(a) 20 23 24 25 27 completed: 28 Feb. 1 1 1 1 3 4 5 5 16 17 18 20 Topened Windsor Cleaning Services Inc. on February 1, 2022. During February, the following transactions were Show Transcribed Text Issued 4,700 shares of Windsor Cleaning Services common stock for $12,220. Each share has a $1.50 par. Borrowed $7,520 on a 2-year, 6% note payable Paid $8,480 to purchase used floor and window cleaning equipment from a company going out of business ($4.530 was for the floor equipment and $3,950 for the window equipment). Paid $210 for February Internet and phone services. Purchased cleaning supplies for $920 on account. Hired 4 employees. Each will be paid $450 per 5-day work week (Monday-Friday). Employees will begin working Monday, February 9. Date Obtained insurance coverage for $9,250 per year. Coverage runs from February 1, 2022. through January 31, 2023 Karen paid $2,313 cash for the first quarter of coverage. 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 $3,710 cash Billed customers $3.670 for cleaning services performed through February 13, 2022 Received $504 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 $140) Paid $280 on amount owed on cleaning supplies. Paid $3 per share to buy 280 shares of Windsor Cleaning Services common stock from a shareholder who disagreed with management goals. The shares will be held as treasury shares. Paid $3 per share to buy 280 shares of Windsor Cleaning Services common stock from a shareholder who disagreed with management goals. The shares will be held as treasury shares. Billed customers $4,040 for cleaning services performed through February 20. Paid cash for employees' wages for 2 weeks (February 9-13 and 16-20). 4 Collected $2,350 cash from customers billed on February 16 Paid $210 for Internet and phone services for March. Declared and paid a cash dividend of $0.30 per share. Journalize the February transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem) Account Titles and Explanation To rerned issuance of common stork in evress of nar). Show Transcribed Text Ć 3 (To record purchase of notes payabl) (To record purchase of equipment) Ĉ (To record payment of internet and phone services) Debit Credit C

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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(a)
20
23
24
25
27
Karen Noonan opened Windsor Cleaning Services Inc. on February 1, 2022. During February, the following transactions were
completed:
28
Feb. 1
1
1
1
3
4
5
5
Show Transcribed Text
16
17
18
20
Issued 4,700 shares of Windsor Cleaning Services common stock for $12,220. Each share has a $1.50 par.
Borrowed $7,520 on a 2-year, 6% note payable
Paid $8,480 to purchase used floor and window cleaning equipment from a company
going out of business ($4,530 was for the floor equipment and $3,950 for the window
equipment).
Paid $210 for February Internet and phone services.
Purchased cleaning supplies for $920 on account.
Hired 4 employees. Each will be paid $450 per 5-day work week (Monday-Friday)
Employees will begin working Monday, February 9.
Obtained insurance coverage for $9.250 per year. Coverage runs from February 1, 2022.
through January 31, 2023. Karen paid $2,313 cash for the first quarter of coverage.
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
$3,710 cash
Billed customers $3,670 for cleaning services performed through February 13, 2022.
Received $504 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 $140)
Paid $280 on amount owed on cleaning supplies
Paid $3 per share to buy 280 shares of Windsor Cleaning Services common stock from a shareholder
who disagreed with management goals. The shares will be held as treasury shares.
Date
Paid $3 per share to buy 280 shares of Windsor Cleaning Services common stock from a shareholder
who disagreed with management goals. The shares will be held as treasury shares.
Billed customers $4,040 for cleaning services performed through February 20.
Paid cash for employees' wages for 2 weeks (February 9-13 and 16-20).
A
Collected $2,350 cash from customers billed on February 16.
Paid $210 for Internet and phone services for March.
Declared and paid a cash dividend of $0.30 per share.
Journalize the February transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.
If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in
the problem.)
Account Titles and Explanation
(To record issuance of common stock in evress of nar).
Show Transcribed Text
(To record purchase of notes payabl)
(To record purchase of equipment)
Ć
(To record payment internet and phone services)
Debit
Credit
C
Transcribed Image Text:(a) 20 23 24 25 27 Karen Noonan opened Windsor Cleaning Services Inc. on February 1, 2022. During February, the following transactions were completed: 28 Feb. 1 1 1 1 3 4 5 5 Show Transcribed Text 16 17 18 20 Issued 4,700 shares of Windsor Cleaning Services common stock for $12,220. Each share has a $1.50 par. Borrowed $7,520 on a 2-year, 6% note payable Paid $8,480 to purchase used floor and window cleaning equipment from a company going out of business ($4,530 was for the floor equipment and $3,950 for the window equipment). Paid $210 for February Internet and phone services. Purchased cleaning supplies for $920 on account. Hired 4 employees. Each will be paid $450 per 5-day work week (Monday-Friday) Employees will begin working Monday, February 9. Obtained insurance coverage for $9.250 per year. Coverage runs from February 1, 2022. through January 31, 2023. Karen paid $2,313 cash for the first quarter of coverage. 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 $3,710 cash Billed customers $3,670 for cleaning services performed through February 13, 2022. Received $504 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 $140) Paid $280 on amount owed on cleaning supplies Paid $3 per share to buy 280 shares of Windsor Cleaning Services common stock from a shareholder who disagreed with management goals. The shares will be held as treasury shares. Date Paid $3 per share to buy 280 shares of Windsor Cleaning Services common stock from a shareholder who disagreed with management goals. The shares will be held as treasury shares. Billed customers $4,040 for cleaning services performed through February 20. Paid cash for employees' wages for 2 weeks (February 9-13 and 16-20). A Collected $2,350 cash from customers billed on February 16. Paid $210 for Internet and phone services for March. Declared and paid a cash dividend of $0.30 per share. Journalize the February transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Account Titles and Explanation (To record issuance of common stock in evress of nar). Show Transcribed Text (To record purchase of notes payabl) (To record purchase of equipment) Ć (To record payment internet and phone services) Debit Credit C
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