I know its long but it would be greatly appreciated :)

Adjusting Entries: 0229 Record the $1,900 employee salary that is owed but will be paid March 1 0229 WwC decides to use the aging method to estimate- uncollectible accounts. WWC determines 8 % of the ending balance is the appropriate end of February estimate of uncollectible accounts. 0229 Record February interest expense accrued on the note payable. eRecord one month's interest earned Kit Kat's note (see 02/0 References Section Break Poject 2 Review of Merchendsing Cyce 1 eqed nmao 20.00 point Project 2: Part 1& 2 Required: 1 Prepare all February journal entries and adjusting entries. (If no entry is required for a transactionlevent, select "No Journal Entry Required" in the first account field.) wwww Journal entry worksheet Included in wWC's February 1 Accounts Receivable balance is a $1,500 account due from Kt Kat, a Wwc customer Kt Kat is having cash fow arobles to convert the $,700 baane te a not, and g t month s Ne Enter debits before credits Debt Dater General Jeurmal Credt Feb. 1 w 1a Post all February entries (transactions and adjustments) to the T-accounts. Cash Acceunts Receivable Beg ba eg bal End bat End ba Rent Expense Uty Expense Bea b Beg ba End ba End ba Weges Expense Dea ba Prepare the financial statements at the end of February. (Balance Sheet only, items to be deducted must be indicated witha negative amount.) wwc, Inc Income Statement wwc, in Statement of Ratained Earnings Retained Eamings Beginning of Period tained Eamings End of Peno www.inc Balance Sheet Assets Liats Cunent Lste Cument www.inc Balance Sheet Assets Cument Asse Cument Liabs Total Cumnt Lb Tl Curent Assetsu StockhdeEty TSockhdn Ety ad od Ttl Assetu 2 Prepare all February 29 closing entries for WWC. Post to the T- Accounts in requirement 1-b. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) ww Journal entry worksheet Record the entyry to close sales revenue, interest revenue, sales returns and allowances, sales discounts Nt:Enter ds bere d Transactions General Jeurnal Debi Credt ww References General Journal Project 2 Part 1&2 Check my work 2. 2. Required information 00 ppints Project 2: Part 3 Required: What is the WWC's gross profit for February? Gross pro 2 What is the gross profit percentage? (Round your answer to 1 decimal place.) ross prat percantage What were WwC's net sales for February? (Round your answers to 2 decimal places.) wwwChad thosen to ne he percentage of sales method taking 25% of sales of using the aging method, WWC would have eported bad debt expenss tor February and a net Accounts Receivable af How many units are in ending inventory? Number of units What is the cost per unit of the ending inventory? Cost of the ending inventory TIf WWC had chosen LIFO, calculate its February cost of goods sold. Cost of goods sold Project 2: Review of Merchandising Cycle The following information applies to the questions displayed below.] Wally's Widget Company (WWC) incorporated near the end of 2011. Operations began in January of 2012 wWC prepares adjusting entries and financial statements at the end of each month. Balances in the accounts at the end of January are as follows: Cash Accounts Receivable Allowance for Doubtful Accounts Inventory (35 units) $20,270 Unearned Revenue (30 units) 11,300 Accounts Payable (Jan Rent) $(1,450) Notes Payable $ $ 4,900 2,400 $15,500 3,150 Contributed Capital 6,100 Retained Earnings - Feb 1, 2012 4,370 wWC establishes a policy that it will sell inventory at $160 per unit In January, WWC received a $4,900 advance for 30 units, as reflected in Unearned Revenue. wWC's February 1 inventory balance consisted of 35 units at a total cost of $3,150. 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 02/01 Included in WWC's February 1 Accounts Receivable balance is a $1,700 account due from Kit Kat, a wWC customer. Kit Kat is having cash flow problems and cannot pay its balance at this time. WwC arranges with Kit Kat to convert the $1,700 balance to a note, and Kit Kat signs a 6-month note, at 9 % annual interest. The principal and all interest will be due and payable to WWC on August 1, 2012 02/02 WWC paid a $600 insurance premium covering the month of February. The amount paid is recorded directly as an expense. 02/05 An additional 150 units of inventory are purchased on account by WWC for $11,250-terms 2/15, n30. 02/05 WWC paid Federal Express $300 to have the 150 units of inventory delivered overnight. Delivery occurred on 02/06. Type here to search 02/02 WwC paid a $600 insurance premium covering the month of February. The amount paid is recorded directly as an expense. 02/05 An additional 150 units of inventory are purchased on account by WWC for $11,250- terms 2/15, n30. 02/05 WWC paid Federal Express $300 to have the 150 units of inventory delivered overnight. Delivery occurred on 02/06. 02/10 Sales of 120 units of inventory occurred during the period of 02/07 2/10, net 30. 02/10. The sales terms are 02/15 The 30 units that were paid for in advance and recorded in January 02/15 15 units of the inventory that had been sold on 2/10 are returned to WWC. The units are not damaged and can be resold. Therefore, they are returned to inventory. Assume the units returned are from the 2/05 purchase. are delivered to the customer. 02/16 WWC pays the first 2 weeks wages to the employees. The total paid is $1,900. 02/17 Paid in full the amount owed for the 2/05 purchase of inventory. WWC records 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 $1,550. 02/19 $4,800 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. 02/19 Collected $9,100 of customers' Accounts Receivable. Of the $9,100, the discount was taken by customers on $6,000 of account balances; therefore WWC received less than $9,100. 02/26 WWC recovered $510 cash from the customer whose account had previously been written off (see 02/18). 02/27 A $500 utility bill for February arrived. It is due on March 15 and will be paid then. 02/28 WWC declared and paid a $550 cash dividend. Adjusting Entries: 02/29 Record the $1,900 employee salary that is owed but will be paid March 1 02/29 WWC decides to use the aging method to estimate uncollectible accounts. WWC determines 8% df 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)