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Karen Noonan opened Marin Inc. on February 1, 2017. During February, the following transactions were completed: Feb. 1 Issued 4,200 shares of Marin common stock
Karen Noonan opened Marin Inc. on February 1, 2017. During February, the following transactions were completed:
Feb. 1 | Issued 4,200 shares of Marin common stock for $12,480. Each share has a $1.50 par. | |
1 | Borrowed $7,200 on a 2-year, 6% note payable. | |
1 | Paid $8,660 to purchase used floor and window cleaning equipment from a company going out of business ($4,440 was for the floor equipment and $4,220 for the window equipment). | |
1 | Paid $210 for February Internet and phone services. | |
3 | Purchased cleaning supplies for $940 on account. | |
4 | Hired 4 employees. Each will be paid $460 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 $3,790 cash. | |
16 | Billed customers $3,900 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 $290 on amount owed on cleaning supplies. | |
20 | 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 shares. | |
23 | Billed customers $4,130 for cleaning services performed through February 20. | |
24 | Paid cash for employees wages for 2 weeks (February 913 and 1620). | |
25 | Collected $2,400 cash from customers billed on February 16. | |
27 | Paid $210 for Internet and phone services for March. | |
28 | Declared and paid a cash dividend of $0.20 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.)
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