Intermediate Accounting! Sprint 2021. Pre-Test Name The accounting records for Alpha Company contained the following balances as of December 31, 2018 Assets Liabilities and Shareholders' Equity Cash $15.200 Accounts Payable $ 1.950 Accounts Receivable 2.650 Prepaid Insurance 360 Common Stock 4,860 Land 1.050 Retained Earnings 17450 $19,260 $19.260 During 2019, Alpha Company made the following transactions: Jan Alpha purchased a computer that cost $1,600 for cash. b. Mar. 1 The company borrowed $2,000 by issuing a two year note, c. Apr. 1 The company acquired an additional 51.900 in cash from the owners in exchange for common stock d. May 1 Purchased inventory of $5,200 on account using the gross method. Terms 2/10, 1/30. Also paid $20 in shipping cost for the inventory. c. May 5 Returned $50 dollars of defective inventory purchased on May 19 1 May 9 Paid for the inventory purchased on May 1" Bi June 1 The company paid dividends of $200 to the owners. h. July 1 The company paid $800 cash in advance for rent on an eight-month lease for office space. i July 1 The company purchased land that cost $1.200 cash. j. Aug. 1 Cash payments on accounts payable amounted to $600. k. Aug. 1 Sold inventory for cash for $3,000. The inventory cost $1,500. 1. Sept. 1 Alpha sold a portion of their land for $1,300, the amount it originally paid for the land m. Sept. 15 Sold inventory on account for $1.000. The inventory cost $500 n. Oct. 1 Alpha purchased $180 of supplies on account. O Dec 31 Cash collections from accounts receivable amounted to $2,600 p. Dec. 31 The company incurred other operating expenses on account during the year that amounted to $655. Purchased $1.000 of insurance for the next 12 months. 4. Dec 31 Required: Provide the following account balances: 1. Cash 2. Total Assets 3. Total Liabilities 4. Total Stockholder's Equity 5. Total Retained Earnings 6. Net Income Intermediate Accounting! Sprint 2021. Pre-Test Name The accounting records for Alpha Company contained the following balances as of December 31, 2018 Assets Liabilities and Shareholders' Equity Cash $15.200 Accounts Payable $ 1.950 Accounts Receivable 2.650 Prepaid Insurance 360 Common Stock 4,860 Land 1.050 Retained Earnings 17450 $19,260 $19.260 During 2019, Alpha Company made the following transactions: Jan Alpha purchased a computer that cost $1,600 for cash. b. Mar. 1 The company borrowed $2,000 by issuing a two year note, c. Apr. 1 The company acquired an additional 51.900 in cash from the owners in exchange for common stock d. May 1 Purchased inventory of $5,200 on account using the gross method. Terms 2/10, 1/30. Also paid $20 in shipping cost for the inventory. c. May 5 Returned $50 dollars of defective inventory purchased on May 19 1 May 9 Paid for the inventory purchased on May 1" Bi June 1 The company paid dividends of $200 to the owners. h. July 1 The company paid $800 cash in advance for rent on an eight-month lease for office space. i July 1 The company purchased land that cost $1.200 cash. j. Aug. 1 Cash payments on accounts payable amounted to $600. k. Aug. 1 Sold inventory for cash for $3,000. The inventory cost $1,500. 1. Sept. 1 Alpha sold a portion of their land for $1,300, the amount it originally paid for the land m. Sept. 15 Sold inventory on account for $1.000. The inventory cost $500 n. Oct. 1 Alpha purchased $180 of supplies on account. O Dec 31 Cash collections from accounts receivable amounted to $2,600 p. Dec. 31 The company incurred other operating expenses on account during the year that amounted to $655. Purchased $1.000 of insurance for the next 12 months. 4. Dec 31 Required: Provide the following account balances: 1. Cash 2. Total Assets 3. Total Liabilities 4. Total Stockholder's Equity 5. Total Retained Earnings 6. Net Income