Question

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Comprehensive Accounting Cycle Review 11-02 (Part Level Submission) Karen Noonan opened Windsor Cleaning Services Inc, on February 1, 2022. During February, the following transactions were completed: Feb. 1 Issued 5,900 shares of Windsor Cleaning Services common stock for $15, 340. Each share has a $1.50 par. 1 Borrowed $9,440 on a 2-year, 6% note payable. 1 Paid $10,640 to purchase used floor and window cleaning equipment from a company going out of business ($5,690 was for the floor equipment and $4,950 for the window equipment). 1 Paid $260 for February Internet and phone services. 3 Purchased cleaning supplies for $1,150 on account. 4 Hired 4 employees. Each will be paid $570 per 5-day work week (Monday - Friday). Employees will begin working Monday, February 9. 5 Obtained insurance coverage for $11,610 per year. Coverage runs from February 1, 2022, through January 31, 2023. Karen paid $2,903 cash for the first quarter of coverage. 5 Discussions with the insurance agent indicated that providing outside window cleaning services would cost too much to insure. Karen sold the window cleaning equipment for $4,660 cash. 16 Billed customers $4,600 for cleaning services performed through February 13, 2022 17 Received $648 from a customer for 4 weeks of cleaning services to begin February 21, 2022. (By paying in advance, this customer received 10% off the normal weekly fee of $180.) 18 Paid $350 on amount owed on cleaning supplies. 20 Paid $3 per share to buy 350 shares of Windsor Cleaning Services common stock from a shareholder who disagreed with management goals. The shares will be held as treasury shares. 23 Billed customers $5,070 for cleaning services performed through February 20. 24 Paid cash for employees' wages for 2 weeks (February 9-13 and 16-20). 25 Collected $2,950 cash from customers billed on February 16. 27 Paid $260 for Internet and phone services for March. 28 Declared and paid a cash dividend of $0.15 per share.

Answer 1

Credit Date Feb. 1 Debit $15,340 $8,850 S6.490 $9.4401 $9.440 $10,640 Account Titles and Explation Cash Common stock (5900 X $1.5) Paid in capital in excess of par value I(To record issuance of common stock in excess of par) Cash Note payable To purchase of notes payable) Equipment Cash I(To record purchase of equipment) Utilities Expenses Cash (To record the payment of internet and phone services) Supplies Accounts payable (To record the payment of internet and phone services) No entry No entry $10.640 $260] $260 Feb. 3 | $1,160 ht Feb. 5 $2.9031 Feb. 5 Prepaid Insurance Cash (To record payment of insurance) Cash Loss on disposal of plant asset (54,950 - 4,660) Equipment (To record sale of equipment) Accounts receivable Service Revenue $4,660 $290 $4.950 Feb. 16 $4,600 $4,600 Feb. 17 $648 Cash Unearned Service Revenue $648 Feb. 18 $350 Accounts Payable Cash $350 Feb. 20 $1.050 Treasury stock (3 X $350) Cash $1,050 Feb. 23 $5.0701 Accounts receivable Service Revenue $5.070 Feb. 24 $4,560 Salaries and Wages Expenses (2 X 4X S570) Cash $4,560 Feb. 25 Cash Accounts Receivable $2,950 I $2.950 Feb. 27 - $260 $260 Prepaid Insurance Cash (To record payment of insurance) Dividends Payable (5900 - 350) X $0.15) Cash Feb. 28 832.30 $ 832.50