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Karen Noonan opened Clean Sweep Inc on February 1 2019 During February the following transactions were completed Feb 1 Issued 5000 shares of Clean Sweep common stock for $13000 Each share has

Karen Noonan opened Clean Sweep Inc. on February 1, 2019. During February, the following transactions were completed. Feb. 1 Issued 5,000 shares of Clean Sweep common stock for $13,000. Each share has a $1.50 par. 1 Borrowed $8,000 on a 2-year, 6% note payable. 1 Paid $9,020 to purchase used floor and window cleaning equipment from a company going out of business ($4,820 was for the floor equipment and $4,200 for the window equipment). 1 Paid $220 for February Internet and phone services. 1 Issued a 500,000 8% 5 year bond. Interest is payable July 1 and January 1 3 Purchased cleaning supplies for $980 on account. 4 Hired 4 employees. Each will be paid $480 per 5-day work week (Monday–Friday). Employees will begin working Monday, February 9. 5 Obtained insurance coverage for $9,840 per year. Coverage runs from February 1, 2019, through January 31, 2020. Karen paid $2,460 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 $3,950 cash. 16 Billed customers $3,900 for cleaning services performed through February 13, 2019. 17 Received $540 from a customer for 4 weeks of cleaning services to begin February 21, 2019. (By paying in advance, this customer received 10% off the normal weekly fee of $150.) 18 Paid $300 on amount owed on cleaning supplies. 20 who disagreed with management goals. The shares will be held as treasury shares.

May 14 2020 View more View Less

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