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Required Information Project 2: Review of Merchandising Cycle The following information applies to the questions displayed below) Wally's Widget Company (WW) incorporated near the end of 2011 Operations began in January of 2012. Wwe prepares adjusting entries and financial statements at the end of each month. Balances in the accounts at the end of January are as follows: 4,850 Cash $20.120 Unearned Revenue (25 unit) $ 2.300 $ 11,150 Accounts Payable Jan Rent) $ 15.000 Accounts Receivable Allowance for Doubtful Accounts Inventory (30 units) $(1.400) Notes Payable $ 6.000 $ 2700 Contributed Capital Retained Earnings - Feb 1 2012 4.420 . WWC establishes a policy that it will sell inventory at $170 per unit In January, WwC received a $4.850 advance for 25 units, as reflected in Unearned Revenue WWC's February 1 inventory balance consisted of 30 units at a total cost of $2,700 WWC's note payable accrues interest at a 12 annual rate WWC will use the FIFO inventory method and record COGS on a perpetual basis February Transactions Included in WWC's February 1 Accounts Receivable balance is a $1,400 account due from Kit Kat a WWC customer sat is having cash flow problems and 02/01 cannot pay its balance at this time wwe arranges with Kit Kat to convert the $1.400 balance to note and lot Kat signs 6-month note, at 12 annual interest The principal and all interest will be due and payable to WWC on August 1. 2012 wwc paid a $550 insurance premium covering the month of February The 02/02 amount paid is recorded directly as an expense 02/05 An additional 140 units of inventory se purchased on account by WwC for $10.500 -terms 2/5 n30 02/05 wwc paid Federal Express $420 to have the 140 units of inventory delivered overnight Delivery occurred on 02/06 02/10 Sales of 110 units of inventory occurred during the period of 02/07 - 02/10. The sales terms are 2/10, net 30 02/15 The 25 units that were paid for in advance and recorded in January are delivered to the customer 10 units of the inventory that had been sold on 2/10 are returned to WWc The 02/15 units are not damaged and can be resold. Therefore, they are returned to Inventory Assume the unrearned from the 20 purchase 02/16 WWc pays the first 2 weeks ages to the employees The total paid is $3,200 Paid in full the amount owed for the 205 purchase of inventory Wwe records 02/7 purchase discounts in the current period rather than as a reduction of inventory costs OZA Wrote of customers account in the amount of $500 02/19 $4600 of rent for January and Ferary was paid Because all of the rent will soon expire the February portion of the potentis charged directly to expence Collected $9.000 of customer Accounts Receivable of the $9.000, the 02/19 discount was taken by customers of $5.500 of account balances therefore ww received less than 59.000 02/26 WwC recovered $500 cash from whose account had previously been written offee 02/01 02/17 purchase discounts in the current period rather than as a reduction of Inventory costs 02/18 Wrote off a customer's account in the amount of $1,500 02/19 $4,600 of rent for January and February was paid. Because all of the rent will soon expire, the February portion of the payment is charged directly to expense Collected $9.000 of customers' Accounts Receivable. Of the $9,000, the 02/19 discount was taken by customers on $5,500 of account balances; therefore WWC received less than $9,000. WWC recovered $500 cash from the customer whose account had previously 02/26 been written off (see 02/18) 02/27 A $450 utility bill for February arrived. It is due on March 15 and will be paid then 02/28 WwC declared and paid a $450 cash dividend. Adjusting Entries 02/29 Record the $3.200 employee salary that is owed but will be paid March 1 WWC decides to use the aging method to estimate uncollectible accounts. WwC 02/29 determines 8% of the ending balance is the appropriate end of February estimate of uncollectible accounts. 02/29 Record February interest expense accrued on the note payable 02/29 Record one month's interest earned Kit Kat's note see 02/01) Project 2: Part 1 & 2 Required: 1-a. Prepare all February journal entries and adjusting entries of no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transactions Journal entry worksheet