Please correct the incorrect entries. On question 1-b, it says that it is incomplete, please assist with what is missing.

! Required information (The following information applies to the questions displayed below.] Wally's Widget Company (WWC) incorporated near the end of 2011. Operations began in January of 2012. WWC prepares adjusting entries and financial statements at the end of each month. Balances in the accounts at the end of January are as follows: Cash 4,850 $20,120 Unearned Revenue (25 units) $ 2,300 Accounts Receivable $ 11,150 Accounts Payable (Jan Rent) $ Allowance for Doubtful Accounts $(1,400) Notes Payable 15,000 $ Inventory (30 units) $ 6,000 $ 2,700 Contributed Capital Retained Earnings - Feb 1, 2012 $ 4,420 . WWC establishes a policy that it will sell inventory at $170 per unit. In January, WWC received a $4,850 advance for 25 units, as reflected in Unearned Revenue. WWC's February 1 inventory balance consisted of 30 units at a total cost of $2,700. WWC's note payable accrues interest at a 12% annual rate. WWC will use the FIFO inventory method and record COGS on a perpetual basis. February Transactions Included in WWC's February 1 Accounts Receivable balance is a $1,400 account due from Kit Kat, a WWC customer. Kit Kat is having cash flow problems and 02/01 cannot pay its balance at this time. WWC arranges with Kit Kat to convert the $1,400 balance to a note, and Kit Kat signs a 6-month note, at 12% annual interest. The principal and all interest will be due and payable to WWC on August 1, 2012. WWC paid a $550 insurance premium covering the month of February. The 02/02 amount paid is recorded directly as an expense. 02/05 An additional 140 units of inventory are purchased on account by WwC for $10,500 - terms 2/15, n30. 02/05 WWC paid Federal Express $420 to have the 140 units of inventory delivered overnight. Delivery occurred on 02/06. 02/10 Sales of 110 units of inventory occurred during the period of 02/07 - 02/10. The sales terms are 2/10, net 30. 02/15 The 25 units that were paid for in advance and recorded in January are delivered to the customer. 10 units of the inventory that had been sold on 2/10 are returned to WWC. The 02/15 units are not damaged and can be resold. Therefore, they are returned to inventory. Assume the units returned are from the 2/05 purchase. 02/16 WWC pays the first 2 weeks wages to the employees. The total paid is $3,200. Paid in full the amount owed for the 2/05 purchase of inventory. WWC records 02/17 purchase discounts in the current period rather than as a reduction of inventory costs. 02/18 Wrote off a customer's account in the amount of $1,500. $4,600 of rent for January and February was paid. Because all of the rent will 02/19 soon expire, the February portion of the payment is charged directly to expense. Collected $9,000 of customers' Accounts Receivable. Of the $9,000, the 02/19 discount was taken by customers on $5,500 of account balances; therefore WWC received less than $9,000. WWC recovered $500 cash from the customer whose account had previously 02/26 been written off (see 02/18). 02/27 A $450 utility bill for February arrived. It is due on March 15 and will be paid then. 02/28 WWC declared and paid a $450 cash dividend. Adjusting Entries: 02/29 Record the $3,200 employee salary that is owed but will be paid March 1. WWC decides to use the aging method to estimate uncollectible accounts. WWC 02/29 determines 8% of the ending balance is the appropriate end of February estimate of uncollectible accounts. 