PRIME VISA COMPANY 55 Wall Street New York, NY 10005 Student Manse Revealed! 3835 Freenori sud Sacramento, CA 93H22 Account # 212456770439 February 28, 2021 BALANCE PAYMENTS CHARGES Beginning Balance 2/7Good Sleep Inn 2/7Good Sleep Inn 2/7LA Gasoline Stop 2/15-Prime Visa 2/20Cardinal Gas & Snacks 2/25Dick's Diner Ending Balance, 2/28 Minimum Payment Due: $10.00 $1,247.75 $1,247.75 $380.00 1,627.75 $150.00 1,777.75 45.00 1,822.75 575.00 21.00 596.00 19.50 615.50 $ 615.50 Payment Due Date: March 15 You realize you forgot to pay yourself for work done in February. You create an account called 2014 Accrued Expenses (Account #221) and record the $300 due you for your accounting work. You use Feb21.1 as the entry number. (TIP: Use other current liabilities as the detail type.) You review the account balances and make additional adjusting journal entries for February (dated 2/28) as needed, carefully considering the following: Your last loan payment to Martin's parents was made on 2/26 and covered interest for the month of February. Martin borrowed the $2,500 from the bank on 2/27. You don't worry about accruing inter- est for one day. You review your revenue and unearned revenue accounts to make sure all earned revenue (and only earned revenue) is recognized. All the income billed in February was earned in February so you don't need to defer any revenue. For Unearned revenue, you review the entries made in January. The unearned revenue for Annie Wang at the end of January was for sessions held in February. The unearned revenue for Teacher's College was for a workshop held in February. You make the ap- propriate entry to properly recognize any February revenue. You record depreciation for the shelving placed in service on 2/1. The cost was $649. You think the shelving will have a $49 salvage value. You depreciate it over the lease term 2021 Cambridge Business Publishers PRIME VISA COMPANY 55 Wall Street New York, NY 10005 Student Manse Revealed! 3835 Freenori sud Sacramento, CA 93H22 Account # 212456770439 February 28, 2021 BALANCE PAYMENTS CHARGES Beginning Balance 2/7Good Sleep Inn 2/7Good Sleep Inn 2/7LA Gasoline Stop 2/15-Prime Visa 2/20Cardinal Gas & Snacks 2/25Dick's Diner Ending Balance, 2/28 Minimum Payment Due: $10.00 $1,247.75 $1,247.75 $380.00 1,627.75 $150.00 1,777.75 45.00 1,822.75 575.00 21.00 596.00 19.50 615.50 $ 615.50 Payment Due Date: March 15 You realize you forgot to pay yourself for work done in February. You create an account called 2014 Accrued Expenses (Account #221) and record the $300 due you for your accounting work. You use Feb21.1 as the entry number. (TIP: Use other current liabilities as the detail type.) You review the account balances and make additional adjusting journal entries for February (dated 2/28) as needed, carefully considering the following: Your last loan payment to Martin's parents was made on 2/26 and covered interest for the month of February. Martin borrowed the $2,500 from the bank on 2/27. You don't worry about accruing inter- est for one day. You review your revenue and unearned revenue accounts to make sure all earned revenue (and only earned revenue) is recognized. All the income billed in February was earned in February so you don't need to defer any revenue. For Unearned revenue, you review the entries made in January. The unearned revenue for Annie Wang at the end of January was for sessions held in February. The unearned revenue for Teacher's College was for a workshop held in February. You make the ap- propriate entry to properly recognize any February revenue. You record depreciation for the shelving placed in service on 2/1. The cost was $649. You think the shelving will have a $49 salvage value. You depreciate it over the lease term 2021 Cambridge Business Publishers
