Question

Need answers for part d. Thank you.

Journalize the February transactions credit account titles are automatically indented when amount is entered. Do not indent maกually. Ifo entry is required select journal entries in the order presented in the problem.) No Entry for the account titles and enter 0 for the amounts. Record Date Account Titles and Explanation Debit Feb. 1 Cash 13260 Common Stock Paid-in Capital in Excess of Par Value-Common St 7260 (To record issuance of common stock in excess of par) Feb. 1 Cash 6000 Notes Payable (To record purchase of notes payabla) Feb. 1 Equipment 9200 Cash 9200 (To record purchase of equipment) Feb. 1Utilitics Expense Cash 220 To recard payment of internet and phone services) Feb. 3Supplies 1000 Accounts Payable Feb. 4 No Entry No Entry Feb. 5 Prepaid Insurance 2160 Cash 2160 To record payment of Insurance Fab. 5 Cash 4030 Loss on Disposal of Plant Assets 4660 To record sale of equipment) Feb. 16Accounts Receivable 3980 Service Revenue 3980 Feb. 17 Cash 540 Unearned Service Revenu Feb. 18 nts Payable 310 Cash 31 Feb. 20Treasury Stock Cash Feb. 23Accounts Receivable 4390 Service Revenue 4390 Feb. 24 Salaries and Wages Expense Cash 392 Feb. 25 Cash Accounts Receivable 2550 Feb. 27Prepaid Expenses 220 Cash Feb. 28 Cash Dividends 925 Cash 925 Post to the ledger accounts. (Post entries in the order of journal entries presented above.) Cash 13260 2/1 6000 2/1 4030 2/s 21 540 2/18 2/25 2550 2/20 2/24 2/27 2/28 392 925 2/28 Bal. 9525 2/16 3990 2/25 25 2/23 Supplies 2/3 Prepaid Insurance 2/5 ρrepaid Expenses 2/27 Accounts Payable 2/18 Notes Payable 6000 Unearned Service Revenue 540 Common Stock 6000 Paid in Capital in Excess of Par 7260 Cash Dividends 2/28 92 Treasury Stock 900 Service Revenue 2/16 3980 2/23 4390 Utilities Expense 220 Salaries and Wages Expense 2/24 392 Loss on Disposal of Plant Assets 2/5 630 ▼(c) [ Your answer is correct Prepare a trial balance at February 28, 2017 Shamrock Inc. Trial Balance 2/28/17 Debit Credit 8525 582 Supplics Prepaid Insurance 21 Prepaid Expenses Equipment ayable Notes Payable Uneamed Service Revenue Common Stock Paid-in Capital in Excess af Par Value-Common Stack 925 Stock Service Revenue 83 Utilities Expense 220 Salaries and Wages Expense Loss on Disposal of Plant Assets Total 3920 630 28860 288 ▼ (d) Your answer is partially correct. Try again Journalize the following adjustments, (Credit account titles are automatically indented when amount is entered. Do not indent manualy, If no entry is required, select "No Entry for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem. Round answers to 0 decimal places, e.g. 1,527) (1 Services performed for customers through February 27, 2017, but unbilled and uncollected were $3,880 (2) Recelved notice that a customer who was billed $200 for services performed February 10 has filed for bankruptcy, Shamrock does not expect to collect any portion of this outstanding recelvable (3) Shamrock uses the allowance method to estimate bad debts. Shamrock estimates that 3% of its month-end receivables will not be collected. (4) Record 1 month of depreciation for the floor equipment. Use the straight-line method, an estimated life of 4 years, and $700 salvage value (5) Record 1 month of insurance expense. (6) An inventory count shows $410 of supplies on hand at February 28. (7) One week of services were performed for the customer who paid in advance on February 17 (3) Accrue for wages owed through February 23, 2017 (9)ccrue for interest expense for 1 month, (10) Karen estimates a 2046 ncam๑ tax rate. (Hint: Prepare an income statement up to"income before taxes" to help with the income tax calculation.) No. Account Titles and Explanation Debit Credit Receivable Service Revenue 308 2. e for Doubtful Accounts 3. Bad Debt Expense wance for Doubtful Accounts 4. Deprediation Expense 5. Insurance Expense Propaid Insurance 6. Supplies Expense Supplies 7. Unearned Service Revenue Service Revenue 135 B Salarles and Wages Expense 1960 5alaries and Wages Payable 9 Interest Expense Interest Payable 10 Income Tax Expense Income Taxes Payable

Answer 1

Adjusting entries No Account title and explanation Debit Credit Bad debt expense $485 Allowance for doubtful accounts $485 Working: Accounts receivable bal. as of Feb. 28, 2017 5,8203,880 200 Bad debt expense-200 + (3% x 9,500-485 9,500 Insurance expense (2,1603 $ 720 Prepaid insurance $ 720 Supplies expense $590 Supplies (1,000-410) $590 10 Income tax expense (3,750 x 20% $750 Income taxes payable $750 Working: Partial income statement 12,385 Service revenue (8,370+3,880+135 Less: Expenses Utilities expense Salaries and wages expense (3,920+1,960 Loss on disposal of plant asssets Bad debt expense Depreciation expense Insurance expense Supplies expense Interest expense Income before taxes $220 $5,880 $630 $485 $ 80 $ 720 $590 30 8,635 $ 3,750