2. For each of the following accounts, identify whether it would be closed at year-end fyes or no) and on which financial statement the account would be reported (Balance Sheet, Income Statement, or Retained Earnings Statement). A Accounts Payable B. Accounts Receivable C. Cash D. Dividends E. Fees Earned Revenue F. Insurance Expense G. Prepaid Insurance H. Supplies 3. The following accounts and normal balances existed at year-end. Make the four journal entries required to close the books: Retained earnings $22.000 Dividends 6,000 Fees earned revenue 90.000 Selling expenses 45,000 Administrative expenses 16,000 Miscellaneous expense 2.300 Chapter 6 You will need to know how to record merchandising transactions and understand the terms of those transactions 1. Briefly define the following terms: A. Sales allowance B. Purchase return C. Sales discount D. Purchase discount E. Sales return F. Trade discount G. Purchase allowance 2. Record the journal entries for the following sales transactions of Apache Industries. Nov. 7 Sold 10 computers on credit for $870 per computer. Terms of the sale are 5/10, n/60, invoice dated November 7. The cost per computer to Apache is $560. Nov. 14 The customer returned 2 computers for a full refund from Apache Apache returns the computers to their inventory at full cost of $560 per computer. The customer paid their account in full from the November 7 sale. Nov. 21