Prepare adjusting journal entry for the following, for the month of February 2015:

a) The note payable pays 6% annual interest at the end of every odd month with the principal due in November 2019.

7) Complete Financial Statements pictured below

Income statement month ended Feb. 28, 2015:

Revenue, Cost of Goods Sold, Gross Profit, Expense, Net Income

Statement of retained earnings month ended Feb. 28, 2015:

Retained earnings Feb 01, Add: Net income for the month, Less: Dividends, Retained earning Feb 28

Balance sheet Feb. 28, 2015:

Assets, Liabilities, Stockholders Equity, Total Assets, Total Liabilities and Stockholders Equity

8) Prepare closing journal entries for the month of February 2015