Comprehensive Accounting Cycle Review 11-2 (Part Level Submission) Karen Noonan opened Kingbird Inc. on February 1, 2017. During February, the following transactions were completed Issued 5,000 shares of Kingbird common stock for $9,620. Each share has a $1.50 par. Borrowed $6,600 on a 2-year, 6% note payable. Feb. 1 and $3,090 for the wind Paid $6,670 to purchase used floor and window dleaning equipment from a company going out of business ($3,580 was for the floor equipment Paid $6,570 to purchase equipment) 1 Paid $160 for February Internet and phone services. 3 Purchased cleaning supplies for $730 on account be paid $360 per 5-day work week (Monday- Fridav). Employees will begin working Monday, February 9. ceained insurance coverage for S8,640 per year. Coverage runs from February 1, 2017, through lanuary j, 2018. karen pad S2.60 ash for the first aua ta ofcoen 5 s cated that providing outside window cleaning services would cost too much to insure. Karen sold the window cleaning equipment Discussions with the insurance agent indic $2,920 cash. 16 Billed customers $2,890 for cleaning services performed through February 13, 2017 17 Received $432 from a customer for 4 weks of deaning services to begin February 21, 2017. 18 Paid $220 on amount awed on cleaning supplies 20 Paid $3 per share to buy 300 shares of Kingbird common stock from a s 23 Billed customers $3,180 for dleaning services performed through February 20. 24 Paid cash for 25 Collected $1,850 cash from customers billed on February 16. 27 Paid $160 for Internet and phone services for March. es of Kongbird common stock from a shareholder who disagreed with management goals. The shares will be held as treasury shares employees' wages for 2 weeks (February 9-13 and 16-20). Rer for the amounts. Record journal entries in the order If no entry is required, select presented in the problem.) Date Account Titles and Explanation Debit Credit Feb. 1 96 Common Stock 7500 Paid-in Capital in Excess of Par Value-Common st 2120 (To record issuance of common stock in excess of par) Feb. 1 Cash 6600 Notes Payable 6600 (To record purchase of notes payable) Feb. 1 Equipment 667 Cash (To record purchase of equipment) Feb. 1 | tilities Expense Cash (To record pavment of internet and phone services) Feb. 1 Equipment 6670 Cash 6670 (To record purchase of equipment) Feb. 1 Utilities Expense 160 Cash 160 (To record payment of internet and phone services) Feb. 3Supplies 730 Accounts Payable 730 Feb. 4 No Entry No Entry Feb. 5Prepaid Insurance 2160 Cash 2160 (To record payment of insurance) Feb. 5 Cash 2920 Loss on Disposal of Plant Assets 170 No Entry Feb. 5 |Prepaid Insurance 2160 Cash 2160 (To record payment of insurance) Feb. 5 Cash 2920 Loss on Disposal of Plant Assets 170 Equipment 3090 (To record sale of equipment) Feb. 16 Accounts Receivable 2890 Service Revenue 2890 Feb. 17 Cash 432 Unearned Service Revenue 432 Feb. 18 [Accounts Payable 220 Cash 220 eb. 17 Cash 432 Unearned Service Revenue 432 eb. 18 Accounts Payable 220 Cash 220 Feb. 20 Treasury Stock 900 Cash 900 Feb. 23 Accounts Receivable 3180 Service Revenue 3180 Salaries and Wages Expense Feb. 24 2880 Cash 2880 Feb. 25 Cash 1850 Accounts Receivable 1850 Feb. 27Prepaid Expenses LL3160 Service Revenue eb. 24 |Salaries and Wages Expense 2880 Cash 2880 eb. 25 TCash 1850 Accounts Receivable 1850 Feb. 27 Prepaid Expenses 160 cash 160 Feb. 28 |Cash Dividends 1645 Cash Post to the ledger accounts. (Post entries in the order of journal entries presented above.) Cash Accounts Receivable Supplies Prepaid Insurance Accounts Keceivable Supplies Prepaid Insurance Prepaid Expenses Equipment Accounts Payable Notes Payable Unearned Service Revenue Common Stock Accounts Payable Notes Payable Unearned Service Revenue Common Stock Paid in Capital in Excess of Par Cash Dividends Treasury Stock Service Revenue Utilities Expense Salaries and Wages Expense Cash Dividends Treasury Stock Service Revenue Utilities Expense Salaries and Wages Expense Loss on Disposal of Plant Assets
