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Comprehensive Accounting Cycle Review 11-2 (Part Level Submission) aren Noonan opened Kingbirnd Inc. on February 1, 2017. During February, the following transactions were completed Feb 1 Issued 4,000 shares of Kingbird common stock for $9,620. Each share has a $1.50 pa Borrowed $5,000 on a 2-year, 6% note payable. Paid $6,670 to purchase used floor and window cleaning 1 equipment from a company going out of business ($3,280 was for the floor equipment and $3,390 for the window equipment) Paid $160 for February Intenet and phone services. 3 Purchased cleaning supplies for $730 on account Hired4 empleyees. Each will be paid $360 per 5-day work week (Monday- Friday). Employees will begin working Mondey, February 9 s Obtained insurance coverage for $9,840 per year. Coverage runs from February 1, 2017, through January 31, 2018. Karen paid $2,460 cash for the first quarter of coverage s 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 $2,920 cash 16 Billed customers $2,890 for cleaning services performed through February 13, 2017 17 Received $432 from a customer for 4 weeks of cleaning services to begin February 21, 2017 18 Paid $220 on amount owed on cleaning supplies 20 Paid $3 per share to buy 300 shares of kingbird common stock from a shareholder who disagreed with management poals. The shares will be held as treasury shares. 23 Billed customers s3,180 for cleaning services performed through February 20 24 Paid cash for employees' wages for 2 weeks(February 9-13 and 16-20) 25 Collectied $1,850 cash from cushomers billed on February 16 Paid $160 for Intemet and phone services for March 28 Declared and paid a cash dividend of $o.15 per share Debit Credit Date Account Titles and Explanation Feb. 1 Cash 9,620 Common Stock 6,000 Paid-in Capital in Excess of Par Value-Common St 3,620 To record issuance of common stock in excess of par) Feb. 1 Cash 6,000 Notes Payable 6,000 To record purchase of notes payable) Feb. 1 Equipment 6,670 Cash 6,670 (To record purchase of equipment) Feb. 1 Utilities Expense 160 Cash 160 (To record payment of internet and phone services) Feb. 3Supplies 730 Accounts Payable 730 Feb. 4 No Entry No Entry Feb. 5 Prepaid Insurance 2,460 Cash 2,460 To record payment of insurance) Feb. 5 Cash 2,920 Loss on Disposal of Plant Assets 470 Equipment 3,390 2,890 Feb. 16;| | Accounts Receivable 2,890 Service Revenue 432 Feb. 17Cash Unearned Service Revenue 432 220 Feb. 18 Accounts Payable 220 Cash 900 Feb. 20Treasury Stock 900 Cash 3,180 Feb. 23 Accounts Receivable Service Revenue 3,180 Feb. 24 Salaries and Wages Expense 2,880 Cash 2,880 1,850 Feb. 25 Cash Accounts Receivable 1,850 160 LFeb. 272 Prepaid Expenses Cash 160 Feb. 28 Cash Dividends Cash Your answer is correct. Post to the ledger accounts. (Post entries in the order of journal entries presented above.) Cash 9,620 2/1 6,000 2/1 2,920 2/5 6,670 160 2,460 220 900 2,880 160 2/5 432 2/18 1,8501 2/20 2/24 2/27 2/28 2/25 2/28 Bal. 6,817 Accounts Receivable 2/16 2,890 2/25 1,850 2/23 3,180 Supplies 2/3 730 Prepaid Insurance 2/5 2,460 Prepaid Expenses 2/27 160 2/28 Bal. 160 Equipment 6,670 2/5 3,390 Accounts Payable 2/18 730 Notes Payable 6,000 Unearned Service Revenue 432 Common Stock 6,000 Paid in Capital in Excess of Par 3,620 Cash Dividends 2/28 Treasury Stock 900 Service Revenue 2/16 2,890 2/23 3,180 Utilities Expense 160 Salaries and Wages Expense 2/24 2,880 Loss on Disposal of Plant Assets 2/5 470 SHOW LIST OF ACCOUNTS SHOW ANSWER LINK TO TEXT Kingbird Inc. Trial Balance 2/28/17 Debit Credit Cash 6,817 4,220 730 2,460 160 Accounts Receivable Supplies Prepaid Insurance Prepaid Expenses Equipment Accounts Payable Notes Payable 3,280 510 6,000 Unearned Service Revenue 432 Common Stock 6,000 Paid-in Capital in Excess of Par Value-Common Stock 3,620 Cash Dividends Treasury Stock 900 Service Revenue 6,070 Utilities Expense Salaries and Wages Expense Loss on Disposal of Plant Assets 160 2,880 470 Total 22,632 22,632 Your answer is partialily correct. Try again. Journalize the following adjustments. (Credit enter 0 