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no Shiloh's Hair Envy opened on January 1st, 2023. On February 1st, 2023, the opening i balances were 101 - Bank Account $1,000, 103- Inventory

no Shiloh's Hair Envy opened on January 1st, 2023. On February 1st, 2023, the opening i balances were 101 - Bank Account $1,000, 103- Inventory 3,000, 201 - Accounts Payable 1,000, and 300 - Capital / Equity 3,000. During the month of February, the following transactions occurred: a) Shiloh invested $15,000 of cash into the company. b) Inventory of $10,000 was purchased on credit. c) Revenue for the month was $17,500. Of the revenue, $10,000 was paid in cash and $7,500 was paid on account (credit). The inventory that was sold was valued at $8,000. d) Wages of $5,000 was paid to its employees in cash. e) Rent of $3,000 was paid in cash - $1,000 per month for January, February and March. Required: a) Using the Chart of Accounts below, prepare the JOURNAL ENTRIES for each transaction that you want to recognize for the month of February. b) Post the journal entries to the particular ledgers (T-ACCOUNTS). c) Prepare the UNADJUSTED TRAIL BALANCE for Shiloh's Hair Envy. Chart of Accounts 101- Bank Account 102-Accounts Receivable 103- Inventory 104-Prepaid Rent 105- Prepaid Utilities 106- PP&E 107- Accumulated Depreciation - PP&E 201-Accounts Payable 202-Wages Payable 203-Bank Loan 300 Capital / Equity 301 Investments 302 Withdrawals 401 Revenue 501- Cost of Goods Sold 502 Rent Expense 503 504 Wages Expense 505 999 Income Summary - - - animanting Utilities Expense Depreciation Expense only

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