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 $22,000 to form the corporation; issued 1,000 shares of common stock b. Paid $3.150 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 on February 3 for $535 cash d. Signed a promissory note on February 4, payable in two years, deposited $14,800 in the company's bank account. e. On February 5, paid cash to buy equipment for $2,800 and land for $12,000. f Placed an advertisement in the local paper on February 6 for $755 cash. g. Recorded sales on February 7 totaling $2,750; $2,250 was in cash and the rest on accounts receivable. h.Collected accounts receivable of $105 from customers on February 8. On February 9, repaired one of the computers for $125 cash TIP: Most repairs involve costs that do not provide additional future economic benefits. Incurred and paid employee wages on February 28 of $760. Required: 1. Prepare the journal entry for each of the above transactions. 2. Post the transaction activity from requirement 1 to the T-Accounts below. All accounts begin with zero balances because this is the first month of operations. 3. Prepare an unadjusted trial balance at the end of February. 4-a. Refer to the revenues and expenses shown on the unadjusted trial balance. Based on this information, calculate preliminary net income and net profit margin? 4-b. Determine whether the net profit margin is better or worse than the 16 percent earned by a close competitor. unadjusted trial balance at the end of February. Prepare an BARB'S BOOK BUSINESS Unadjusted Trial Balance At February 28 Credit Account Name Debit Cash $ 19,810 X Accounts Receivable 500 X Supplies 535 Prepaid Rent Land 3,150 12,000 Equipment Notes Payable (long-term) Common Stock Sales Revenue Advertising Expense 2,800 14,800 22,000 2,750 755 Salaries and Wages Expense 0 X Repairs and Maintenance Expense 0X $ 39,550 $ 39,550 Total Req 2 Req 4A Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 Req 4A Reg 4B 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 1,995 X $ % Req 4B Req 3