1. Accounts; Debit or Credit normal balance? Below is a listing of accounts used by Scentist Dentisty. Indicate whether the normal balance of each account is a debit or a credit. Account title Debit or Credit normal balance? credit debit Common Stock Supplies Retained Earnings Notes Payable Dividends Service Revenue Wages Expense Dividends Cash debit credit Accounts Payable Accounts Receivable Rent Expense debit 2. Transaction analysis: King Toot's, Ltd. provides music lessons to customers. The accountant for King Toot's observed the following transactions which occurred during July 2021. For each transaction, describe the effect of the transaction on the accounting equation. For example, in transaction a): 1) assets increase $10,000 and 2) SHE increases $10,000. a. Issued 1,000 shares of common stock for $10 per share. Assets increase $10,000; SHE increases $10,000 (1,000 shares * $10 per share). b. Provided $5,000 worth of music lessons to customers on account. c. Paid $2,950 in cash for employee wages for July 2021. d. Purchased office supplies for $850 on account. e. Paid $3,100 in cash for rent for July 2021. f. Paid $200 in cash to creditors on accounts payable. g. Received $4,100 in cash from customers as payment on their accounts receivable. 4. Post transactions to T-Accounts: T.A.R.D.I.S. Co. is a merchandiser who sells science fiction themed merchandise to customers. The beginning balance of all accounts listed in their general ledger as of June 1st is: Cash: $15,940; A/R: $11,925; Inventory: $6,720; Accounts Payable (A/P): $9,080; Notes Payable (N/P): $10,000; Retained Earnings: $13,505; Common Stock: $2,000. Assume Sales Revenue, Rent Expense, Wages Expense, and COGS each have a beginning balance of $0 as of June 1s. The following transactions were then recorded in the firm's general journal for June: Date Credit: Debit: 3-Jun Inventory $ 17,000 Accounts Payable (A/P) To record purchase of inventory on account from suppliers $ 17,000 7-Jun Cash S 2,900 17,850 $ Accounts Receivable Sales Revenue To record revenue from sale of merchandise $ 20,750 10,400 7-Jun Cost of Goods Sold (COGS) Inventory To record cost of merchandise sold; reduction of inventory $ 10,400 15-Jun Wages Expense $ 6,130 Cash $ 6,130 To record expense for current month wages paid 20-Jun Cash $ 19,420 Accounts Receivable $ 19,420 To record receipt of cash from customers on account 23-Jun Accounts Payable 17,950 Cash 17,950 To record payment to creditors 29-Jun Rent Expense 2,800 Cash $ 2,800 To record expense for current month rent paid a. Prepare T-accounts for the following accounts used by TARDIS: Cash, Accounts Receivable (A/R), Inventory, Accounts Payable (A/P), Notes Payable (N/P), Common Stock, Retained Earnings, Sales Revenue, Cost of Goods Sold (COGS), Wages Expense, and Rent Expense and record the beginning balance as of June 1st as given above (HINT: make sure the sum of your Asset T-account balances the sum of your Liability + SHE T-account balances at the beginning of the period!). NOTE about formatting: I find it easiest to set up T-accounts using excel, but you are welcome to handwrite them and upload a as a PDF file in Canvas, or use a word document if that is easier/more convenient for you. b. Post (1.e. transfer) the information in the journal entries listed above to the proper T-accounts. c. Update each T-account and calculate the ending balance of each T-account as of June 30th. (HINT: Make sure the sum of your Asset T-account balances = the sum of your Liability + SHE T-account balances at the end of the period.). 5. Prepare an unadjusted Trial Balance: Below is the complete list of accounts for ZERO, Inc. and the unadjusted ending balance of each account as of April 30th, 2021. Assume that all accounts have their normal debit or credit balance. Utilities Expense, $2,960 o Building, $235,800 o Cash, $109,430 Sales Revenue, $304, 110 Notes Payable, $88,000 Retained Earnings, $178,225 Dividends, $920 Inventory, $89,345 Salaries Expense, $28,440 Accounts Receivable, $127,930 Cost of Goods Sold, $152,445 o Accounts Payable, $121,935 Common Stock, $55,000 Prepare an unadjusted trial balance for ZERO, Inc. as of April 30th, 2021