Record adjusting journal entries

200 February 2: Paid for the January 4h February 4: Mission Landscaping returned the equipment and paid the $200 balance February 5: Collected $2,300 of the accounts receivable recorded on January 15. February 6: Purchased S950 of supplies on account. February 10: Paid salaries for two weeks $8,900. This amount includes the $750 Co. owed for the 7 days rental. accrued at January 31t. February 15: $25,800 of equipment rental fees was earned during the first half of February of which $17,000 was on account. February 23: Collected $14,200 of the accounts receivable recorded on February 15. February 24: Paid biweekly salaries, $9,000 February 28: Paid a distribution of $2,500 to each the owners February 28: Paid $470 to Universal Utilities for the January bill. February 28: Received a bill from Universal Utilities for the month of February, $510. Payment is due in 30 days. Equipment rental fees earned during second half of February was $20,400 in cash and 9,500 on account. February 28: Data for February Adjusting Entries: a. Record the use of February's rent paid on January 1st b. Record 1 months' use of the rental equipment. c. Office supplies on hand at February 30 amount to $750. d. During January, the company earned $2,500 of the rental fees paid in advance by McBryan Construction Co. on January 8. Salaries carned by employees since the last payroll date amounted to $525 at month-end. c. f. Record the interest accrued on the note payable to Rent-it. g. Record February's use of insurance coverage purchased on January 29 Instructions 1). Prepare the journal entries for the February 2). Post the entries to ledger accounts (T' accounts). Update 'T" account balances. 3). Prepare the adjusting entries for a to g above. 4). Post the adiusting entries to the ledger accounts ('T accounts). 200 February 2: Paid for the January 4h February 4: Mission Landscaping returned the equipment and paid the $200 balance February 5: Collected $2,300 of the accounts receivable recorded on January 15. February 6: Purchased S950 of supplies on account. February 10: Paid salaries for two weeks $8,900. This amount includes the $750 Co. owed for the 7 days rental. accrued at January 31t. February 15: $25,800 of equipment rental fees was earned during the first half of February of which $17,000 was on account. February 23: Collected $14,200 of the accounts receivable recorded on February 15. February 24: Paid biweekly salaries, $9,000 February 28: Paid a distribution of $2,500 to each the owners February 28: Paid $470 to Universal Utilities for the January bill. February 28: Received a bill from Universal Utilities for the month of February, $510. Payment is due in 30 days. Equipment rental fees earned during second half of February was $20,400 in cash and 9,500 on account. February 28: Data for February Adjusting Entries: a. Record the use of February's rent paid on January 1st b. Record 1 months' use of the rental equipment. c. Office supplies on hand at February 30 amount to $750. d. During January, the company earned $2,500 of the rental fees paid in advance by McBryan Construction Co. on January 8. Salaries carned by employees since the last payroll date amounted to $525 at month-end. c. f. Record the interest accrued on the note payable to Rent-it. g. Record February's use of insurance coverage purchased on January 29 Instructions 1). Prepare the journal entries for the February 2). Post the entries to ledger accounts (T' accounts). Update 'T" account balances. 3). Prepare the adjusting entries for a to g above. 4). Post the adiusting entries to the ledger accounts ('T accounts)