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Make journal entries for TopForm Inc.'s February transactions using the Excel spreadsheet template provided. You will need your solution from Module 1 Assignment 1 in
Make journal entries for TopForm Inc.'s February transactions using the Excel spreadsheet template provided. You will need your solution from Module 1 Assignment 1 in order to complete the February journal entries. The first image is solution from January Assignment 1
TopForm, Inc. February The following transactions occurred during February 202x. Complete the accounting worksheet for February. - February 1, 202x. Mail first monthly issue of newsletter to subscribers. (Recognize unearned revenue.) Postage expense is $20. - February 1, 202x. Pay wages owed to assistant. (2 days @ \$50/day). - February 1, 202x. Pay February rent of $3,000. - February 1, 202x. The Smiths borrow $12,000 from a bank for working capital. Interest is payable annually at 10%. The principal is due in two years. - February 2, 202x. Pay for supplies that were purchased on account (\$100). - February 14, 202x. Collect $5,000 from January billings to consulting clients. - February 15, 202x. Pay wages to assistant (10 days @ \$50/day). - February 19, 202x. One consulting client contacts the company, advises that he is unable to pay his bill, has declared bankruptcy and has moved to another state. The client had owed the Smiths $200. - February 28, 202x. During February, the Smiths have consulted with various clients. On February 28 , their assistant prepares and mails invoices for a total of $5,000 for professional services. They estimate that 5% of these billings will be uncollectible. - No new subscriptions were sold in February. - February 28, 202x. Adjustments for: depreciation, insurance, interest, 10 days wages, supplies, and taxes. An inventory of the supply room indicates that the approximately $10 of supplies remain. TopForm, Inc. February The following transactions occurred during February 202x. Complete the accounting worksheet for February. - February 1, 202x. Mail first monthly issue of newsletter to subscribers. (Recognize unearned revenue.) Postage expense is $20. - February 1, 202x. Pay wages owed to assistant. (2 days @ \$50/day). - February 1, 202x. Pay February rent of $3,000. - February 1, 202x. The Smiths borrow $12,000 from a bank for working capital. Interest is payable annually at 10%. The principal is due in two years. - February 2, 202x. Pay for supplies that were purchased on account (\$100). - February 14, 202x. Collect $5,000 from January billings to consulting clients. - February 15, 202x. Pay wages to assistant (10 days @ \$50/day). - February 19, 202x. One consulting client contacts the company, advises that he is unable to pay his bill, has declared bankruptcy and has moved to another state. The client had owed the Smiths $200. - February 28, 202x. During February, the Smiths have consulted with various clients. On February 28 , their assistant prepares and mails invoices for a total of $5,000 for professional services. They estimate that 5% of these billings will be uncollectible. - No new subscriptions were sold in February. - February 28, 202x. Adjustments for: depreciation, insurance, interest, 10 days wages, supplies, and taxes. An inventory of the supply room indicates that the approximately $10 of supplies remainStep by Step Solution
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