Could you please provide journal entries and adjusting entries for 02/15, 02/19,

Question

Could you please provide journal entries and adjusting entries for 02/15, 02/19, 02/21, 02/28, 02/29?

Introduction Jones Widget Company (JWC) incorporated near the end of 2013. Operations began in January of 2014. JWC prepares adjusting entries and financial statements at the end of each month. The statements report monthly results for the period February 1-29, 2014 Pertinent items of general information: Beginning Balances from 1/31/14 $6,000 $1,300 $18,000 $15,000 $4,860 $33,620 Cash Accounts Receivable Allowance for Doubtful Accounts Inventory (30 unit Unearned Revenue (40 units) $9,510Accounts Payable (Jan Rent) $700 Notes Payable Contributed Capital Retained Earnings $2,730 JWC establishes a policy that it will sell inventory at $150 per unit. In January, JWC received a $6,000 advance for 40 units, as reflected in Unearned Revenue. JWC's February 1 inventory balance consisted of 30 units at a total cost of $2,730 JWC's note payable accrues interest at a 10% annual rate. JWC will use the FIFO inventory method and record COGS on a perpetual basis. · · February Transactions 02/01 Included in JWC's February 1 Accounts Receivable balance is a $2,000 account due from Kit Kat a JWC customer. Kit Kat is having cash flow problems and cannot pay its balance at this time. JWC arranges with Kit Kt to convert the $2,000 balance to a note, and Kit Kat signs a 6-month note, at 12% interest. The principal and all interest will be due and payable to JWC on August 1, 2014 JWC paid a $500 insurance premium covering the month of February. The amount paid is recorded directly as an eXpense. An additional 150 units of inventory are purchased on account by JWC for $14,100 - terms 3/10, n30; FOB Destination. Sales of 110 units of inventory occurred during the period of 02/07 - 02/10. The sales terms are 2/10, net 30. The advance order for 40 units from January is delivered to the customer 20 units of the inventory that had been sold on 2/10 are returned to JWC. The units are not damaged and can be resold. Therefore, they are returned to inventory. Assume the units returned are identified as being from the batch that was acquired on 02/05. 02/02 02/05 02/10 02/15 02/15 02/16 JWC pays the first 2 weeks wages to the employees. The total paid $1,500 02/17 Paid in full the amount owed for the 02/05 purchase of inventory. 02/18 Wrote off a customer's account in the amount of $700. 02/19 $2,600 of rent for January and February was paid. Because all of the rent will soon expire, the February portion of the payment is charged directly to expense. 02/19 Collected $4,000 on customers' Accounts Receivable. Of the $4,000, the discount was taken by the customer on $3,000 of the account balances.

Explanation / Answer

Journal entries:

Date Account Title Debit Credit 2/15 Unearned Revenue 6,000 Revenue 6,000 2/15 Sales Return 3,000 Account Receivable 3,000 2/15 Inventories 1,376 Cost of Goods sold 1,376 2/19 Rent Expenses 1,300 Accrued Rent Cash 2,600 2/19 Cash 3,940 Discount Expenses 60 Account Receivable 4,000 2/21 Inventory 4,400 Account Payable 4,400 2/28 Retained Earnings 500 Cash 500 2/28 Account Payable 4,400 Cash 88 Inventory 4,312 2/29 Salary Expenses 1,500 Salary Payable 1,500 2/29 Interest Expenses 20 Interest Payable 20

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.