With the transactions below, create each Journal Entry then make the T Accounts

February 23rd

2/23/2022	Orca Company record a $250 service fee charged by the bank and deducted from company's bank account
2/23/2022	Orca Company provides services to a customer for $16,000, to be paid on account
2/23/2022	Orca Company pays a $10,000 dividend to its shareholders
2/23/2022	Orca Company collects the $8,000) accounts receivable from the customer serviced on 2/4 (note, this adjusts an entry from submission #1)

February 25th

2/25/2022	Orca Company provides the $6,000 of scheduled services to the customer from 2/7 and collects the remainder of the cash owed ($4,000).
2/25/2022	Orca Company provides services to a customer worth $12,000, to be paid on account
2/25/2022	On 2/25 Orca Company purchases 200 units of additional inventory from its supplier at $50 per unit ($10,000 total), paying using a check (cash equivalent)

February 28th

2/28/2022	Orca Company sells 200 units of inventory for $80 per unit and is paid in cash. Recall that the cost of Inventory is $50 per unit.
2/28/2022	Orca Company receives a $500 dividend (revenue) for the investment it made on February 4th.
2/28/2022	Orca Company records salaries earned in February to be paid to employees in March of $25,000
2/28/2022	Orca Company records a February utilities bill for $2,000 for utilities consumed in February to be paid next month
2/28/2022	Orca Company performs its adjusting entries for February Here are the entries you need to record: -Accrue Interest for BOTH note payables (1/1 $5,000 note and 1/31 $380,000 notes) for the month of February -Record using up one month of 2/4 Prepaid Insurance ($12,000/12 months =$1,000 monthly insurance used up) -Record using up 2/4 Prepaid Rent for February ($500) - It has used up $1,250 of supplies of the $2,000 it had purchased on 2/4

March 2nd

3/2/2022	Orca Company sells 50 units of inventory for $80 per unit on account. The sale has terms of 2/10, n/30. Recall inventory was purchased for $50 per unit.
3/2/2022	It pays off the Utilities payable accrued on 2/28
3/2/2022	It pays off the salaries payable accrued on 2/28
3/2/2022	Orca Company per-pays its rent for March AND April. $500 each
3/2/2022	Orca Company records an allowance of 5% of current A/R including the transactions on March 2nd. (A/R current balance = $32,000)

March 4th

3/4/2022	Orca Company collects the receivable of $16,000 from services provided on February 23rd. No update is made to the allowance.
3/4/2022	Orca Company receives payment for the inventory sold on 3/2 ($4,000). Note this payment comes within 10 days of purchase with terms 2/10 net 30
3/4/2022	Orca Company purchases 100 units of inventory at $50 per unit using cash
3/4/2022	A customer returns 20 units of inventory purchased on 2/28. The inventory is not defective, so Orca Company adds it back to its inventory supply Sales $80 Cash CGS $50 per unit
3/4/2022	Orca Company sells 100 units of inventory at $80 per unit. The customer is able to pay for half now and Orca Company records the remainder due on account with terms 1/10, n/30.
3/4/2022	Orca Company is told its customer serviced on 2/25 has gone insolvent. This requires Orca Company to record a write-off for the accounts receivable from the customer ($12,000).
3/4/2022	Orca Company is paid $11,000 of the Accounts Receivable for the insolvent customer from 2/25. Orca Company must record a recovery related to this $11,000

March 21st, 23rd

3/21/2022	Orca Company purchased 500 units of inventory from its supplier, on account. The supplier offered Orca Company a price of $65 per unit. Orca Company adopted the FIFO Method of inventory.
3/21/2022	Orca Company negotiated a Promissory Note with the customer for the accounts receivable for purchased inventory on 3/4 ($4,000 balance). The note has terms of 6% interest owed in 6 months
3/23/2022	Orca Company sold 100 units of inventory on account. Due to recent demand, Orca Company raised its price to $100 per unit for the inventory. TO cost according to the FIFO method ($10,000+$5,000-$2,500 = $12,500/$50 = 250 units remaining in inventory priced at $50 before 500 unit of inventory purchased. So price the inventory sold $50 per unit cost x 100 units sold = $5,000