Indiana Jones, Inc. Summary of Account Balances December 31, 2005 Accounts Balances Cash 130,000 Short-term Investments Accounts Receivable 50,000 Allowance for Doubtful Accounts (8,000) Interest Receivable Office Supplies 1,200 Merchandise Inventory 30,000 ASSETS Prepaid Insurance 15,000 Land 50,000 Building 300,000 Accumulated Depreciation - Building (60,000) Equipment 600,000 Accumulated Depreciation- Equipment (100,000) Intangible Asset-Patent Accounts Payable 30,000 75,000 Salaries Payable 12,000 12,000 Income Taxes Payable Unearned Revenue Dividends Payable Interest Payable 30,000 LIABILITIES 15,000 22,000 Notes Payable 370,000 Common Stock 100.000 Additional Paid-in Capital 230.000 EQUITY Retained Earnings 172.200 Sales Revenue Sales Discounts Sales Allowances Service Revenue Interest Income Cost of Goods Sold Advertising Expense Office Supplies Expense Salaries Expense Utilities Expense Insurance Expense Bad Debt Expense Depreciation Expense Amortization Expense Miscellaneous Expense Interest Expense Income Tax Expense Total Correct REVENUES EXPENSES If the accounting equation is in balance, "Incorrect"