Need fill both balance sheet and income statement.

February 23rd

2/23/2022	Orca Company record a $250 service fee charged by the bank and deducted from company's bank account
2/23/2022	Orca Company provides services to a customer for $16,000, to be paid on account
2/23/2022	Orca Company pays a $10,000 dividend to its shareholders
2/23/2022	Orca Company collects the $8,000) accounts receivable from the customer serviced on 2/4 (note, this adjusts an entry from submission #1)

February 25th

2/25/2022	Orca Company provides the $6,000 of scheduled services to the customer from 2/7 and collects the remainder of the cash owed ($4,000).
2/25/2022	Orca Company provides services to a customer worth $12,000, to be paid on account
2/25/2022	On 2/25 Orca Company purchases 200 units of additional inventory from its supplier at $50 per unit ($10,000 total), paying using a check (cash equivalent)

February 28th

2/28/2022	Orca Company sells 200 units of inventory for $80 per unit and is paid in cash. Recall that the cost of Inventory is $50 per unit.
2/28/2022	Orca Company receives a $500 dividend (revenue) for the investment it made on February 4th.
2/28/2022	Orca Company records salaries earned in February to be paid to employees in March of $25,000
2/28/2022	Orca Company records a February utilities bill for $2,000 for utilities consumed in February to be paid next month
2/28/2022	Orca Company performs its adjusting entries for February Here are the entries you need to record: -Accrue Interest for BOTH note payables (1/1 $5,000 note and 1/31 $480,000 notes) for the month of February -Record using up one month of 2/4 Prepaid Insurance ($12,000/12 months =$1,000 monthly insurance used up) -Record using up 2/4 Prepaid Rent for February ($500) - It has used up $1,250 of supplies of the $2,000 it had purchased on 2/4

March 2nd

3/2/2022	Orca Company sells 50 units of inventory for $80 per unit on account. The sale has terms of 2/10, n/30. Recall inventory was purchased for $50 per unit.
3/2/2022	It pays off the Utilities payable accrued on 2/28
3/2/2022	It pays off the salaries payable accrued on 2/28
3/2/2022	Orca Company per-pays its rent for March AND April. $500 each
3/2/2022	Orca Company records an allowance of 5% of current A/R including the transactions on March 2nd. (A/R current balance = $32,000)

March 4th

3/4/2022	Orca Company collects the receivable of $16,000 from services provided on February 23rd. No update is made to the allowance.
3/4/2022	Orca Company receives payment for the inventory sold on 3/2 ($4,000). Note this payment comes within 10 days of purchase with terms 2/10 net 30
3/4/2022	Orca Company purchases 100 units of inventory at $50 per unit using cash
3/4/2022	A customer returns 20 units of inventory purchased on 2/28. The inventory is not defective, so Orca Company adds it back to its inventory supply Sales $80 Cash CGS $50 per unit
3/4/2022	Orca Company sells 100 units of inventory at $80 per unit. The customer is able to pay for half now and Orca Company records the remainder due on account with terms 1/10, n/30.
3/4/2022	Orca Company is told its customer serviced on 2/25 has gone insolvent. This requires Orca Company to record a write-off for the accounts receivable from the customer ($12,000).
3/4/2022	Orca Company is paid $11,000 of the Accounts Receivable for the insolvent customer from 2/25. Orca Company must record a recovery related to this $11,000

March 21st, 23rd

3/21/2022	Orca Company purchased 500 units of inventory from its supplier, on account. The supplier offered Orca Company a price of $65 per unit. Orca Company adopted the FIFO Method of inventory.
3/21/2022	Orca Company negotiated a Promissory Note with the customer for the accounts receivable for purchased inventory on 3/4 ($4,000 balance). The note has terms of 6% interest owed in 6 months
3/23/2022	Orca Company sold 100 units of inventory on account. Due to recent demand, Orca Company raised its price to $100 per unit for the inventory. TO cost according to the FIFO method 170 units remaining in inventory priced at $50 before 500 unit of inventory purchased. So price the inventory sold $50 per unit cost x 100 units sold = $5,000

