1) What is the journal entry a company records for receiving $4,300 cash in advance for services which will be performed and completed next month? DebitCredit Impact to the equation: Assets -Liabilities+ Stockholders' equity 2) What is the journal entry a company records when purchasing $2,850 of Supplies with a promise to pay in the future (sometimes called "purchased on account")? Debit Credit Impact to the equation: Assets -Liabilities+ Stockholders' equity Part 2: Identify on which financial statement (Income Statement, Balance Sheet, or Statement of Retained Earnings) the following accounts are found and note the normal balance for each: 3) Financial Stmt Normal Balance a. Cash b. Dividends C. Patent d. Cost of Goods Sold e. Unearned Revenue f. Common Stock Example: Balance Sheet