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Wallys 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:

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 $21,620 Unearned Revenue (30 units) $ 5,550 Accounts Receivable $12,650 Accounts Payable (Jan Rent) $(1,900) Notes Payable A Allowance for Doubtful Accounts Inventory (35 units) $ 16,000 $ 7,000 $ 3,520 $ 2,800 Contributed Capital Retained Earnings - Feb 1, 2012 A . WWC establishes a policy that it will sell inventory at $180 per unit. In January, WWC received a $5,350 advance for 30 units, as reflected in Unearned Revenue. WWC's February 1 inventory balance consisted of 35 units at a total cost of $2,800. 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 y cannot pay its balance at this time. WWC arranges with Kit Kat to convert the 02/01 $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 02/02 WWC paid a $650 insurance premium covering the month of February. The amount paid is recorded directly as an expense. 02/05 An additional 180 units of inventory are purchased on account by WwC for $13,500 terms 2/15, n30. WWC naid Federal Express $360 to have the 180 units of inventory delivered 02/10 "amount paid is recorded directly as an expense. 02/05 An additional 180 units of inventory are purchased on account by WwC for $13,500 terms 2/15, n30. WWC paid Federal Express $360 to have the 180 units of inventory delivered 02/05 overnight. Delivery occurred on 02/06. Sales of 150 units of inventory occurred during the period of 02/07 - 02/10. The sales terms are 2/10, net 30. 02/15 246 The 30 units that were paid for in advance and recorded in January are delivered to the customer. 25 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 $2,800. 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 $2,000. $6,600 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 $10,000 of customers' Accounts Receivable. Of the $10,000, the 02/19 discount was taken by customers on $8,000 of account balances; therefore WWC received less than $10,000. 02/26 ba WWC recovered $600 cash from the customer whose account had previously "been written off (see 02/18). 02/27 A $950 utility bill for February arrived. It is due on March 15 and will be paid then. 02/28 WWC declared and paid a $950 cash dividend. Adjusting Entries: 02/29 Record the $2,800 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). No Date General Journal Credit Debit 1,400 Feb. 1 0.1 Notes Receivable Accounts Receivable 1,400 Feb. 2 650 Insurance Expense Cash 650 Feb. 5 13,500 Inventory Accounts Payable 13,500 Feb. 6 360 Inventory Cash 360 5 Feb. 10a 27,000 Accounts Receivable Sales Revenue 27,000 Feb. 10b 11,655 Cost of Goods Sold Inventory 11,655 Feb. 15a 5,350 Unearned Revenue Sales Revenue 5,350 Feb. 15b 2,310 Cost of Goods Sold Inventory 2,310 Feb. 15c 1,925 Inventory Cost of Goods Sold 1,925 10 Feb. 15d 4,500 Sales Returns and Allowance Accounts Receivable 4,500 Feb. 16 2,800 Wages Expense Cash 2,800 12 Feb. 17 13,500 Accounts Payable Cash Inventory 13,230 270 13 Feb. 18 2,000 Allowance for Doubtful Accounts Accounts Receivable 2,000 14 Feb. 19a Accounts Payable Rent Expense Cash 3,300 3,300 6,600 15 Feb. 19b Cash Sales Discounts Accounts Receivable 9,840 160 10,000 Feb. 26a 600/ Accounts Receivable Allowance for Doubtful Accounts 600/ Feb. 26b 600/ Cash Accounts Receivable 600/ 1 18 _Feb. 27 _9500 [Utility Expense Accounts Payable 950/ Feb. 28 950 V Dividends Declared Cash 950 0 Feb. 29a 2,800 0 Wages Expense Wages Payable 2,800/ Feb. 29b 1,240 / Bad Debt Expense Allowance for Doubtful Accounts 1,240 | 22 _Feb. 29c [interest Expense Interest Payable _160 0 160/ 23 Feb. 29d Interest Receivable Interest Revenue WWC, Inc. Income Statement For the Month Ended February 29 Revenues $ 0 0 WWW, Inc. Balance Sheet Assets Liabilities Current Assets Cash $ $ Accounts Receivable Allowance for Doubtful Accounts Interest Receivable Notes Receivable Inventory 7,470 21,750 (1,740) - 14 1,400 4,500 Current Liabilities Interest Payable Wages Payable Utility Expense Notes Payable 160 2,800 950 16,000 Total Current Assets $ 33,394 Total Current Liabilities $ 19,910 19,910 Total liabilities Stockholders' Equity Contributed Capital Retained Earnings 7,000 6,484 Total Stockholders' Equity 13,484 2. Prepare all February 29 closing entries for WWC. Post to the T-Accounts in requirement 1-b. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Answer is not complete. General Journal Credit No 1 Transaction 1 1 Sales Revenue Interest Revenue Debit 32,350 14 Sales Discounts 160 4,500 Sales Returns and Allowances Insurance Expense Wages Expense Bad Debt Expense Rent Expense Utility Expense 650 X 2,800 X 1,240 3,300 950 Retained Earnings 950 Dividends Declared 950