for the amounts. Record journal entries in the order presented in the problem. Round answers to 0 account titles are automatically indented when amount is entered. Do not indent manually, If no entry ts required, select No Entry" for th decimal places, e.g. 1,527.) (1) Services performed for customers through February 27, 2017, but unbiled and uncollected were $2.810 (2) Received notice that a customer who was billed $130 for services performed filed for bankruptcy (3) Kingbird uses the allowance method to estimate bad debts (4) Record 1 month of depreciation (S) Record 1 month of insurance expense (6) An inventory count shows $300 of supplies on hand at February 28 (7) one week of services were performed for the 6 stormer who paid n advance on Febrary 17 (B) Accrue for wages owed through February 28, 2017 (9) Accrue for interest expense for 1 month, (10) Karen estimates a 20% income tax rate. (Hint: Prepare an income statement up to"income before February 10 has filed for bankruptey, Kingbird does not expect to colfect any portion of this outstanding recervabie, . Kingbird estimates that 3% o, t month-end recevables not he colected. for the floor equipment. Use the straight-line method, an estimated ife of 4 years, and $400 salvage velue taxes" to help with the income tax caloulation, No. Account Titles and Explanation Debit Credit 1. Accounts Receivable 2,810 Service Revenue 2,810 2. Allowance for Doubtful Accounts 130 Accounts Receivable 130 3. Bad Debt Expense 253 Allowance for Doubtful Accounts 253 4. Depreciation Expense 60 Accumulated Depreciation-Equipment 60 5. Insurance Expense 820 Prepaid Insurance 820 6. Supplies Expense 430 Supplies 430 7. Unearned Service Revenue 108 Service Revenue . 108 8. Salaries and Wages Expense 1,440 Salaries and Wages Payable 1,440 9. Interest Expense 30 Interest Payable 30 10. Income Tax Expense 489 Income Taxes Payable 489 (e) Your answer is partially correct. Try again. Post adjusting entries to the T-accounts. (Post entries in the order of journal entries presented Cash 9,6202/1 6,0002/1 2,9202/5 6,670 160 2,460 220 900 2,880 160 2/5 4322/18 1,8502/20 2/24 2/27 28 2/25 2/28 Bal. 6,81 2,8902/25 3,180( 2/28 2,810 6,900 Accounts Receivable 2/16 1,850 2/23 2/28 2/28 Bal, Supplies 2/3 2/28 Bal. Prepaid Insurance 2/5 2,460 2/28 2/28 Bal, 1,640 Prepaid Expenses 2/27 2/28 Bal. Allowance for Doubtful Accounts 2/28 I 2/28 Bal. Equipment 6,6702/5 3,280 3,390 2/28 Bal. Accumulated Depreciation Equipment 2/28 60 2/28 Bal. 60 Accounts Payable 2202/3 2/18 730 2/28 Bal. 510 Notes Payable 6,000 2/28 Bal. 6,000 Salaries and Wages Payable 2/28 1,440 2/28 Bal. 1,440 Interest Payable 2/28 30 2/28 Bal. Income Taxes Payable 2/28 498 2/28 Bal. 498 Unearned Service Revenue 2/28 432 2/28 Bal. + 324 Common Stock 6,000 2/28 Bal. + 6,000 Paid in Capital in Excess of Par 3,620 2/28 Bal. 3,620 Cash Dividends 2/28 Treasury Stock 2/20 90 2/28 Bal. 900 Service Revenue 2/16 2,890 3,180 2,810 2/23 2/28 2/28 108 Utilities Expense Salaries and Wages Expense 2/24 2,880 2/28 1,440 Insurance Expense 2/28 60 Depreciation Expense 2/28 60 Bad Debt Expense 2/28 207 Supplies Expense 2/28 430 Your answer is correct. Prepare an adjusted trial balance. Kingbird Inc. Trial Balance 2/28/17 Debit Credit Cash 6,817 Accounts Receivable 6,900 300 1,640 160 Supplies Prepaid Insurance Prepaid Expenses Allowance for Doubtful Accounts 207 Equipment 3,280 Accumulated Depreciation-Equipment 60 Accounts Payable Notes Payable Salaries and Wages Payable Interest Payable 510 6,000 1,440 30 Income Taxes Payable 472 324 6,000 Unearned Service Revenue Common Stock Paid-in Capital in Excess of Par Value-Common Stock 3,620 Cash Dividends Treasury Stock Service Revenue 900 8,988 Utilities Expense Salaries and Wages Expense Insurance Expense Depreciation Expense Bad Debt Expense Supplies Expense Interest Expense Loss on Disposal of Plant Assets 160 4,320 820 60 337 430 30 470 Income Tax Expense 472 Total 27,651 27,651 (g1) Prepare a multiple-step income statement as of February 28, 2017 Kingbird Inc. Income Statement February 28, 2017 SHOW LIST OF ACCOUNTS