C D E F G H J B 1 2 3 Balance Sheet 4 Assets 5 Cash 13,100 Supplies 2,000 Inventory 10,000 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 0 0 13,100 13,1001 2,000 2,000 10,000 10,000 23 Pre-Paid Rent 500 Equipment 3,000 Building 495,000 24 25 26 27 28 29 30 31 32 33 34 35 36 0 500 500 3,000 3,000 495.000 495,000 Accounts Receivable 8,000 Pre-Paid Insturance 12,000 LT Investment 1 30,000 37 38 39 40 41 42 43 44 45 46 47 48 0 0 8,000 8,000 12,000 12,000 30.000 30,000 Allowance for Uncolllectible Notes Receivable 49 50 51 52 53 1) Instructions 2) General Journal for Printing 3) T-Accounts for Printing 4) Financial Statements INI. Accorcibilitu lonactianto D E F G H Accounts Payable Salaries Payable 485,000 A B 58 Liabilities 59 60 Note Payable 61 62 63 64 65 66 67 0 68 69 70 71 485.000 485,000 0 0 0 0 Interest Payable Salaries Payable Deferred Revenue 2,000 25 72 73 74 75 76 77 78 79 25 25 2,000 2,000 olo 80 81 82 83 Utilities Payable 84 85 86 87 88 89 90 91 92 0 0 93 94 95 96 97 98 99 100 101 102 103 104 105 Equity 106 107 108 100 Common Stock Dividends 75,000 Equity Common Stock Dividends 75,000 75,000 75,000 of Income Statement Revenues Service Revenue Sales Sales Discount 38,500 38,500 38,500 0 Dividend Revenue Sales Returns 01 0 0 - 1) Instructions 2) General Journal for Printing 3) T-Accounts for Printing 4) Financial Statements Expenses Salaries Expense 20,000 Utilities Expense 1,750 Supplies Expense 250 0 250 20,000 20,000 1.750 1,750 2500 Service Fee Expense Rent Expense 500 Interest Expense 25 500 ol 5001 25 251 Cost of Goods Sold Advertising Expense 4,400 4,400 4,400 01 Insurance Expense Bad Debt Expense 0 Oo C D E F G H J B 1 2 3 Balance Sheet 4 Assets 5 Cash 13,100 Supplies 2,000 Inventory 10,000 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 0 0 13,100 13,1001 2,000 2,000 10,000 10,000 23 Pre-Paid Rent 500 Equipment 3,000 Building 495,000 24 25 26 27 28 29 30 31 32 33 34 35 36 0 500 500 3,000 3,000 495.000 495,000 Accounts Receivable 8,000 Pre-Paid Insturance 12,000 LT Investment 1 30,000 37 38 39 40 41 42 43 44 45 46 47 48 0 0 8,000 8,000 12,000 12,000 30.000 30,000 Allowance for Uncolllectible Notes Receivable 49 50 51 52 53 1) Instructions 2) General Journal for Printing 3) T-Accounts for Printing 4) Financial Statements INI. Accorcibilitu lonactianto D E F G H Accounts Payable Salaries Payable 485,000 A B 58 Liabilities 59 60 Note Payable 61 62 63 64 65 66 67 0 68 69 70 71 485.000 485,000 0 0 0 0 Interest Payable Salaries Payable Deferred Revenue 2,000 25 72 73 74 75 76 77 78 79 25 25 2,000 2,000 olo 80 81 82 83 Utilities Payable 84 85 86 87 88 89 90 91 92 0 0 93 94 95 96 97 98 99 100 101 102 103 104 105 Equity 106 107 108 100 Common Stock Dividends 75,000 Equity Common Stock Dividends 75,000 75,000 75,000 of Income Statement Revenues Service Revenue Sales Sales Discount 38,500 38,500 38,500 0 Dividend Revenue Sales Returns 01 0 0 - 1) Instructions 2) General Journal for Printing 3) T-Accounts for Printing 4) Financial Statements Expenses Salaries Expense 20,000 Utilities Expense 1,750 Supplies Expense 250 0 250 20,000 20,000 1.750 1,750 2500 Service Fee Expense Rent Expense 500 Interest Expense 25 500 ol 5001 25 251 Cost of Goods Sold Advertising Expense 4,400 4,400 4,400 01 Insurance Expense Bad Debt Expense 0 Oo