Karen Noonan opened Kingbird Inc. on February 1, 2017. During February, the following transactions were completed:
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Karen Noonan opened Kingbird Inc. on February 1, 2017. During February, the following transactions were completed:
| Feb. 1 | Issued 4,400 shares of Kingbird common stock for $13,260. Each share has a $1.50 par. | |
| 1 | Borrowed $8,000 on a 2-year, 6% note payable. | |
| 1 | Paid $9,200 to purchase used floor and window cleaning equipment from a company going out of business ($4,440 was for the floor equipment and $4,760 for the window equipment). | |
| 1 | Paid $220 for February Internet and phone services. | |
| 3 | Purchased cleaning supplies for $1,000 on account. | |
| 4 | Hired 4 employees. Each will be paid $490 per 5-day work week (Monday– Friday). Employees will begin working Monday, February 9. | |
| 5 | Obtained insurance coverage for $11,040 per year. Coverage runs from February 1, 2017, through January 31, 2018. Karen paid $2,760 cash for the first quarter of coverage. | |
| 5 | 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 $4,030 cash. | |
| 16 | Billed customers $3,980 for cleaning services performed through February 13, 2017. | |
| 17 | Received $504 from a customer for 4 weeks of cleaning services to begin February 21, 2017. | |
| 18 | Paid $310 on amount owed on cleaning supplies. | |
| 20 | Paid $3 per share to buy 300 shares of Kingbird common stock from a shareholder who disagreed with management goals. The shares will be held as treasury shares. | |
| 23 | Billed customers $4,390 for cleaning services performed through February 20. | |
| 24 | Paid cash for employees’ wages for 2 weeks (February 9–13 and 16–20). | |
| 25 | Collected $2,550 cash from customers billed on February 16. | |
| 27 | Paid $220 for Internet and phone services for March. | |
| 28 | Declared and paid a cash dividend of $0.25 per share. |
9 years ago
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