Date Account Titles and Explanation Debit Credit Feb. 1 Cash 9,620 Common Stock 6,000 Paid-in Capital in Excess of Par Value-Common St 3,620 (To record issuance of common stock in excess of par) Feb. 1 Cash 6,000 Notes Payable 6,000 To record purchase of notes payable) Feb. 1 Equipment 6,670 Cash 6,670 (To record purchase of equipment) Feb. 1 Utilities Expense 160 Cash 160 (To record payment of internet and phone services) Feb. 3 Supplies 730 Accounts Payable 730 Feb. 4No Entry No Entry Feb. 5 + Prepaid Insurance 2,460 Cash 2,460 To record payment of insurance) Feb. 5 Cash 2,920 Loss on Disposal of Plant Assets 470 Equipment 3,390 Feb. 16 Accounts Receivable 2,890 Service Revenue 2,890 Feb. 17Cash 432 Unearned Service Revenue 432 Feb. 18 Accounts Payable 220 Cash 220 Feb. 20Treasury Stock 900 Cash 900 Feb. 23 Accounts Receivable 3,180 Service Revenue 3,180 Feb. 24 243 Salrie and Wags Ba Salaries and Wages Expense re 2,880 Cash 2,880 Feb. 25 Cash 1,850 Accounts Receivable 1,850 Feb. 27 Prepaid Expenses 160 Cash 160 Feb. 28 Cash Dividends Cash (b) Your answer is correct. Post to the ledger accounts. (Post entries in the order of journal entries presented above.) Cash 9,620 2/1 6,670 160 2,460 220 900 2,880 160 2/5 2,920 2/5 4322/18 1,850 2/20 2/24 2/27 2/28 2/25 2/28 Bal. 6,817 Accounts Receivable 2/16 2,890 2/25 1,850 2/23 3,180 Supplies 2/3 730 Prepaid Insurance 2/5 2,460 Prepaid Expenses 2/27 160 2/28 Bal- 160 Equipment 6,670 2/5 3,390 Kimmel, Financial Accounting, 8e, Custom for University of Akron Help I System Announcements ES Accounts Payable 730 Notes Payable 6,000 Unearned Service Revenue 432 Common Stock 6,000 Paid in Capital in Excess of Par 3,620 Cash Dividends Treasury Stock 2/20 900 Service Revenue 2/16 2,890 2/23 3,180 Utilities Expense 160 Salaries and Wages Expense 2/24 2,880 Loss on Disposal of Plant Assets 2/5 470 SHOW LIST OF ACCOUNTS SHOW ANSWER LINK TO TEXT Your answer is partially correct. Try again. Journalize the foillowing adjustments. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If ao entry is required, select "No Entry" for th enter O for the amounts. Record journal entries in the order presented in the problem. Round answers to o decimal places e.g. 1.527) (1) Services performed for customers through February 27, 2017, but unbilled and uncollected were $2,810 (2) Received notice that a customer who was billed $130 for services performed February 10 has filed for (3) Kingbird uses the allowance method to estimate bad debts (4) Record 1 month of depreciation for the floor equipment. Use the straight line method, an (S) Record 1 month of insurance expense. (6) An inventory count shows $300 of supplies on hand at February 28. (7) One week of services were performed for the austomer who paid in advance on (8) Accrue for wages owed through February 28, 2017 (9) Accrue for interest expense for 1 mionth, (10) Karen bankruptey. Kingbird does not expect to collect any partion of this outstanding recevable . Kingbird estimates that 3% of its month-end receive blesill not be colected. estimated life of 4 yeers, and $400 salvage value. estimates 20% income tax rate. (hint: Prepare an income statement up to-income before taxes. to help with the income tax No. Account Titles and Explanation Debit Credit 1. Accounts Receivable 2,810 Service Revenue 2,810 2. Allowance for Doubtful Accounts 130 Accounts Receivable 130 3. Bad Debt Expense 253 Allowance for Doubtful Accounts 253 4. Depreciation Expense 60 Accumulated Depreciation-Equipment 60 5. Insurance Expense 820 Prepaid Insurance 820 6. Supplies Expense 430 Supplies 430 7. Unearned Service Revenue 108 Service Revenue 108 8. Salaries and Wages Expense 1,440 Salaries and Wages Payable 1,440 9. Interest Expense 30 Interest Payable 30 10. Income Tax Expense 489 Income Taxes Payable 489 ,PRaclal Accounting, 8e, Custom for University of Akron Heln I System Announcements (e) Post adjusting entries to the T-accounts. (Post entries in the order of journal entries presented above.) Cash 6,670 160 2,460 220 900 2,880 160 2/5 2/25 2/24 2/27 2/28 2/28 Bal. 6,817 Accounts Receivable 2/16 2,8902/25 1,850 2/23 3,18 2/1 Supplies 730 2/28 300 2/3 430 2/28 Bal. Prepaid Insurance 2/5 2,460 Prepaid Expenses 2/27 2/28 Bal. 16 Allowance for Doubtful Accounts Equipment 3,390 Treasury Stock 900 Service Revenue 2/16 2,890 2/23 3,180 Utilities Expense 16 Salaries and Wages Expense 2/24 2,880 Insurance Expense Depreciation Expense Bad Debt Expense Supplies Expense Interest Expense Loss on Disposal of Plant Assets 2/5 47 Income Tax Expense