Comprehensive Accounting Cycle Review 11-2 (Part Level Submission) Karen Noonan opened Tamarisk Inc. on February 1, 2017. During February, the following transactions were completed: Feb. 1 Issued 4,200 shares of Tamarisk common stock for $11,440. Each share has a s1.50 par. l Borrowed $8,600 on a 2-year, 6% note payable. Paid $9,020 to purchase used floor and window cleaning equipment from a company going out of business ($4,820 was for the floor equipment and $4,200 for the window equipment). 1 Paid $190 for February Internet and phone services. 3 Purchased cleaning supplies for $860 on account. 4 Hired 4 employees. Each will be paid $420 per 5-day work week (Monday-Friday). Employees will begin working Monday, February 9 5 obtained insurance coverage for $9,840 per year. Coverage runs from February 1, 2017, through January 31, 2018. Karen paid $2,460 cash for the first quarter of coverage. 5 Discussions with the insurance agent indicated that providing outside window cleaning services would cost too much to insure. Karen sold the window cleaning equipment for $3,480 cash. Billed customers $3,430 for cleaning se ces performed through February 13, 2017 Received $432 from a customer for 4 weeks of cleaning services to begin February 21, 2017. 18 Paid $260 on amount owed on cleaning supplies. 20 Paid $3 per share to buy 300 shares of Tamarisk common stock from a shareholder who disagreed with management goals. The shares will be held as treasury shares. 23 Billed customers $3,780 for cleaning services performed through February 20 24 Paid cash for employees' wages for 2 weeks (February 9-13 and 16-20) 25 Collected $2,200 cash from customers billed on February 16 Paid $190 for Internet and phone services for March 28 Declared and paid a cash dividend of $0.15 per share. v (a) Your answer is correct. Journalize the February transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Account Tites and Explanation Cash 11,440 6300 Common Stock Paid-in Capital in Excess 5140 (To record issuance of common stock in excess of par) Cash 8,600 Notes Payable 8,600 (To record purchase of notes payable) 9020 Feb. 1 Equipmen Cash 9,020 (To record purchase of equipment Comprehensive Accounting Cycle Review 11-2 (Part Level Submission) Karen Noonan opened Tamarisk Inc. on February 1, 2017. During February, the following transactions were completed: Feb. 1 Issued 4,200 shares of Tamarisk common stock for $11,440. Each share has a s1.50 par. l Borrowed $8,600 on a 2-year, 6% note payable. Paid $9,020 to purchase used floor and window cleaning equipment from a company going out of business ($4,820 was for the floor equipment and $4,200 for the window equipment). 1 Paid $190 for February Internet and phone services. 3 Purchased cleaning supplies for $860 on account. 4 Hired 4 employees. Each will be paid $420 per 5-day work week (Monday-Friday). Employees will begin working Monday, February 9 5 obtained insurance coverage for $9,840 per year. Coverage runs from February 1, 2017, through January 31, 2018. Karen paid $2,460 cash for the first quarter of coverage. 5 Discussions with the insurance agent indicated that providing outside window cleaning services would cost too much to insure. Karen sold the window cleaning equipment for $3,480 cash. Billed customers $3,430 for cleaning se ces performed through February 13, 2017 Received $432 from a customer for 4 weeks of cleaning services to begin February 21, 2017. 18 Paid $260 on amount owed on cleaning supplies. 20 Paid $3 per share to buy 300 shares of Tamarisk common stock from a shareholder who disagreed with management goals. The shares will be held as treasury shares. 23 Billed customers $3,780 for cleaning services performed through February 20 24 Paid cash for employees' wages for 2 weeks (February 9-13 and 16-20) 25 Collected $2,200 cash from customers billed on February 16 Paid $190 for Internet and phone services for March 28 Declared and paid a cash dividend of $0.15 per share. v (a) Your answer is correct. Journalize the February transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Account Tites and Explanation Cash 11,440 6300 Common Stock Paid-in Capital in Excess 5140 (To record issuance of common stock in excess of par) Cash 8,600 Notes Payable 8,600 (To record purchase of notes payable) 9020 Feb. 1 Equipmen Cash 9,020 (To record purchase of equipment