Journalize the following adjustments.(1)Services performed for customers through February 27, 2017, butunbilled and...Journalize the...

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Accounting

Journalize the following adjustments.
(1) Services performed for customers through February 27, 2017, butunbilled and uncollected were $4,330.
(2) Received notice that a customer who was billed $230 forservices performed February 10 has filed for bankruptcy. TealMountain does not expect to collect any portion of this outstandingreceivable.
(3) Teal Mountain uses the allowance method to estimate bad debts.Teal Mountain estimates that 3% of its month-end receivables willnot be collected.
(4) Record 1 month of depreciation for the floor equipment. Use thestraight-line method, an estimated life of 4 years, and $800salvage value.
(5) Record 1 month of insurance expense.
(6) An inventory count shows $460 of supplies on hand at February28.
(7) One week of services were performed for the customer who paidin advance on February 17.
(8) Accrue for wages owed through February 28, 2017.
(9) Accrue for interest expense for 1 month.
(10) Karen estimates a 20% income tax rate. (Hint: Preparean income statement up to “income before taxes” to help with theincome tax calculation.)

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TEAL MOUNTAIN JOURNAL ENTRIES FOR THE MONTH OF FEBUARY 2017 1 27022017 CUSTOMER ACCOUNT RECEIVABLEAC DR 4330 TO SERVICES AC 4330 BEING SERVICES PROVIDED TO CUSTOMER 2 10022017 BAD DEBTS AC DR 230 TO CUSTOMER ACCOUNT See Answer

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In: AccountingJournalize the following adjustments.(1)Services performed for customers through February 27, 2017, butunbilled and...Journalize the following adjustments.(1)Services performed for customers through February 27, 2017, butunbilled and uncollected were $4,330.(2)Received notice that a customer who was billed $230 forservices performed February 10 has filed for bankruptcy. TealMountain does not expect to collect any portion of this outstandingreceivable.(3)Teal Mountain uses the allowance method to estimate bad debts.Teal Mountain estimates that 3% of its month-end receivables willnot be collected.(4)Record 1 month of depreciation for the floor equipment. Use thestraight-line method, an estimated life of 4 years, and $800salvage value.(5)Record 1 month of insurance expense.(6)An inventory count shows $460 of supplies on hand at February28.(7)One week of services were performed for the customer who paidin advance on February 17.(8)Accrue for wages owed through February 28, 2017.(9)Accrue for interest expense for 1 month.(10)Karen estimates a 20% income tax rate. (Hint: Preparean income statement up to “income before taxes” to help with theincome tax calculation.)

(1)		Services performed for customers through February 27, 2017, butunbilled and uncollected were $4,330.
(2)		Received notice that a customer who was billed $230 forservices performed February 10 has filed for bankruptcy. TealMountain does not expect to collect any portion of this outstandingreceivable.
(3)		Teal Mountain uses the allowance method to estimate bad debts.Teal Mountain estimates that 3% of its month-end receivables willnot be collected.
(4)		Record 1 month of depreciation for the floor equipment. Use thestraight-line method, an estimated life of 4 years, and $800salvage value.
(5)		Record 1 month of insurance expense.
(6)		An inventory count shows $460 of supplies on hand at February28.
(7)		One week of services were performed for the customer who paidin advance on February 17.
(8)		Accrue for wages owed through February 28, 2017.
(9)		Accrue for interest expense for 1 month.
(10)		Karen estimates a 20% income tax rate. (Hint: Preparean income statement up to “income before taxes” to help with theincome tax calculation.)