Question

I need help with 5, 6, 8, 9, 10, 21 and the hot mess after that

Project 2: Review of Merchandising The following information applies to the questons displayed below.] Wally's Widget Company ( WWC prepares adjusting at the end of January are as follows: wwc) incorporated near the end of 2011. Operations began in January of 2012. entries and financial statements at the end of each month. Balances in the accounts Cash Accounts Receivable Allowance for Doubtful Accounts Inventory (30 units) $ 20.720 Uneamed Revenue (25 units) $ 11,750 Accounts Payable (Jan Rent) $(1.600) $ 5.050 2.700 $ 13,000 $ 6,400 6.270 Notes Payable 2,550 Contributed Capital Retained Eornings Feb 12012 . WWC establishes a policy that it will sell inventory at $170 per unit. . In January. WWC received a $5,050 advance for 25 units, as reflected in Unearned Revenue . WWC's February 1 inventory baloncec " WWC's note payable occrues interest at a 12% annual rate . WWC will use the FIFO inventory method and record coGS on o perpetuel basis 0 units at a totel cost of $2.550 February Transactions 02/01 Included in WWC's Februery 1 Accounts Receivable balance is e $2000 account due from Kit Kat, a WWC customer. Kit Kat is heving cash flow problems and cannot pey its balence ot this time. wwc arranges with Kit Kat to convert the $2.000 balance to a note, and Kit Kot signs c 6-month note, at 12% annual interest. The principal and all interest will be due end payable t。WWC。n August 2012. 02/02 wwC 02/05 An accitional 180 units of inventory are purchesed on eccount by wwc for $13.500 -terms 2/15, 02/05 wwc paid Federal Express $360 to have the 180 units of inventory celivered overnight. Delivery paid a $750 insurance premium covering the month of Februery The omount paid is recorded directly os an expense n30. occurred on 02/06 2/10, net 30 0210 2dles f1s units ofinventory oecured during the priod of 02/07-021 The tecle erma ore 02/15 The 25 units that were paid for in advance and recorcded in January are delivered to the customer 02/15 20 units of the inventory thet had been sold on 210 are returneo ta Wwc. The units ere not returned domaged and con be resold. Therefore. they are returned to inventory Assuimme are from the 2/05 purchase. wwc peys the first 2 weeks wages to the employees. The total paid is $220 in the current period rather than as a reduction of inventory cos 0216 02/17 Paid in fuli the amount owed for the 2/05 purchase of inventory 02/18 Wrote off a customer's account in the amount of $1700 wwc recörds purchase citcounts 02/19 $5.400 of rent for Jenuary and Felbruery was paid. Becouse all of the rent will soon expire, the 02/19 Collected $9.400 of customers Accounts Receivable Ofthe $9400, the ciscount was taken by 02/26 WWC recoverec $540 cash from the customer whose account had previously been written off isee 02/27 A $650 utility lbill for February arrived. It is due on March 15 and will be psid then February portion of the paymen: is chorged directly to expense customers on $6,000 of occount bolances: therefore wWC receivedi less then $9400 02/18)

Answer 1