1. Use the following chart of accounts to complete this practice set: Account Number Account Title Account Number Account Title 101 Cash 301 Common Stock 102 Supplies 303 Retained Earnings 103 Prepaid Insurance 305 Dividends - 110 Land 401 Rent Revenue 115 Building 402 Restaurant Revenue 116 Accum. Depreciation-Bldg. 501 Wages Expense 120 121 Furniture 502 Accum. Depreciation-Furniture 503 Advertising Expense Depreciation Expense 201 Accounts Payable 504 Interest Expense 203 Unearned Rent Revenue 505 Insurance Expense 205 Wages Payable 506 Supplies Expense 207 Interest Payable 507 Utilities Expense 209 Utilities Payable 508 Income Tax Expense 211 Income Tax Payable 220 Note Payable 2. Record and post the month of February's activities pertaining to the Dewdrop Inn, described below: Feb. 1- The Dewdrop Inn is incorporated February 1, 2021, by its two owners, each of whom (1) contributes $100,000 in cash each and (2) receives 4,000 shares of stock each in the business. Feb. 2- Land and building are purchased for $170,000 in cash. An appraisal indicates that the land is worth $70,000, and the remaining balance is attributable to the building. It is estimated that the building will have an estimated useful life of 25 years and an estimated salvage value of $25,000. Feb. 2-1 A 1-year, 6%, $40,000 promissory note was signed at the Citizens National Bank. Interest and principal will be repaid on the maturity date of February 1, 2022. Feb. 3- A 12-month property insurance policy is purchased for $7,200 in cash. Feb. 7- Cleaning supplies are purchased on account for $500. The bill is payable in 30 days. Feb. 20- A guest mails the Inn $4,000 in cash as a deposit for a room to be rented for 2 weeks. The guest plans to stay at the Inn during the last week of February and the first week of March. Feb. 28- Cash receipts from room rentals for the month amount to $40,000. Feb. 28- Each stockholder is paid $1,000 in cash dividends