ACCT 201 Case Spring 2022 Question 4 Identify the normal balance for each of the following occounts Unearned Revenue Cash Page 4 Building Salaries Expense Accounts Payable Rent Revenue Service Revenue - Supplies Accounts Receivable Common Stock Question 5:1 The following account balances were taken from the financial statements of Indirect Cable Inc. as of December 31, 2022. Accounts Payable $ 34,000 Notes Payable due in 2025 $62,000 Accounts Receivable 39,000 Prepaid Insurance 3,500 Accumulated Depreciation Equipment 8.000 Rent Revenue 5,000 Advertising Expense 10,100 Retained Earnings, 1/1/22 180,000 Cash 68,200 Salaries & Wages Expense 23,900 Common Stock 69,000 Service Revenue 115,400 Dividends 8,900 Supplies 30,250 Equipment Land 134,000 Unearned Revenue 19,900 163,650 Utilities Expense 11,800 Calculate the below totals/amounts based on the above account balances. Revenues Current Assets Expenses Net Income Retained Earnings 12/31/2022 Please show your work/calculations in the space below: Property, Plant & Equipment Current Liabilities Long Term Liabilities Page 5 Question 6. In June, 2022, L&M Children's Boutique, Inc. was established in Lafayette, Louisiana, to provide seamstress services and designer clothing for infants and children in the Acadiana area. Bubbles Breaux and Anastasia Lee are the major stockholders in this corporation. Use the following data to prepare the journal entries for the following transactions that occurred during the month of October. June 13 6 2222222 13 17 20 26 27 28 29 Stockholders (Bubbles & Anastasia) invested $90,000 cash in the business. Purchased shelves and cash register for $25,000; paid $6,000 down and signed a 1 year 6% note for the balance. Hired Trixie Keyes as a sales person. Purchased supplies for $1,300 on account. Provided $1,000 of services on account. Received $700 when a customer purchased a gift card to be used in September. Collected $600 from the transaction on October 17. Paid $6,000 for a one-year insurance policy effective July 1, 2022. Paid $1,000 rent and $800 for utilities used during the month. Paid receptionist $1,500 for July. Date Account Titles Ref Debit Credit Spring 2022 Page 6 Datel Account Titles Ref Debit Credit Question 7: Using the following data, prepare the adjusting entries for the month ended December 31, 2022. a. Insurance in the amount of $700 expired during December, b. On December 1, the supplies account had a balance of $400; $2,800 of supplies were purchased during December. A physical count of supplies on December 31 indicated $1,100 on hand. c. Depreciation on equipment for December is $900. d. Employees are paid $5,000 every Friday for the five-day work week Monday - Friday. They were last paid on Friday, December 26. December 31 is a Wednesday. Date Account Titles Ref Debit Credit