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Please answer every part if the question. Thank you! Barbara Jones opened Barb's Book Business on February 1. You have been hired to maintaln the
Please answer every part if the question. Thank you!
Barbara Jones opened Barb's Book Business on February 1. You have been hired to maintaln the company's financial records. The followng transactions occurred in February, the first month of operations. a Recelved shareholders' cash contributions on February 1 totaling $25.000 to form the corporation; issued 1,000 shares of common stock. b. Paid $3.645 cash on February 2 for three months' rent for office space. TIP: For conventence, simply record the full amount of the payment as an asset (Prepatd Renti. At the end of the month, this account will be adjusted to its proper balance. c. Purchased and recelved supplies on February 3 for $320 cash. d Signed a promissory note on February 4, payable in two years, deposited $18,600 in the compary's bank account. e On February 5. pald cash to buy equlpment for $4,600 and land for $14,000. f Piaced an advertisement in the local paper on February 6 for $765 cash. g Recorded sales on February 7 totaling $3,900.$1760 was in cash and the rest on accounts recelvable. h. Collected accounts recelvable of $135 from customers on February 8. 1. On February 9, repalred one of the computers for $158 cash. TIP: Most repairs involve costs that do not provide additional future economic benefits. J. Incurred and pald employee wages on February 28 of $680 General Journal tab - Prepare the journal entries to record the transactions (a) through (0). Review the accounts as shown in the General Ledger and Trial Balance tabs. General Ledger tab - Each journal entry is posted avtomatically to the general fedger. Trial Balance tab - The ending balance values from the General Ledger tab flows through to the Trial Balance tab. Analyais tab + Using the information from the requirements above, complete the 'Analysis' tab. Journal entry worksheet 4 7 9 10 Received shareholders' cash contributions on February 1 totaling $25,000 to form the corporation; issued 1,000 shares of common stock. Record the transaction. Nota: Enter debits before credita. Journal entry worksheet Paid $3,645 cash on February 2 for three months' rent for office space. Record the transaction. Note: Enter debita betore credit: Journal entry worksheet Purchased and received supplies on February 3 for $320 cash. Record the transaction. Note: Enter deblts bofore credita. Journal entry worksheet Signed a promissory note on February 4, payable in two years; deposited $18,600 in the company's bank account. Record the transaction. Note: Enter debits betore crecit: Journal entry worksheet 78910 On February 5, paid cash to buy equipment for $4,600 and land for $14,000. Record the transaction. Note: Enter debits betore credits. Journal entry worksheet Placed an advertisement in the local paper on February 6 for $765 cash, Record the transaction. Note: Enteridobits-berare creets Journal entry worksheet Recorded sales on February 7 totaling $3,900;$1,760 was in cash and the rest on accounts receivable. Record the transaction. Notc:Enter debits before credita Journal entry worksheet \begin{tabular}{llllllll} \hline & 1 & 2 & 3 & 4 & 5 & 6 \end{tabular} Collected accounts receivable of $135 from customers on February 8 . Record the transaction. Note: Enter dobitis before credits. Journal entry worksheet On February 9, repaired one of the computers for $158 cash. Record the transaction. Notes. Enter debits octare sredit. Journal entry worksheet \begin{tabular}{l|l|l|l|l|l|l|l|} \hline & 2 & 2 & 6 & 7 & 8 & 9 \end{tabular} Incurred and paid employee wages on February 28 of $680. Record the transaction. Note: Entar debits befnre creater. Each journal entry is posted automatically to the general ledger. General Ledger Account Bata is not availabe unt joumal entries have been entered ending balance values from the General Ledger tab flows through to the Trial Balance below, Refer to the revenues and expenses shown on the unadjusted trial balance. Based on this information, calculate preliminary net income and net profit margin. (Round your Not Prafit Maroin answer to 1 decimaldiacey Determine whether the net profit margin is better or worse than the 17.5 percent. earned by a close competitor Step by Step Solution
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