During February, the following transactions occurred:

Feb.1Performed work for a client and received cash of $8,500.

5 Paid $5,000 regarding outstanding accounts payable.

10. Received cash of $3,600 for work to be done in March.

12. Called FasCo Rentals to book the use of some equipment next month. The $400 rental fee will be paid in full when the equipment is returned.

17. The owner withdrew cash of $3,000 for personal use.

28 Paid salaries of $10,000.

After its first month of operations, Paquette Advisors showed the following account balances in its general ledger accounts (T- date now every term is getting cha accounts) as at January 31, 2020. zin Chodon (privately): 3:09 PM change my course Cash Accounts Receivable Office Equipment 15, 000 3, 800 22, 500 zin Chodon (privately): 3:09 PM plicated Accounts Payable Unearned Revenue Aaron Paquette, Capital 8,000 2,600 19,500 mit sharma (privately): 3:10 PM Aaron Paquette, Withdrawals Consulting Revenues Salaries Expense 2, 000 41, 700 10, 000 mit sharma (privately): 3:10 PM Rent Expense Utilities Expense 7,500 1, 000 eryone: 3:15 PM purchased my wine yet. During February, the following transactions occurred: eryone: 3:15 PM Feb. 1 Performed work for a client and received cash of $8,500. 5 Paid $5, 000 regarding outstanding accounts payable. 10 Received cash of $3,600 for work to be done in March. eryone: 3:15 PM ming, Rita. LOL 12 Called FasCo Rentals to book the use of some equipment next month. The $400 rental fee will be paid in full when the equipment is returned. 17 The owner withdrew cash of $3, 000 for personal use. 28 Paid salaries of $10, 000. Required: 1. Record the journal entries for the month of February. (If no entry is required for a transaction/event, select "No journal entry here required" in the first account field.) View transaction list View journal entry worksheet X & D No Date General Journal Debit Credit n Shot Screen Shot 1 February 01, 2020 Cash 8,500 9.49 PM 2020-11.6.40 PM View transaction list View journal entry worksheet X No Date General Journal Debit Credit 1 February 01, 2020 Cash 8,500 Consulting revenues 8,500 2 February 05, 2020 Accounts payable 5,000 Cash 5,000 3 February 10, 2020 Cash 3,600 Unearned revenue 3.600 4 February 12, 2020 No journal entry required Share 5 February 17, 2020 Aaron Paquette, withdrawals 3,000 Cash 3,000 6 February 28, 2020 Salaries expense 10,000 Cash 10,0002. Post the transactions from your General Journal to the General Ledger (T-accounts below). Include the date next to each posting. Cash Accounts Receivable Beg. bal. Beg. bal. Feb 1 8,500 Feb 10 3,600 End. bal 0 End. bal. 12, 100 Office Equipment Accounts Payable Beg. bal. Beg. bal. Feb 5 5,000 End. bal. End. bal. 5,000 Unearned Revenue Aaron Paquette, Capital Beg. bal. Beg. bal. 3,600 Feb 10 End. bal. 3,600 End. bal. 0 Aaron Paquette, Withdrawals Consulting Revenues Beg. bal. Beg. bal. Feb 17 3,000 8,500 Feb 1 End. bal. 3,000 End. bal. 8,500Salaries Expense Rent Expense Beg. bal. Beg. bal. Feb 28 10,000 End. bal 10,00 End. bal. Utilities Expense Beg. bal. End. bal. 0 3. Prepare a trial balance based on the balances in your T-accounts. PAQUETTE ADVISORS Trial Balance February 28, 2020 Debit Credit Cash $4. Prepare an income statement for the two months ended February 28, 2020. PAQUETTE ADVISORS Income Statement For Two Months Ended February 28, 2020 Revenues: Operating expenses: Total operating expenses 0 5. Prepare a statement of changes in equity for the two months ended February 28, 2020. PAQUETTE ADVISORS Statement of Changes in Equity For Two Months Ended February 28, 2020 Aaron Paquette, capital, January 1PAQUETTE ADVISORS Statement of Changes in Equity For Two Months Ended February 28, 2020 Aaron Paquette, capital, January 1 Total Aaron Paquette, capital, February 28 6. Prepare the balance sheet as at February 28, 2020. PAQUETTE ADVISORS Balance Sheet February 28, 2020 Assets Liabilities Total liabilities $ Equity Total assets $ 0 Total liabilities and equity $ 0