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Journalize with the information attached, please

Journalize with the information attached, please

FINANCIAL ACCOUNTING
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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Journalize with the information attached, please
## Billy Bob's Barber Shop Project ### Transactions for February 2022 Use the following transactions to complete the first month of Billy Bob’s Barber Shop. #### February Transactions - **Feb. 1**: Billy Bob paid cash for 60 bottles of shampoo/conditioner at $10 each. These are for resale. Uses the FIFO method for inventory. - **Feb. 1**: Purchased supplies on account, $500. - **Feb. 4**: Paid cash for the utility bill received last month. - **Feb. 4**: Collected cash from customers on account, $350. - **Feb. 6**: Paid cash on the amount owed on account, $330. - **Feb. 12**: Paid the hair stylist cash of $1,200. (Note: Salaries were recorded as an expense at the end of January.) - **Feb. 10**: Sold 45 bottles of shampoo/conditioner at $30/bottle receiving cash. - **Feb. 10**: Paid cash for 50 bottles of shampoo/conditioner at $11 each for resale. - **Feb. 14**: Billy Bob sold 30 preloaded haircut cards for $150 each. Each card entitles the holder to 10 haircuts. (Note: Billy receives cash but owes services.) - **Feb. 15**: Provided haircuts to 295 paying customers and 25 preloaded cardholders at $20 each. - **Feb. 24**: Sold 41 bottles of shampoo/conditioner at $30/bottle receiving cash. - **Feb. 26**: Paid the hairstylist cash of $1,200. - **Feb. 26**: Purchased 30 bottles of shampoo/conditioner at $12 each on account for resale. - **Feb. 27**: Sold 29 bottles of shampoo/conditioner at $20/bottle receiving cash. - **Feb. 28**: Provided haircuts to 278 paying customers and 33 preloaded cardholders at $20 each. - **Feb. 28**: Collected cash from customers on account, $960. - **Feb. 28**: Paid salary of $3,800 and a dividend of $600 for February. ### Adjustment Information at February 28th, 2022 1. Record one month (February) of depreciation on the fixed assets.
Transcribed Image Text:## Billy Bob's Barber Shop Project ### Transactions for February 2022 Use the following transactions to complete the first month of Billy Bob’s Barber Shop. #### February Transactions - **Feb. 1**: Billy Bob paid cash for 60 bottles of shampoo/conditioner at $10 each. These are for resale. Uses the FIFO method for inventory. - **Feb. 1**: Purchased supplies on account, $500. - **Feb. 4**: Paid cash for the utility bill received last month. - **Feb. 4**: Collected cash from customers on account, $350. - **Feb. 6**: Paid cash on the amount owed on account, $330. - **Feb. 12**: Paid the hair stylist cash of $1,200. (Note: Salaries were recorded as an expense at the end of January.) - **Feb. 10**: Sold 45 bottles of shampoo/conditioner at $30/bottle receiving cash. - **Feb. 10**: Paid cash for 50 bottles of shampoo/conditioner at $11 each for resale. - **Feb. 14**: Billy Bob sold 30 preloaded haircut cards for $150 each. Each card entitles the holder to 10 haircuts. (Note: Billy receives cash but owes services.) - **Feb. 15**: Provided haircuts to 295 paying customers and 25 preloaded cardholders at $20 each. - **Feb. 24**: Sold 41 bottles of shampoo/conditioner at $30/bottle receiving cash. - **Feb. 26**: Paid the hairstylist cash of $1,200. - **Feb. 26**: Purchased 30 bottles of shampoo/conditioner at $12 each on account for resale. - **Feb. 27**: Sold 29 bottles of shampoo/conditioner at $20/bottle receiving cash. - **Feb. 28**: Provided haircuts to 278 paying customers and 33 preloaded cardholders at $20 each. - **Feb. 28**: Collected cash from customers on account, $960. - **Feb. 28**: Paid salary of $3,800 and a dividend of $600 for February. ### Adjustment Information at February 28th, 2022 1. Record one month (February) of depreciation on the fixed assets.
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