Derek Scoffin owns and operates YH Curling School on evenings and weekends. The company had the following balances in its general ledger at January 31, 2021: Cash $2,490, Accounts Receivable $880, Equipment $12,810, Accounts Payable $1,760, and D. Scoffin, Capital $14,420. The following events and transactions occurred during February 2021.Feb. 1 Received and paid a $500 advertising bill.2 Paid the YH Curling Club $1,175 rent for use of the ice for lessons during the first two weeks of February.3 Collected $4,510 cash for February’s curling lessons.4 Collected all of the accounts receivable at January 31 in cash.6 Paid $1,195 of the accounts payable at January 31.14 Paid his part-time assistant $355.15 Paid the YH Curling Club $1,175 rent for use of the ice for lessons during the last two weeks of February.23 Provided $1,520 of coaching services to curlers preparing for a tournament. The curlers will pay him on March 2.26 Paid $190 cash for the telephone bill for February.27 Received $2,980 cash for curling lessons in March.27 Withdrew $560 cash. Used the cash to pay his Visa bill.28 Paid his part-time assistant $355.28 Paid the YH Curling Club $1,175 rent for use of the ice for lessons during the first two weeks of March.  Prepare journal entries to record each of YH Curling School’s February transactions. Using T accounts, open the required ledger accounts for the transactions that were journalized, and enter the January 31, 2021, balances. Post the journal entries to the accounts in the ledgerPrepare a trial balance as at February 28, 2021.prepare an income statement, owners equity and balance sheet at feb 28,2021

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Asked Oct 9, 2019
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Derek Scoffin owns and operates YH Curling School on evenings and weekends. The company had the following balances in its general ledger at January 31, 2021: Cash $2,490, Accounts Receivable $880, Equipment $12,810, Accounts Payable $1,760, and D. Scoffin, Capital $14,420. The following events and transactions occurred during February 2021.

Feb. 1   Received and paid a $500 advertising bill.
2   Paid the YH Curling Club $1,175 rent for use of the ice for lessons during the first two weeks of February.
3   Collected $4,510 cash for February’s curling lessons.
4   Collected all of the accounts receivable at January 31 in cash.
6   Paid $1,195 of the accounts payable at January 31.
14   Paid his part-time assistant $355.
15   Paid the YH Curling Club $1,175 rent for use of the ice for lessons during the last two weeks of February.
23   Provided $1,520 of coaching services to curlers preparing for a tournament. The curlers will pay him on March 2.
26   Paid $190 cash for the telephone bill for February.
27   Received $2,980 cash for curling lessons in March.
27   Withdrew $560 cash. Used the cash to pay his Visa bill.
28   Paid his part-time assistant $355.
28   Paid the YH Curling Club $1,175 rent for use of the ice for lessons during the first two weeks of March.
 
 
Prepare journal entries to record each of YH Curling School’s February transactions.
 
Using T accounts, open the required ledger accounts for the transactions that were journalized, and enter the January 31, 2021, balances.
 
Post the journal entries to the accounts in the ledger
Prepare a trial balance as at February 28, 2021.
prepare an income statement, owners equity and balance sheet at feb 28,2021
 
 
 
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The journal entries are as follows

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Date Accounts & Explanation Debit S Credit $ 15-Feb Rent expenses 1175 Cash 1175 1-Feb Advertising expenses 500 (Rent expenses paid) Cash 500 (Advertising expenses paid 23-Feb Accounts Receivable 1520 1520 Revenue from fees 2-Feb Rent expenses 1175 (record revenues from lessons) Cash 1175 (Rent expenses paid) 26-Feb Telephone expenses 190 Cash 190 3-Feb Cash 4510 (Telephone expenses paid Revenue from fees 4510 (Revenue from lessons received) 2980 27-Feb Cash Unearned Income 2980 4-Feb Cash 880 (Cash received for advance lessons) Accounts Receivable 880 (Received cash from accounts Receivable) 27-Feb D.Scoffin Capital 560 Cash 560 6-Feb Accounts Payable 1195 (To record drawings for personal use Cash 1195 (Paid cash to Accounts Payable) 28-Feb Salary expenses 355 Cash 355 14-Feb Salary expenses 355 (Paid salary to part-time assistant 355 Cash (Paid salary to part-time assistant 28-Feb Prepaid rent 1175 Cash 1175

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Step 3

The Accounts which need to be...

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Dr Cash Cr Dr Accounts Receivable Сг Date Accounts $ Accounts $ Accounts $ Accounts $ Date Date Date 1-Feb Balance 2490 1-Feb Balance 880 Accounts Payable D.Scoffin Capital Dr Cr Dr Сг Date Date Accounts $ Accounts $ Accounts $ Date Date Accounts $ 1-Feb Balance 1760 1-Feb Balance 14420 Advertsing expenses Date Dr Cr Dr Rent expenses Сг Date Accounts $ Accounts S Accounts $ Accounts $ Date Date Salary expenses Dr Revenue from fees Cr Dr Сг Accounts S Accounts $ Accounts $ Accounts $ Date Date Date Date Prepaid rent Date Telephone expenses Dr Cr Dr Сr Accounts S Accounts $ Accounts $ Accounts $ Date Date Date

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