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Need help journalizing these transactions Karen Noonan opened Teal Mountain Inc. on February 1, 2017. During February, the following transactions were completed Feb. 1 Issued
Need help journalizing these transactions
Karen Noonan opened Teal Mountain Inc. on February 1, 2017. During February, the following transactions were completed Feb. 1 Issued 4,400 shares of Teal Mountain common stock for $14,820. Each share has a $1.50 par 1 Borrowed $6,600 on a 2-year, 6% note payable. 1 Paid $10,280 to purchase used floor and window cleaning equipment from a company going out of business ($4,160 was for the floor equipment and $6,120 for the window equipment). 1 Paid $250 for February Internet and phone services. 3 Purchased cleaning supplies for $1,120 on account. 4 Hired 4 employees. Each will be paid $550 per 5-day work week (Monday Friday). Employees will begin working Monday, February 9. 5 obtained insurance coverage for $8,640 per year. Coverage runs from February 1, 2017, through January 31, 2018. Karen paid $2,160 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 $4,500 cash. 16 Billed customers $4,450 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 $340 on amount owed on cleaning supplies. 20 Paid $3 per share to buy 300 shares of Teal Mountain common stock from a shareholder who disagreed with management goals. The shares will be held as treasury shares. 23 Billed customers $4,900 for cleaning services performed through February 20. 24 Paid cash for employees' wages for 2 weeks (February 9-13 and 16-20). 25 Collected $2,850 cash from customers billed on February 16. 27 Paid $250 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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