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CP3-3 (Algo) Analyzing the Effects of Transactions Using T-Accounts, Preparing an Unadjusted Trial Balance, and Determining Net Income and Net Profit Margin (LO 3-1, LO 3-2, LO 3-3, LO 3-4, LO 3-5) Barbara Jones opened Barb's Book Business on February 1. You have been hired to maintain the company's financial records. The following transactions occurred in February, the first month of operations ant a. Received shareholders' cash contributions on February 1 totaling $11,000 to form the corporation; issued 1,000 shares of common b. Pald $3,345 cash on February 2 for three months' rent for office space. TIP: For convenience, simply record the full amount of the payment as an asset (Prepold Rent). At the end of the month, this account will be adjusted to its proper balance. c. Purchased and received supplies on February 3 for $345 cash. d. Signed a promissory note on February 4, payable in two years; deposited $14,600 in the company's bank account e. On February 5, paid cash to buy equipment for $5,200 and land for $9.400. f. Placed an advertisement in the local paper on February 6 for $800 cash. g. Recorded sales on February 7 totaling $2,200: $1,520 was in cash and the rest on accounts receivable. h. Collected accounts receivable of $130 from customers on February 8 2 On February 9, repaired one of the computers for $185 cash. TIP: Most repairs involve costs that do not provide additional future economic benefits. Incurred and paid employee wages on February 28 of $480. Required: 1. Prepare the journal entry for each of the above transactions. 2. Post the transaction activity from requirement to the T-Accounts below. All accounts begin with zero balances because this is the first month of operations. 3. Prepare an unadjusted trial balance at the end of February 4-a. Refer to the revenues and expenses shown on the unadjusted trial balance. Based on this information, calculate preliminary net Income and net profit margin? 4-b. Determine whether the net profit margin is better or worse than the 11 percent earned by a close competitor. Prepare an unadjusted trial balance at the end of February BARB'S BOOK BUSINESS Unadjusted Trial Balance Account Name Debit Credit Cash Accounts Receivable Supplies Prepaid Rent Land Equipment Notes Payable (long-term) Common Stock Sales Revenue Advertising Expense Salaries and Wages Expense Repairs and Maintenance Expense Total $ 0 $ 0