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Question: Can you pleasee help me with feb 15 b and feb 29 b?? Thank you so so much
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Can you pleasee help me with feb 15 b and feb 29 b?? Thank you
so so much
Question: Can you pleasee help me with feb 15 b and feb 29 b?? Thank youso so much
Question: Can you pleasee help me with feb 15 b and feb 29 b?? Thank youso so much
Question: Can you pleasee help me with feb 15 b and feb 29 b?? Thank youso so much

Show transcribed image text The following information applies to the questions displayed below.] Wally s Widget Company incorporated near the end of 2011.operations began in January of 2012. WWC prepares adjusting entries and financial statements at the end of each month. Balances in the accounts at the end of January are as follows: 20,870 Unearned Revenue (30 units) 5,100 11,900 Accounts Payable Jan Rent) Accounts Receivable 2,800 Allowance for Doubtful Accounts 6500 Notes Payable $13,500 Inventory 135 units) 2,975 Contributed Capital 6,500 Retained Earnings-Feb 1, 2012 6,195 WWCestablishes a policy that it will sell inventory at $165 per unit. In January, WWCreceived a $5,100 advance for 30 units, as reflected in Unearned Revenue. WWC's February inventory balance consisted of 35 units at a total cost of $2.975. WWC's note payable accrues interest at a 12% annual rate. WWC will use the FIFO inventory method and record COGS on a perpetual basis. February Transactions 02/01 included in WWC's February 1 Accounts Receivable balance is a $1.300 account due from Kit Kat, a WWC customer. Kit Kat is having cash flow problems and cannot pay its balance at this time. WWC arranges with Kit Kat to convert the $1,300 balance to a note, and Kit Kat signs a 6-month note, 12% annual interest. The principal and a nterest will be due and payable to WWC on August 1. 2012. 02/02 WWC paid a $800 insurance premium covering the month of February. The amount paid is recorded directly as an expense. 02/05 An additional 190 units of inventory are purchased on account by WWC for $14.250-terms 2M5. 02/05 WWC paid Federal Express $380 to have the 190 units of inventory delivered overnight. Delivery occurred on 02/06. 02Mo Sales of 160 units of inventory occurred during the period of 02/07-0210. The sales terms are 210, net 30 02/15 The 30 units that were paid for in advance and recorded in January are delivered to the customer. 0215 25 units of the inventory that had been sold on 210 are returned to WWC. The units are not damaged and can be resold. Therefore, they are returned to inventory. Assume the units returned e from the 2/05 purchase. 0216 wwC pays the first 2 weeks wages to the employees, The total paid is $2,300. 0217 Paid in full the amount owed for the 2/05 purchase of inventory. wwC records purchase discounts in the current period rather than as a reduction 0218 wrote off a customer's account in the amount of $1,750. 02M9 $5.600 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 expen 02/19 Collected $9.500 of customers' Accounts Receivable, of the $9,500, the discount was taken by $6,500 of account balances, therefore wwC received less than $9.500. customers on $550 cash from the customer whose account had previously been written off (see 02/26 WWC recovered 02/27 AS7oo utility bill for February arrived. It is due on March 15 and be paid then. 02/28 WWC declared and paid a $950 cash dividend. Adjusting Entries: 02/29 Record the $2,300 employee s that is owed but will be paid wwo to use the aging method to accounts. Wwo determines 8% of he ending balance is the appropriate end of February estimate of uncollectible accounts 02/29 Record February interest expense accrued on the note 02/29 Record one month's interest earned Kit Kat's note (see 02/01.

The following information applies to the questions displayed below.] Wally s Widget Company incorporated near the end of 2011.operations began in January of 2012. WWC prepares adjusting entries and financial statements at the end of each month. Balances in the accounts at the end of January are as follows: 20,870 Unearned Revenue (30 units) 5,100 11,900 Accounts Payable Jan Rent) Accounts Receivable 2,800 Allowance for Doubtful Accounts 6500 Notes Payable $13,500 Inventory 135 units) 2,975 Contributed Capital 6,500 Retained Earnings-Feb 1, 2012 6,195 WWCestablishes a policy that it will sell inventory at $165 per unit. In January, WWCreceived a $5,100 advance for 30 units, as reflected in Unearned Revenue. WWC's February inventory balance consisted of 35 units at a total cost of $2.975. WWC's note payable accrues interest at a 12% annual rate. WWC will use the FIFO inventory method and record COGS on a perpetual basis. February Transactions 02/01 included in WWC's February 1 Accounts Receivable balance is a $1.300 account due from Kit Kat, a WWC customer. Kit Kat is having cash flow problems and cannot pay its balance at this time. WWC arranges with Kit Kat to convert the $1,300 balance to a note, and Kit Kat signs a 6-month note, 12% annual interest. The principal and a nterest will be due and payable to WWC on August 1. 2012. 02/02 WWC paid a $800 insurance premium covering the month of February. The amount paid is recorded directly as an expense. 02/05 An additional 190 units of inventory are purchased on account by WWC for $14.250-terms 2M5. 02/05 WWC paid Federal Express $380 to have the 190 units of inventory delivered overnight. Delivery occurred on 02/06. 02Mo Sales of 160 units of inventory occurred during the period of 02/07-0210. The sales terms are 210, net 30 02/15 The 30 units that were paid for in advance and recorded in January are delivered to the customer. 0215 25 units of the inventory that had been sold on 210 are returned to WWC. The units are not damaged and can be resold. Therefore, they are returned to inventory. Assume the units returned e from the 2/05 purchase. 0216 wwC pays the first 2 weeks wages to the employees, The total paid is $2,300. 0217 Paid in full the amount owed for the 2/05 purchase of inventory. wwC records purchase discounts in the current period rather than as a reduction 0218 wrote off a customer's account in the amount of $1,750. 02M9 $5.600 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 expen 02/19 Collected $9.500 of customers' Accounts Receivable, of the $9,500, the discount was taken by $6,500 of account balances, therefore wwC received less than $9.500. customers on $550 cash from the customer whose account had previously been written off (see 02/26 WWC recovered 02/27 AS7oo utility bill for February arrived. It is due on March 15 and be paid then. 02/28 WWC declared and paid a $950 cash dividend. Adjusting Entries: 02/29 Record the $2,300 employee s that is owed but will be paid wwo to use the aging method to accounts. Wwo determines 8% of he ending balance is the appropriate end of February estimate of uncollectible accounts 02/29 Record February interest expense accrued on the note 02/29 Record one month's interest earned Kit Kat's note (see 02/01.

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