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 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 account will be adjusted to its proper balance. c. Purchased and received supplies d. Signed a promissory note on February 4, payable in two years; deposited $10,000 in the company's bank account. on February 3 for $300 cash e. On February 5, paid cash to buy equipment for $2,500 and land for $7,500. f. 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 i. On February 9, repaired one of the computers for $120 cash TIP: Most repairs involve costs that do not provide additional future economic benefits. j. Incurred and paid employee wages on February 28 of $420. General General Trial Balance Analysis Requirement Ledger Journal 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 10.0 percent earned by a close competitor 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 Credit Debit $ Cash Accounts Receivable Supplies Prepaid Rent Land Equipment Salaries and Wages Payable Notes Payable long-term) Common Stock Sales Revenue Advertising Expense Repairs and Maintenance Expense Total 13,910 225 300 2,400 7,500 2,500 420 10,000 16,000 1,800 425 120 27,800 $ 27,800 General Ledger Analysis> 2]2]2]2|2]2]2]2]?]2