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Requirement 1. Using the account titles provided for you in Exhibit 1.1 and referring back to the Narrative as needed, please prepare journal entries (using good form) as necessary for the transactions and events described in the accompanying exhibits for this case. That is, you should prepare only those specific entries required to record the transactions described in these materials. You are not to consider adjusting entries that would be recorded after the events described in these exhibits. (Record the transactions chronologically and in the same order as presented in Exhibit 12. Ted's Notes Record debits first, then credits. Explanations will appear on the last line of the journal entry. If no entry is needed select "No entry required on the first line of the Accounts and Explanations column and leave al other cell blank) Journal Entry Accounts and Explanations Date Debit Credit Nov 15 Assume the role of accountant Justin Phillips and complete the following 1. Using the account titles provided for you in Exhibit 1.1 and referring back to the Narrative as needed, please prepare journal entries (using good form) as necessary for the transactions and events described in the accompanying exhibits for this case. That is, you should prepare only those specific entries required to record the transactions described in these materials. You are not to consider adjusting entries that would be recorded after the events described in these exhibits. 2. Using the journal entries that you prepared in requirement (1), post the entries to "T" accounts and calculate the overall account balances as of 12/31/08. 3. Using the ending balances in the "T" accounts from requirement (2) prepare a 12/31/08 unadjusted trial balance for Music Express (ME). 4. For each account listed on the unadjusted trial balance prepared in requirement (3), identify the type of account (asset, liability, equity, revenue, or expense), and indicate whether it would be reported on the balance sheet or on the income statement Consider also whether any account balance is abnormal. (That is, determine whether an account balance that is expected to carry a debit balance has a credit balance and vice versa.) if you determine that a particular account balance is abnormal, label it as such and explain what the abnormal balance communicates 5. Using your unadjusted account balances from requirement (3), calculate the following items as of 12/31/08: a. Total dollar amount of ME's assets. b. Total dollar amount of ME's liabilities C. Total equity (using the balance sheet equation). 5. Using your unadjusted account balances from requirement (3), calculate the following items as of 12/31/08 a. Total dollar amount of ME's assets. b. Total dollr amount of ME's liabilities c. Total equity (using the balance sheet equation), d. The unadjusted net income (or net loss). (In order to earn credit, you must provide the name and dollar amount of the underlying accounts that make up your answer) 6. Using the balance you computed for total equity in requirement 5(c), determine how much of this balance is a. Total contributed capital b. Total retained earnings 7. As of 12/31/08, how much money is owed to ME by its customers? On which financial statement would this balance be reported? 8. Consider each of the liabilities identified in requirement 5(b) and comment on how the liability will eventually be settled 9. Consider the holiday gift that Ted treated himself to on 12/23 (Exhibit 1.2). Using the accounts listed in Exhibit 1.1. provide at least two possible alternatives for the debit portion of the resulting journal entry and explain how the economic entity assumption impacts your choices. Given your two options, please clarify what additional information you would need from Ted in order to determine which specific classification best captures the economic reality of this situation Requirement 1. Using the account titles provided for you in Exhibit 1.1 and referring back to the Narrative as needed, please prepare journal entries (using good form) as necessary for the transactions and events described in the accompanying exhibits for this case. That is, you should prepare only those specific entries required to record the transactions described in these materials. You are not to consider adjusting entries that would be recorded after the events described in these exhibits. (Record the transactions chronologically and in the same order as presented in Exhibit 12. Ted's Notes Record debits first, then credits. Explanations will appear on the last line of the journal entry. If no entry is needed select "No entry required on the first line of the Accounts and Explanations column and leave al other cell blank) Journal Entry Accounts and Explanations Date Debit Credit Nov 15 Assume the role of accountant Justin Phillips and complete the following 1. Using the account titles provided for you in Exhibit 1.1 and referring back to the Narrative as needed, please prepare journal entries (using good form) as necessary for the transactions and events described in the accompanying exhibits for this case. That is, you should prepare only those specific entries required to record the transactions described in these materials. You are not to consider adjusting entries that would be recorded after the events described in these exhibits. 2. Using the journal entries that you prepared in requirement (1), post the entries to "T" accounts and calculate the overall account balances as of 12/31/08. 3. Using the ending balances in the "T" accounts from requirement (2) prepare a 12/31/08 unadjusted trial balance for Music Express (ME). 4. For each account listed on the unadjusted trial balance prepared in requirement (3), identify the type of account (asset, liability, equity, revenue, or expense), and indicate whether it would be reported on the balance sheet or on the income statement Consider also whether any account balance is abnormal. (That is, determine whether an account balance that is expected to carry a debit balance has a credit balance and vice versa.) if you determine that a particular account balance is abnormal, label it as such and explain what the abnormal balance communicates 5. Using your unadjusted account balances from requirement (3), calculate the following items as of 12/31/08: a. Total dollar amount of ME's assets. b. Total dollar amount of ME's liabilities C. Total equity (using the balance sheet equation). 5. Using your unadjusted account balances from requirement (3), calculate the following items as of 12/31/08 a. Total dollar amount of ME's assets. b. Total dollr amount of ME's liabilities c. Total equity (using the balance sheet equation), d. The unadjusted net income (or net loss). (In order to earn credit, you must provide the name and dollar amount of the underlying accounts that make up your answer) 6. Using the balance you computed for total equity in requirement 5(c), determine how much of this balance is a. Total contributed capital b. Total retained earnings 7. As of 12/31/08, how much money is owed to ME by its customers? On which financial statement would this balance be reported? 8. Consider each of the liabilities identified in requirement 5(b) and comment on how the liability will eventually be settled 9. Consider the holiday gift that Ted treated himself to on 12/23 (Exhibit 1.2). Using the accounts listed in Exhibit 1.1. provide at least two possible alternatives for the debit portion of the resulting journal entry and explain how the economic entity assumption impacts your choices. Given your two options, please clarify what additional information you would need from Ted in order to determine which specific classification best captures the economic reality of this situation