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JOURNAL ENTRY HELP, PLEASE! THANK YOU! Journalize the February transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If
JOURNAL ENTRY HELP, PLEASE! THANK YOU!
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.)
Karen Noonan opened Marin Inc. on February 1, 2017. During February, the following transactions were completed: Feb. 1 Issued 4,000 shares of Mari n common stock for $11,180. Each share has a $1.50 par. 1 Borrowed $9,000 on a 2-year, 6% note payable. Paid $7,760 to purchase used floor and window cleaning equipment from a company going out of business ($3,960 was for the floor equipment and $3,800 for the window equipment) 1 Paid $190 for February Internet and phone services. 3 Purchased cleaning supplies for $840 on account. 4 Hired 4 employees. Each will be paid $410 per 5-day work week (Monday- Friday). Employees will begin working Monday, February 9 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 $3,400 cash. 16 Billed customers $3,350 for cleaning services performed through February 13, 2017 17 Received $504 from a customer for 4 weeks of cleaning services to begin February 21, 2017 18 Paid $260 on amount owed on cleaning supplies. Paid $3 per share to buy 300 shares of Marin common stock from a shareholder who disagreed with management goals. The shares will be held as treasury 20 shares. 23 Billed customers $3,700 for cleaning services performed through February 20. 24 Paid cash for employees' wages for 2 weeks (February 9-13 and 16-20) 25 Collected $2,150 cash from customers billed on February 16 27 Paid $190 for Internet and phone services for March. 28 Declared and paid a cash dividend of $0.35 per shareStep by Step Solution
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