02/29 Record February interest expense accrued on the note payable. 02/29 Record one month's interest earned Kit Kat's note (see 02/01). Required: 1-a. Prepare all February journal entries and adjusting entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) * Answer is complete but not entirely correct. No Date General Journal Debit Credit 1 Feb. 1 Notes Receivable 1,400 oo Accounts Receivable 1,400 2 Feb. 2 550 Insurance Expense Cash 550 3 Feb. 5 ol 10,500 Inventory Accounts Payable 10,500 4 Feb. 6 420 Inventory Cash oo 420 5 Feb. 10a Accounts Receivable 18,700 Sales Revenue 18,700 6 Feb. 10b 8,700 Cost of Goods Sold Inventory 8,700 7 Feb. 15a Unearned Revenue 4,850 Sales Revenue 4,850 8 Feb. 15b 1,875 Cost of Goods Sold Inventory OO 1,875 X 9 Feb. 15c 750 Inventory Cost of Goods Sold 750 X 10 Feb. 15d 1,700 Sales Returns and Allowance Accounts Receivable 1,700 11 Feb. 16 3,200 Wages Expense Cash Olol 3,200 12 Feb. 10,500 Accounts Payable Cash 10,290 Inventory 210 13 Feb. 18 1,500 Allowance for Doubtful Accounts Accounts Receivable olol 1,500 14 Feb. 19a Accounts Payable Rent Expense Cash 2,300 2,300 4,600 15 Feb. 196 Cash 8,890 Sales Discounts 110 Accounts Receivable 9,000 16 Feb. 26a Accounts Receivable 500 Allowance for Doubtful Accounts 500 17 Feb. 26b Cash 500 Accounts Receivable 500 18 Feb. 27 450 Utility Expense Accounts Payable 450 19 Feb. 28 Dividends Declared 450 Cash 450 20 Feb. 29a OL 3,200 Wages Expense Wages Payable 3,200 21 Feb. 29b 900 Bad Debt Expense Allowance for Doubtful Accounts 900 22 Feb. 29c OI 150 Interest Expense Interest Payable 150 23 Feb. 29d Interest Receivable 14 Interest Revenue 14 1-b. Post all February entries (transactions and adjustments) to the T-accounts. X Answer is not complete. Cash Accounts Receivable 20,120 Beg. bal. 11,150 Beg. bal. Feb. 19b Feb. 26b 8,890 550 Feb. 2 1,700 Feb. 15d >> 500 420 Feb. 6 18,700 1,500 Feb. 18 Feb. 10a Feb. 26a 3,200 Feb. 16 500 9,000 Feb. 19b Feb. 26b 10,290 500 4,600 Feb. 17 Feb. 19a Feb. 28 1,400 Feb. 1 450 End. bal. 10,000 End. bal. 16,250 Inventory Allowance for Doubtful Accounts Beg. 1,400 bal. Feb. Feb. 18 1,500 500 Beg. bal. 2,700 26a Feb. 5 10,500 210 900 Feb. 29b Feb. 6 420 8,700 Feb. 17 Feb. 10b Feb. 15b Feb. 15c 750 1,875 End. bal. 1,300 End. bal. 3,585 Notes Receivable Interest Receivable Beg. bal. Beg. bal. Feb. 29d Feb. 1 1,400 14 End. bal. 1,400 End. bal. 14 Accounts Payable Unearned Revenue Beg. Beg. 2,300 4,850 bal. Feb. 19a Feb. 17 bal. Feb. 15a 2,300 10,500 Feb. 5 4,850 10,500 450 Feb. 27 End. bal. 450 End. bal. Wages Payable Interest Payable Beg. bal. Beg. bal. 3,200 Feb. 29a 150 Feb. 29c End. bal. 3,200 End. bal. 150 Contributed Capital Notes Payable 15,000 Beg. bal. Beg. bal. 6,000 End. 15,000 End. bal. 6,000 bal. Retained Earnings Dividends Declared Beg. bal. 4,420 Beg bal. Feb. 28 450 End. bal. 4,420 End bal. 450 Sales Revenue Sales Returns & Allowances Beg. bal. Beg. bal. Feb. 15d 18,700 1,700 Feb. 10a Feb. 15a 4,850 End. End. bal. 23,550 1,700 bal. Sales Discounts Cost of Goods Sold Beg. bal. Feb. 19b 110 Beg. bal. Feb. 10b Feb. 15b 8,700 750 Feb. 15c 1,875 End. bal. 110 End. bal. 9,825 Interest Revenue Bad Debt Expense Beg. bal. Beg. bal. Feb. 29b Feb. 14 900 29d End. bal. 14 End. bal. 900 Insurance Expense Interest Expense Beg. bal. Beg. bal. Feb. 29c Feb. 2 550 150 End. bal. 550 End. bal. 150 Rent Expense Utility Expense Beg. bal. Beg. bal. Feb. 19a 2,300 Feb. 27 450 End. bal. 2,300 End. bal. 450 Wages Expense Beg. bal. Feb. 29a Feb. 16 3,200 3,200 6,400