16 10 Instructions. Answer all questions. 11 12 Use the following information to answer questions 1 through 5. 13 14 Griffin Realty company had the following balance sheet accounts and balances: 15 Accounts Payable 6,000 Accounts Receivable 6,000 17 Building ? 18 Cash 8,000 19 Equipment 7,000 20 Helen Griffin, Capital ? 21 Land 7,000 22 23 24 1. If the balance of the Helen Griffin, Capital account was $25,000, what would be the 25 balance of the building account? 26 27 2. If the balance of the Building account was $20,000, what would be the total of liabilities 28 and owners equity? 29 30 3. If the balance of the Building accounts was $10,000 and the equipment was sold 31 for $7,000, what would be the total of owner's equity? 32 33 4. If the balance of the Building account was $15,000 and $3,000 of Accounts Payable 34 were paid in cash, what would be the balance of the Helen Griffin, Capital account? 35 36 5. If the balance of the Building accounts was $5,000 and $3,000 of Accounts Payable 37 were paid in cash, what would be the total liabilities and owner's equity? 38 39 40 6. Left Blank 41 42 43 Record the following journal entries without explanation for the following transactions. Write "no entry" if none is needed. 7. Received an $1,000 bill for this month's rent. Payment won't be made right way. 8. Paid $750 in insurance premiums to cover the next six months. 9. Owner withdrew $1,900 10. The rent in 7 is paid. 11. Purchased land for $20,000 The company paid half in cash and issued a promissory note for the other half. Indicate whether each item below would appear on the income statement (IS), balance sheet (BS) or statement of owner's equity (OE). Please note: an item could be in more than one category, but you need only answer with one. 12 Owner's Capital 13 Withdrawals 14 Wages Expense 15 Commissions Earned 16 Buildings 17 Accounts Payable 18 Utilities Expense 19 Net Income 20 Accounts Receivable 21 Notes Payable Indicate whether each item below is an Asset (A), Liability (L), Equity or Capital (C), Revenue (R) or Expense (E). 22 Owner's Capital 23 Withdrawals 24 Wages Expense 25 Commissions Earned 26 Buildings 27 Accounts Payable 28 Utilities Expense 29 Net Income 30 Accounts Receivable 31 Notes Payable