I. Determine the status of each of the following accounts. Type IS for Income

Statement, RE for Retained Earnings Statement and BS for Balance Sheet.

1. Sales Discounts
2. Accounts Receivable
3. Dividends
4. Rent Expense
5. Accounts Payable
6. Cost of Goods Sold
7. Interest Income
8. Common Stock
9. Long Term Investments
10. Salaries Expense
11. Retained Earnings
12. Cash
13. Depreciation Expense
14. Bonds Payable
15. Notes Payable
16. Buildings
17. Discount on Notes Payable
18. Supplies
19. Supplies Expense
20. Preferred Stock
21. Advertising Expense
22. Inventories
23. Rent Revenue
24. Interest Expense
25. Prepaid Insurance
26. Sales Returns and Allowances
27. Truck Expense
28. Interest Payable
29. Income Tax Payable
30. Treasury Stock
31. Unearned Rent Revenue
32. Land
33. Allowance for Bad Debts
34. Additional Paid In Capital
35. Sales
36. Salaries Payable
37. Accumulated Depreciation
38. Insurance Expense
39. Income Tax Expense
40. Equipment

II. Classify the accounts from the previous list. Use CA for current assets, NCA for Non-current assets, CL for current liabilities, NCL for non-current liabilities, SE for stockholders' equity, R for income, E for expenses.

III. Using Marion Corporation's list of accounts, prepare a verification balance sheet for the 31 August 2020.

1. Sales Revenue 755,200
2. Utilities Expense 14,000
3. Salaries and Wages Expense 140,000
4. Cash 8,700
5. Retained Earnings-31/08/2019 90,000
6. Inventory 44,700
7. Sales Discounts 8,800
8. Common Stock 80,000
9. Accounts Payable 28,500
10. Advertising Expense 34,400
11. Accounts Receivable 30,700
12. Cost of Goods Sold 527,400
13. Delivery Expense 36,700
14. Supplies 6,200
15. Notes Payable 51,000
16. Equipment 133,000
17. Dividends 12,000
18. Rent Expense 24,000
19. Accumulated Depreciation-Equipment 28,000
20. Repairs Expense 12,100

Register the adjustment entries for Marion Corp as at 31 August 2020, using the following information.

Hand-held materials are $2,000.

The team's depreciation is $11,500.

There's interest accruing for the notes payable of $4,000.

The current inventory balance is $44,400.

Prepare a corporate balance sheet after adjustments.

Prepare an income statement

Prepare a retained earnings statement

Prepare a balance sheet.