Please answer correctly and extensively. Thanks!

In February, Kellers Music begins selling music books. It uses the first-in, first-out method to account for inventories (books) in a perpetual inventory system.

Feb. 1 Received cash of $100/student in from the 25 of the students that signed up last month.

1 There were 3 students from last month did not have payment for February lessons. The parents explained that they will have the money by the end of the month. Mr. Keller agreed to continue to give the students lessons, but get paid later this month. (Hint: Cash to be received in the future is recorded as Accounts Receivable.)

1 Purchased 24 music books at a cost of $5/unit.

1 Received cash of $600 for signing up 4 students. The $600 included $200 collected for the

registration fees and $400 for monthly dues.

6 Paid the electricity bill received at the end of last month.

7 Paid music teacher for 16 hours worked over the last couple of weeks. (Hint: The 16 hours

includes the 4.5 hours already recorded at the end of January.)

8 Sold 16 music books for $20/unit receiving cash.

14 Purchased 24 more music books. The cost per unit went up to $5.25/unit.

15 Purchased supplies on account, $110.

17 Sold 16 music books for $20/unit receiving cash.

18 Purchased 20 more music books. The cost per unit went up to $5.50/unit.

21 Paid music teacher for 14 hours.

21 Sold 20 music books for $20/unit receiving cash.

27 Paid cash of $160 on account.

28 Owners are paid a dividend of $250.

28 The owner/manager receives a salary of $2,650 for the month.

28 Received $200 from 2 of the students that did not have the money at the beginning of the month.

Additional information needed for adjusting entries at February 28^th, 2017:

1. Record appropriate entries for the depreciation of assets using the straight line method.
2. Supplies on hand at Feb. 28^th, $135.
3. The music teacher has worked 6.5 hours since she was last paid on February 21^st. These wages will not be paid until next payday.
4. Electricity bill received but unpaid at Feb. 28^th, totaled $185.
5. Additional adjustments are required for the rent and insurance expired in February.
6. If you have not already done so then dont forget to record the unearned revenue from last month that has been earned.