Comprehensive Problem Western Sound Studios records and masters audio recordings of popular artists in live concerts The performers use the recordings to prepare live songs for download The following account balances were available at the beginning of the year Accounts Payable $11,900 Accounts Receivable 384,000 Cash 16,300 Common Stock 165,000 Insurance Payable 1,000 Interest Payable 11,200 Notes Payable (Long term) 100,000 Rent Payable (Building) 10,000 Retained Earnings, January 1 101,200 During the year, the following transactions occurred (the events described below are aggregations of many individual events) Recording services in the amount of $994,000 were billed The accounts receivable at the beginning of the year were collected In addition, cash for $983,000 of the services billed in Transaction a was collected The rent payable for the building was paid In addition, $48,000 of building rental costs was paid in cash There was no rent payable or prepaid rent at year end The insurance payable on January 1 was paid In addition, $4,000 of insurance costs was paid in cash There was no insurance payable or prepaid insurance at year end Utilities expense of $56,000 was incurred and paid during the year Salaries expense for the year was $702,000 All $702,000 was paid during the year The interest payable at January 1 was paid During the year, an additional $11,000 of interest was paid At year end no interest was payable Income taxes for the year in the amount of $19,700 were incurred and paid Required Question Content Area 1 Scroll down to the T accounts The account title for each has been provided Using the data provided, enter the applicable beginning balances 2 Analyze each transaction Journalize as appropriate If an amount box does not require an entry, leave it blank ( Note Ignore the date since these events are aggregations of individual events ) 3 Post your journal entries to the appropriate T accounts If an ending balance is zero, enter 0 PLEASE PROVIDE SOLUTIONS FOR ALL QUESTIONS, THANK YOU IN ADVANCE

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Comprehensive Problem Western Sound Studios records and masters audio recordings of popular artists in live concerts. The performers use the recordings to prepare live songs

Comprehensive Problem

Western Sound Studios records and masters audio recordings of popular artists in live concerts. The performers use the recordings to prepare live songs for download. The following account balances were available at the beginning of the year:

Accounts Payable	$11,900
Accounts Receivable	384,000
Cash	16,300
Common Stock	165,000
Insurance Payable	1,000
Interest Payable	11,200
Notes Payable (Long-term)	100,000
Rent Payable (Building)	10,000
Retained Earnings, January 1	101,200

During the year, the following transactions occurred (the events described below are aggregations of many individual events):

Recording services in the amount of $994,000 were billed.
The accounts receivable at the beginning of the year were collected.
In addition, cash for $983,000 of the services billed in Transaction a was collected.
The rent payable for the building was paid. In addition, $48,000 of building rental costs was paid in cash. There was no rent payable or prepaid rent at year-end.
The insurance payable on January 1 was paid. In addition, $4,000 of insurance costs was paid in cash. There was no insurance payable or prepaid insurance at year-end.
Utilities expense of $56,000 was incurred and paid during the year.
Salaries expense for the year was $702,000. All $702,000 was paid during the year.
The interest payable at January 1 was paid. During the year, an additional $11,000 of interest was paid. At year-end no interest was payable.
Income taxes for the year in the amount of $19,700 were incurred and paid.

Required:

Question Content Area

1. Scroll down to the T-accounts. The account title for each has been provided. Using the data provided, enter the applicable beginning balances.

2. Analyze each transaction. Journalize as appropriate. If an amount box does not require an entry, leave it blank. (Note: Ignore the date since these events are aggregations of individual events.)

3. Post your journal entries to the appropriate T-accounts. If an ending balance is zero, enter "0".

PLEASE PROVIDE SOLUTIONS FOR ALL QUESTIONS, THANK YOU IN ADVANCE!