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Comprehensive Accounting Cycle Review 11-2 (Part Level Submission) Karen Noonan opened Kingbird Inc. on February 1, 2017. During February, the following transactions were completed: Feb. 1 Issued 4,000 shares of Kingbird common stock for $9,620. Each share has a $1.50 par 1 Borrowed $6,000 on a 2-year, 6% note payable. 1 Paid $6,670 to purchase used floor and window cleaning equipment from a company going out of business ($3,280 was for the floor equipment and $3,390 for the window equipment). 1 Paid $160 for February Internet and phone services. 3 Purchased cleaning supplies for $730 on account. 4 Hired 4 employees. Each will be paid $360 per 5-day work week (Monday- Friday). Employees will begin working Monday, February 9. 5 Obtained insurance coverage for $9,840 per year. Coverage runs from February 1, 2017, through January 31, 2018. Karen paid $2,460 cash for the first quarter of coverage. 5 Discussions with the insurance agent indicated that providing outside window cleaning services would cost too much to insure. Karen sold the window cleaning equipment for $2,920 cash. 16 Billed customers $2,890 for cleaning services performed through February 13, 2017 17 Received $432 from a customer for 4 weeks of cleaning services to begin February 21, 2017 18 Paid $220 on amount owed on cleaning supplies. 20 Paid $3 per share to buy 300 shares of Kingbird common stock from a shareholder who disagreed with management goals. The shares will be held as treasury shares. 23 Billed customers $3,180 for cleaning services performed through February 20 24 Paid cash for employees' wages for 2 weeks (February 9-13 and 16-20) 25 Collected $1,850 cash from customers billed on February 16 27 Paid $160 for Internet and phone services for March 28 Declared and paid a cash dividend of $0.15 per share (a) ournalize the ebruary transactione presented in the problen.) Credit ount titles ere su omotrcoll enc ente d when errount erste red. o avot ama erot merually. If no entry "s requsreo se ect o Entry for tive dCCOUnt titles and en er 0 for the armounts ecord ournal ertnes thee or er Date Account Titles and Explanation Common Stock Paid in Capital in Excess of Par Value Common St To record issuance of common stock in excess of par Notes Paysble (T record purchase of nats payable) Feb. 1 Equipment To record purchese of equipment Utilities Expense Cash To record psyment of internet snd phane services) Supples 160 nd phane Feb. 3 Accounts Fayable No Entry No Entry Feb. 5 VPrepaid Insurance 2460 Cash 2460 (To record payment of insurance) Feb. 5 Cash 2920 Loss on Disposal of Plant Assets 470 Equipment 3390 (To record sale of equipment) Feb. 16 Accounts Receivable 2890 Service Revenue 2890 Feb. 17 Cash 432 Unearned Service Revenue 432 Feb. 18 Accounts Payable 220 Cash 220 Feb. 20 Treasury Stock 900 Cash 900 Feb. 23 Accounts Receivable 3180 Service Revenue 3180 Feb. 24 Salaries and Wages Expense 2880 Cash 2880 Feb. 25 Cash 1850 Accounts Receivable 1850 Feb. 27 Prepaid Expenses 160 Cash 160 Feb. 28 Cash Dividends Cash SHOW LIST OF ACCOUNTSSHOW ANSWER LINK TO TEXT Your answer is correct. Post to the ledger accounts. (Post entries in the order of journal entries presented above.) Cash 9620 2/1 6000 2/1 6670 160 2/5 2460 432 2/18 1850 2/20 2/24 2/27 2/28 220 2/25 900 2880 160 2/28 Bal. 6817 Accounts Receivable 2/16 2890 2/25 1850 2/23 3180 Supplies 2/3 730 Prepaid Insurance 2/5 2460 Prepaid Expenses 2/27 160 160 Equipment 6670 2/5 2/28 Bal. 3390 Accounts Payable 2/18 730 Notes Payable 6000 Unearned Service Revenue 432 Common Stock 6000 Paid in Capital in Excess of Par 3620 Cash Dividends 2/28 Treasury Stock 2/20 900 Service Revenue 2/16 2890 2/23 3180 Utilities Expense 160 Salaries and Wages Expense 2/24 2880 Loss on Disposal of Plant Assets 2/5 470 SHOW LIST OF ACCOUNTS SHOW ANSWER LINK TO TEXT Your answer is correct. Prepare a trial balance at February 28, 2017 Kingbird Inc. Trial Balance 2/28/17 Debit Credit Cash 6817 Accounts Receivable 4220 Supplies Prepaid Insurance Prepaid Expenses Equipment Accounts Payable Notes Payable 730 2460 160 3280 510 6000 Unearned Service Revenue 432 Common Stock 6000 Paid-in Capital in Excess of Par Value-Common Stock 3620 Cash Dividends Treasury Stock 900 Service Revenue 6070 Utilities Expense Salaries and Wages Expense Loss on Disposal of Plant Assets 160 2880 470 Total 22632 22632 four nsver correct. Jounaize the following adjustments. