Be careful-Files from the Internet can contain viruses. Unless you need to edit, it's saler EXERCISE 13-14B (cont.) Paid $700 o ccounts payable . Pild 56,800 cash in advance for an insurance policy. L Recorded the adjusting entry to recognize $4.500 of insurance apen Account Title Debit Credit Assets = Liab. + Equity Rev. - Exp. Net Inc. Cash Flows Account Title Debit Credit Assets - Liab. + Equity Rev. - Exp. = Net Inc. Cash Flows Account Title Debit Credit Assets = Liab. + Equity Rev. - Exp. Net Inc. Cash Flows EXERCISE 13-14B (cont.) Rewe shows Panoplies for the permette dale ch Account Title Debit Credit Assets = Liab. + Equity Rev. Exp. = Net Inc. | Cash Flows Account Title Debit Credit Assets = Liab. + Equity Rev. - Exp. = Net Inc. Cash Flows CTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to LO 13-2 Exercise 13-160 Recording propellers and Meaning their effect on financial stare Virginia Mining began operations by wing common stock for $150,000. The company paid $135,000 cash in advance for one year contract to lease machinery for the business. The lease Agreement was ned on March L Year I, and was effective immediately. Virginis Mining received $172.500 of cash nge in Year Required . Record the March 1 cash payment in general journal format Record in general journal format the adjustment required as of December 31. Your a. & b. Virginia Mining Journal Entries for Year 1 Date Account Titles Debit Credit EXERCISE 13-16B (cont.) e. Show all Year events in a horizontal statements model like the following one Balance Sheet Income Statement Assets Llab. + Stk. Equity Statement of Cash Flows Cash + Prep. Rent- Com. Stk. + Ret. Earn. Rev. - Exp. Net Inc. Virginia Mining Horizontal Statements Model for Year 1 Assets Liab. + Income Statement Statement Stk. Equity Comm. Ret. Earn Stock Prepaid Rent Cash Revenue - Expense - Net Inc. Cash Flows Adi Bal. LO 13-1, 13-2 Exercise 13-17B Recording sections in general journal and Tac ts The following events apply to Colton Training Co. for Year 1. lis first year of operation 1. Received cash of $60,000 from the issue of common stock. 2. Performed $100,000 worth of services on account 3. Paid $74,000 cash for salaries expense. 4. Purchased supplies for $13,000 on account. 5. Collected $79.000 of accounts receivable 6. Pald $9,500 of the accounts payable. 7. Paid a $6.000 dividend to the stockholders. 8. Had $2.500 of supplies on hand at the end of the period. Required 1. Record these events in general journal form. Colton Training Co. General Journal, Year 1 Event Account Titles Debit Credit D. Focus I 18 - BAA D 3:26 PM 10) 11/29/2019 Post the entries to Taccounts and determine the ending balance in each account c. Determine the amount of total assets at the end of Year I. Determine the amount of net income for Year 1. STOCKHOLDERS EQUITY ASSETS LIABILITIES c. Total Assets = d. Net Income =