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Clown A round, Inc., provides party entertainment for children of all ages. The company’s trial balance dated February 1, 2015, is shown below.

 

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· Feb. 2 Paid $750 in partial settlement of the outstanding account payable reported in the trial balance dated February 1.

· Feb. 6 Collected $900 in full settlement of the outstanding accounts receivable reported in the trial balance dated February 1.

· Feb. 18 Billed Sunflower Child Care $175 for clown services. The entire amount is due March 15.

· Feb. 26 Billed and collected $480 for performing at several birthday parties.

· Feb. 28 Paid clown salaries of $260 for work done in February.

· Feb. 28 Recorded and paid $40 for travel expenses incurred in February.

· Feb. 28 Declared and paid a $100 dividend to Ralph Jaschob, the company’s only shareholder.

 

Instructions.

a) Record the company’s February transactions in general journal form. Include a brief explanation of the transaction as part of each journal entry.

b). Post each entry to the appropriate ledger accounts using T account format.

c) Prepare a trial balance

d) Prepare a balance sheet

e) Prepare an income statement

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