{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-05T04:50:46-04:00", "answer_date": "2024-06-05 04:50:46", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "2283422", "url": "\/study-help\/questions\/nop-corporation-recorded-the-following-transactions-in-february-2024-february-2283422", "question_creation_date_js": "2024-06-05T04:50:46-04:00", "question_creation_date": "Jun 05, 2024 04:50 AM", "meta_title": "[Solved] NOP Corporation recorded the following tr | SolutionInn", "meta_description": "Answer of - NOP Corporation recorded the following transactions in February 2024: February 1: Purchased inventory on account for $ | SolutionInn", "meta_keywords": "nop,corporation,recorded,transactions,february,2024,1,purchased,inventory,account,$7,000,7", "question_title_h1": "NOP Corporation recorded the following transactions in February 2024: February 1: Purchased inventory on account for $7,000. February 7: Paid $2,000 for utilities. February 13:", "question_title": "NOP Corporation recorded the following transactions in February 2024: February 1: Purchased", "question_title_for_js_snippet": "NOP Corporation recorded the following transactions in February 2024 February 1 Purchased inventory on account for $7,000 February 7 Paid $2,000 for utilities February 13 Received $3,500 from customers on account February 19 Paid $4,500 to suppliers on account February 25 Declared and paid dividends of $1,000 Requirements Journalize the transactions Post the journal entries to the general ledger Prepare a trial balance as of February 28, 2024 Prepare an income statement for February 2024 Analyze the effect of dividends on retained earnings ", "question_description": "

NOP Corporation recorded the following transactions in February 2024:<\/strong><\/p>

  1. February 1: Purchased inventory on account for $7,000.<\/li>
  2. February 7: Paid $2,000 for utilities.<\/li>
  3. February 13: Received $3,500 from customers on account.<\/li>
  4. February 19: Paid $4,500 to suppliers on account.<\/li>
  5. February 25: Declared and paid dividends of $1,000.<\/li><\/ol>

    Requirements:<\/strong><\/p>

    1. Journalize the transactions.<\/li>
    2. Post the journal entries to the general ledger.<\/li>
    3. Prepare a trial balance as of February 28, 2024.<\/li>
    4. Prepare an income statement for February 2024.<\/li>
    5. Analyze the effect of dividends on retained earnings.<\/li><\/ol>

      <\/p>", "transcribed_text": "", "related_book": { "title": "Intermediate Accounting", "isbn": "1264134525, 9781264134526", "edition": "11th Edition", "authors": "David Spiceland", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/2022\/04\/62500bf659d99_11062500bf616e16.jpg", "uri": "\/textbooks\/intermediate-accounting-11th-edition-9781264134526", "see_more_uri": "\/textbooks\/business-tax-accounting-3331" }, "free_related_book": { "isbn": "0740777041", "uri": "\/textbooks\/the-last-gifts-creative-ways-to-be-with-the-dying-1st-edition-978-0740777042-264073", "name": "The Last Gifts Creative Ways To Be With The Dying", "edition": "1st Edition" }, "question_posted": "2024-06-05 04:50:46", "see_more_questions_link": "\/study-help\/questions\/business-organizational-behavior-2023-February-20", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/when-you-stand-in-front-of-a-plane-mirror-there", "description": "When you stand in front of a plane mirror, there is a rightleft reversal. 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