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Comprehensive Accounting Cycle Review 11-2 (Part Level Submission) Karen Noonan opened Sage Hill Irc on Februery 1, 2017. During Februery, the following transactions were completed

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Comprehensive Accounting Cycle Review 11-2 (Part Level Submission) Karen Noonan opened Sage Hill Irc on Februery 1, 2017. During Februery, the following transactions were completed Feb. 1 Issued 4,200 shares of Sage Hill common shock for s10,140. Each share hases1.50 par 1 Borrowed $7,200 on a 2-year, 6% note payable. Paid $9,000 to purchase used floor and window cleaning equipment from a compeny going out of business ($4,640 was for the floor equipment and S4,360 for the window equipment) 1 Paid $170 for February Intermet and phone services. 3 Purchased cleaning supplies for $760 on account 4 Hired 4 employees. Each mill be paid 370 per 5-day work week [Monday. Friday). Employees will begin working Monday, February 9. 5 Obtaned insurance coverage for $11,040 per year. Coverage runs from February 1, 2017, through January 31, 2018. Karen paid $2,760 cash for the first quarter of coverage 5 scussions wth the insurance agent indicated that providing outside window clearing services would cost too much to insure. Karen sold the window cleaning equipment for 3,000 cash. 6 Bilied customers $3,040 for cleaning services performed through February 13, 2017 17 Receved S468 from a customer for 4 weeks cf cleaning services to begin February 21, 2017. 18 Paid $230 on amount oned on cleaning supplies 20 Paid $3 per share to buy 300 shares of Sage Hill common stock from a shareholder who disagreed with management goals. The shares will be held as treasury shares 23 Biled customers $3,350 for deaning services performed through February 20 24 Paid cash for employees wages for 2 weeks (February 9-13 and 16-20) 25 Collected $1,950 cash from customers billed on February 16 27 Paid $170 for Internet and phone services for March 28 Declared and paid a cash dividend of $0.25 per share

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