eb 1 Issued 4,600 shares of Clean Sweep common stock for $16,120 Each share has a $1 50 par 1 Borrowed $9,000 on a 2 year, 6 note payable 1 Paid $11,180 to purchase used floor and window cleaning equipment from a company going out of business ($5,120 was for the floor equipment and $6,060 for the window equipment) 1 Paid $270 for February Internet and phone services 3 Purchased cleaning supplies for $1,220 on account 4 Hired 4 employees Each will be paid $600 per 5 day work week (Monday Friday) Employees will begin working Monday, February 9 5 Obtained 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 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 $4,900 cash 16 Billed customers $4,840 for cleaning services performed through February 13, 2017 17 Received $432 from a customer for 4 weeks of cleaning services to begin February 21, 2017 18 Paid $370 on amount owed on cleaning supplies 20 Paid $3 per share to buy 300 shares of Clean Sweep common stock from a shareholder who disagreed with management goals The shares will be held as treasury shares 23 Billed customers $5,330 for cleaning services performed through February 20 24 Paid cash for employees wages for 2 weeks (February 913 and 1620) 25 Collected $3,100 cash from customers billed on February 16 27 Paid $270 for Internet and phone services for March 28 Declared and paid a cash dividend of $0 35 per share help with the debit and credits plzz Date Account Titles and Explanation Debit Credit Feb 1 Cash Common Stock Paid in Capital in Excess of Par Value Common Stock (To record issuance of common stock in excess of par) Cash Feb 1 Notes Payable To record purchase of notes payable) Feb 1 Equipment Cash To record purchase of equipment) Feb 1 lities Expense Cash (To record payment of internet and phone services) Feb 3 upplies Accounts Payable Feb 4 No Entry No Entry Feb 5 Prepaid Insurance Cash (To record payment of insurance) Feb 5 TCash Loss on Disposal of Plant Assets

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Aug 22, 2024

eb. 1 Issued 4,600 shares of Clean Sweep common stock for $16,120. Each share has a $1.50 par. 1 Borrowed $9,000 on a 2-year, 6%

eb. 1		Issued 4,600 shares of Clean Sweep common stock for $16,120. Each share has a $1.50 par.
1		Borrowed $9,000 on a 2-year, 6% note payable.
1		Paid $11,180 to purchase used floor and window cleaning equipment from a company going out of business ($5,120 was for the floor equipment and $6,060 for the window equipment).
1		Paid $270 for February Internet and phone services.
3		Purchased cleaning supplies for $1,220 on account.
4		Hired 4 employees. Each will be paid $600 per 5-day work week (Monday Friday). Employees will begin working Monday, February 9.
5		Obtained 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		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 $4,900 cash.
16		Billed customers $4,840 for cleaning services performed through February 13, 2017.
17		Received $432 from a customer for 4 weeks of cleaning services to begin February 21, 2017.
18		Paid $370 on amount owed on cleaning supplies.
20		Paid $3 per share to buy 300 shares of Clean Sweep common stock from a shareholder who disagreed with management goals. The shares will be held as treasury shares.
23		Billed customers $5,330 for cleaning services performed through February 20.
24		Paid cash for employees wages for 2 weeks (February 913 and 1620).
25		Collected $3,100 cash from customers billed on February 16.
27		Paid $270 for Internet and phone services for March.
28		Declared and paid a cash dividend of $0.35 per share. help with the debit and credits plzz

Date Account Titles and Explanation Debit Credit Feb. 1 Cash Common Stock Paid-in Capital in Excess of Par Value-Common Stock (To record issuance of common stock in excess of par) Cash Feb. 1 Notes Payable To record purchase of notes payable) Feb. 1 |Equipment Cash To record purchase of equipment) Feb. 1 | lities Expense Cash (To record payment of internet and phone services) Feb. 3 upplies Accounts Payable Feb. 4 No Entry No Entry Feb. 5 Prepaid Insurance Cash (To record payment of insurance) Feb. 5 TCash Loss on Disposal of Plant Assets