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I just need to Journalize the transactions Karen Noonan opened Splish Brothers Inc, on February 1, 2017. During February, the following transactions were completed: Feb.
I just need to Journalize the transactions
Karen Noonan opened Splish Brothers Inc, on February 1, 2017. During February, the following transactions were completed: Feb. 1 Issued 4, 600 shares of Splish Brothers common stock for $13,000. Each share has a $1.50 par. 1 Borrowed $8,000 on a 2-year, 6% note payable. 1 Paid $9, 020 to purchase used floor and window cleaning equipment from a company going out of business ($4, 720 was for the floor equipment and $4, 300 for the window equipment). 1 Paid $220 for February Internet and phone services. 3 Purchased cleaning supplies for $980 on account. 4 Hired 4 employees. Each will be paid $480 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, 950 cash. 16 Billed customers $3, 900 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 $300 on amount owed on cleaning supplies. 20 Paid $3 per share to buy 300 shares of Splish Brothers common stock from a shareholder who disagreed with management goals. The shares will be held as treasury shares. 23 Billed customers $4, 300 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, 500 cash from customers billed on February 16. 27 Paid $220 for Internet and phone services for March. 28 Declared and paid a cash dividend of $0.35 per share. 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.)Step by Step Solution
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