Journal Debit Credit Feb 06 Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 6 7 8 9 10 > Recorded sales on February 7 totaling $3,450; $1,680 was in cash and the rest on accounts receivable. Record the transaction. Note: Enter debits before credits. General Journal Debit Credit Date Feb 07 Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 6 7 8 8 9 10 > Collected accounts receivable of $115 from customers on February 8. Record the transaction. Note: Enter debits before credits. Date General Journal Debit Credit Feb 08 Record entry Clear entry View general journal Journal entry worksheet On February 9, repaired one of the computers for $170 cash. Record the transaction. Note: Enter debits before credits. Date General Journal Debit Credit Feb 09 Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 6 7 8 9 10 Incurred and paid employee wages on February 28 of $715. Record the transaction. Note: Enter debits before credits. Date General Journal Debit Credit Feb 28 Record entry Clear entry View general journal Requirement General Journal General Ledger Trial Balance Analysis The ending balance values from the General Ledger tab flows through to the Trial Balance below. BARB'S BOOK BUSINESS Trial Balance February 28, 2019 Account Title Total Debit Credit 05 Requirement General Journal General Ledger Trial Balance Analysis 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 to 1 decimal place.) Preliminary Net Income Net Profit Margin % Determine whether the net profit margin is better or worse than the 19 percent earned by a close competitor

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