Need help with part e

Comprehensive Accounting Cycle Review 11-2 (Part Level Submission) Karen Noonan opened Kingbird 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 par 1 Borrowed $5,000 on a 2-year, 6% note payable. 1 Paid $6,670 to purchase used loor and window cleaning equipment from a company going out of business (53,280 was for the floor equipment and $3,390 for the window equipment) 1 Paid $160 for February Intemet and phone services 3 Purchased cleaning supplies for $730 on account 4 Hired 4 employees. Each wil be paid $360 per 5-day work week (Monday-Friday). Employees will begin working Monday, February 9 5 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. 5 Discussons with the insurance agent indicated that providing outside window cleaning services would cost too much to insure. Karen sold the window deaning ea ipment for S 920 ce 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 20 Paid $3 per share to buy 300 shares of Kingbird common stock from shareholder who disagreed with management goals. The shares will be held as treasury shares. 23 Billed customers $3,180 for cleaning services performed through February 20 24 Paid cash for employees wages for 2 weeks (Pebruary 9-13 and 16-20). 25 Collected $1,850 cash from customers billed on February 16 27 Paid $160 for Internet and phone services for March 28 Declared and paid a cash dividend of $0.15 per share. Your answer is correct. Journalize the February transactions. (Credit account titles are automatically indented when amount enter 0 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit 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 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. 4No Entry No Entry Feb. 5Prepaid 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 To record sale of equipment) Feb. 16 3 Accounts Receivable 2,890 Service Revenue 2,890 Feb. 17 Cash 432 Unearned Service Revenue 432 Feb. 18 Accounts Payable 220 Cash 220 Feb. 20 Treasury Stock 900 Cash 900 Feb. 23 [Accounts Receivable 3,180 Service Revenue 3,180 Feb. 24 Salaries and Wages Expense 2,880- Cash 2,880 Feb. 25 Cash 1,850 Accounts Receivable 1,850 Feb. 27 Prepaid Expenses 160 Cash 160 Feb. 28 Cash Dividends s (b) E] Your answer is correct. Post to the ledger accounts. (Post entries in the order of journal entries presented above.) Cash 9,620 2/1 6,670 160 2,460 220 y. 6,0001 2/1 2/5 2,920 2/5 432 2/18 1,850 2/20 2/24 2/27 2/28 2/25 900 2,880 160 2/28 Bal. 6,817 Accounts Receivable 2/16 2,8901 2/25 : 1,850 2/23 3,180 Supplies 2/3 730 Prepaid Insurance 2/5 2, Prepaid Expenses 2/27 160 2/28 Bal. 160 Equipment 6,6701 2/5 3,390 Accounts Payable 220 2/3 Notes Payable 2/18 730 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 2/20 900 Service Revenue 2/16 2,890 2/23 3,180 Utilities Expense 160 Salaries and Wages Expense 2/24 2,880IE Loss on Disposal of Plant Assets 2/5 470 Prepare a trial balance at February 28, 2017. Kingbird Inc. Trial Balance 2/28/17 Debit Credit Cash 6,817 Accounts Receivable 4,220 Supplies Prepaid Insurance Prepaid Expenses Equipment Accounts Payable Notes Payable Unearned Service Revenue 730 2,460 160 3,280 510 6,000 432 Common Stock 6,000 Paid-in Capital in Excess of Par Value-Common Stock 3,620 Cash Dividends reasury 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 l Your answer is partially correct. Try again. Journalize the following adjustments. (Credit account titles are automatically indented when amount is entered. Do not indent manualy. If no entry is required, select "No Entry" for enter 0 for the amounts. Record journal entries in the Order presented in the problem. Round inwens t.tea i puosa9-La.) Services performed for customers through February 27, 2017, but unbilled and uncollected were $2,80 (2) (1 Received notice that a customer who was billed $130 for services performed February 10 has filed for bankruptcy. Kingbird does not expect to collect any partion of this outstanding receivable bird uses the allowance method to estimate bad debts. Kingbird estimates that 3% of its month-end receivables will not be colected. and $400 salivage value (4) Record 1 month of depreciation for the floor equipment. Use the straight-line method, an estimated ife of 4 years, (5) Record 1 month of insurance expense (6) An inventory count shows $300 of suplies on hand at February 28. One week of services were performed for the customer who paid in advance on February 17, (8) Accrue for wages owed through February 28, 2017. (9) Accrue for interest expense for 1 month tax rate. (Hint: Prepare an income stacement up to "income before taxes" to help with the income tax caiculation) No. Account Titles and Explanation Debit Credit 1. Accounts Receivable 2,810 Service Revenue 2,810 130 2. Allowance for Doubtful Accounts Accounts Receivable 130 253 3. Bad Debt Expense Allowance for Doubtful Accounts 253 60 4. Depreciation Expense 60 Accumulated Depreciation-Equipment 5. Insurance Expense 820 820 Prepaid Insurance 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 30 489 10. Income Tax Expense Income Taxes Payable 489 Post adjusting entries to the T-accounts. (Post entries in the order of journal entries presented ab Cash 6,670 160 2,460 220 900 2,880 160 2/5 2,92 2/25 2/27 2/28 6,817 2/28 Bal 2/16 2/23 Accounts Receivable 2,89 25 1,850 3,180 2/1 Supplies 730 2/28 300 2/3 43 2/28 Bal. #1 Prepaid Insurance 2/5 2,4 Prepaid Expenses 2/27 2/28 Bal. 16 Allowance for Doubtful Accounts Equipment 6,6702/5 3,390 Accumulated Depreciation-Equipment Accounts Payable 2/18 730 Notes Payable 6,000 Salaries and Wages Payable Interest Payable Income Taxes Payable Unearned Service Revenue 432 Common Stock 6,000 Paid in Capital in Excess of Par 3,620 Cash Dividends 2/28 Treasury Stock 2/20 900 Service Revenue 2/16 2,890 2/23 3,180 Utilities Expense 160 Salaries and Wages Expense 2/24 2,880 Insurance Expense Depreciation Expense Bad Debt Expense Supplies Expense Interest Expense Loss on Disposal of Plant Assets 2/5 47 Income Tax Expense