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Required information [The following information applies to the questions displayed below.] Wally's Widget Company (WWC) incorporated near the end of 2011. Operations began in January
Required information [The following information applies to the questions displayed below.] 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 $19,670 Unearned Revenue (30 units) $ 4,100 Accounts Receivable $10,700 Accounts Payable (Jan Rent) $ 2,000 $(1,250) Notes Payable $ 13,500 Allowance for Doubtful Accounts Inventory (35 units) $ 5,700 $ 2,450 Contributed Capital Retained Earnings Feb 1, 2012 5,670 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.) View transaction list Journal entry worksheet 2 3 Record the entry to close sales revenue , interest revenue, sales returns and allowances, sales discounts. Note: Enter debits before credits. General Journal Debit Credit Transaction 1 Record entry Clear entry View general journal View transaction list Journal entry worksheet
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