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem. Round answers to o decinsal places, e.g. 1,527.) ( Services performed for customers through February 27, 2017, but unbiled and uncollected were $2,810. (2) Received notice that a customer who was billed $130 for services performed February 10 has filed for bankruptcy. Kingbird does not expect to collect any portion of this outstanding recevable. 3) Kingbird uses the alliance method to estimate bad debts. Kingbrd estimates that 3% of its month end receivables wi not be colected. 4Rcord 1 month of depreciation for the floor equipment. Use the straight-line method, an estimated life of 4 years, and $400 salvage value. (5)Record 1 month of insurante expense. (6 An inventory count shows $300 of supplies on hand at February 28 (7) one week of services were performed for the customer Nho paid in advance on Feb ary 7 (8) Acrue for wages owed through February 28, 2017 Accrue for interest expense for 1 month. (10) Karen estimates 20% income tax rate. [Hint: Prepare an ncome statement up to-ncome before taxes. to help with the income tax calcuation.) No. Account Titles and Explanation Accounts Receivable Service Revenue for Doubtful Accounts Accounts Receivable Bad Debt Expense Alowance for Doubtful Accounts Accumulated Depreciation-Equipment S. Insurance Expense Prepaid Insurance 820 6. Supplies Expense 430 Supplies 430 7. Unearned Service Revenue 108 Service Revenue 108 1440 Salaries and Wages Payable 1440 9 Interest Expense 30 Interest Payable 30 10. Income Tax Expense 472 Income Taxes Payable 472 SHOW LIST OF ACCOUNTS SHOW ANSWER LINK TO TEXT Your answer is correct. Post adjusting entries to the T-accounts. (Post entries in the order of journal entries presented above.) Cash 9,6202/1 6,0002/1 2,9202/5 6,670 160 2,460 220 900 2,880 160 2/5 4322/18 2/25 1,8502/20 /27 28 2/28 Bal 6,81 Accounts Receivable 2,8902/25 3,180 2/28 2/16 1,850 2/23 130 2/28 2810 2/28 Bal. 6900 Supplies 2/3 730 2/28 430 2/28 Bal. v 300 Prepaid Insurance 2/5 2,460228 820 2/28 Bal. 1640 Prepaid Expenses 2/27 160 160 Allowance for Doubtful Accounts 130 2/28 2/28 Bal 2/28 337 2/28 Bal. 207 Equipment 6,6702/5 3280 3,390 2/28 Bal. Accumulated Depreciation- Equipment 2/28 60 2/28 Bal. 60 Accounts Payable 2202/3 2/18 730 2/28 Bal. 510 Notes Payable 6,000 2/28 Bal. 6000 Salaries and Wages Payable 2/28 1440 2/28 Bal. 1440 Interest Payable 2/28 2/28 Bal. 30 Income Taxes Payable 2/28 472 2/28 Bal. 472 Unearned Service Revenue 2/28 108 2/17 432 2/28 Bal. 324 Common Stock 6,000 2/28 Bal. 6000 Paid in Capital in Excess of Par 3,620 2/28 Bal. 3620 Cash Dividends 2/28 Treasury Stock 2/20 900 2/28 Bal. 900 Service Revenue 16 2,890 23 3,180 2/28 2810 2/28 108 Utilities Expense 160 Salaries and Wages Expense 2/24 2,880 2/28 1440 Insurance Expense 2/28 820 Depreciation Expense 2/28 60 Bad Debt Expense 2/28 337 Supplies Expense 2/28 430 Interest Expense 2/28 30 Loss on Disposal of Plant Assets 470 Income Tax Expense 2/5 2/28 472 SHOW LIST OF ACCOUNTSSHOW ANSWER LINK TO TEXT Your answer is correct. Prepare an adjusted trial balance Kingbird Inc. Trial Balance 2/28/17 Debit Credit Cash 6817 Accounts Receivable 6900 Supplies Prepaid Insurance Prepaid Expenses 300 1640 160 Allowance for Doubtful Accounts 207 Equipment Accumulated Depreciation-Equipment Accounts Payable Notes Payable Salaries and Wages Payable Interest Payable Income Taxes Payable 3280 60 510 6000 1440 30 472 Unearned Service Revenue 324 Common Stock 6000 Paid-in Capital in Excess of Par Value-Common Stock 3620 Cash Dividends Treasury Stock 900 Service Revenue 8988 Utilities Expense 160 Salaries and Wages Expense 4320 Insurance Expense 820 Depreciation Expense Bad Debt Expense Supplies Expense 60 337 430 Interest Expense 30 Loss on Disposal of Plant Assets 470 472 Income Tax Expense Total 27651 27651 SHOW LIST OF ACCOUNTS SHOW ANSWER LINK TO TEXT (gl) Your answer is correct. Prepare a multiple-step income statement as of February 28, 2017 Kingbird Inc. Income Statement For the Month Ending February 28, 2017 Service Revenue 8988 Operating Expenses 430 Supplies Expense Depreciation Expense Utilities Expense Salaries and Wages Expense 60 160 4320 Insurance Expense 820 Bad Debt Expense 337 6127 Total Operating Expenses Income from Operations Loss on Disposal of Plant Assets 2861 470 Interest Expense 30 500 Income Before Income Taxes 2361 Income Tax Expense 472 1889 Net Income (Loss) SHOW LIST OF ACCOUNTS SHOW ANSWER (g2) Prepare a retained earnings statement as of February 28, 2017. (List items that increase retained earnings first.) Kingbird Inc. Retained Earnings Statement SHOW LIST OF ACCOUNTS LINK TO TEXT