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ACCOUNTING - Tenth Edition Solutions Manual S1-1 For each user of accounting information, identify if the user would use financial accounting (FA) or managerial accounting (MA). Solution: a. b. c. d. e. f. g. h. investor banker Internal Revenue Service manager of the business owner stockholder human resources director creditor Chapter 1: Accouting and the Business Environment Page 1 of 4 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition E1-21 For each of the following situations with regard to common stock and dividends of a corporation compute the amount of net income or net loss during June 2016. a. b. c. The company issued $7,500 of common stock and paid no dividends. The company issued no common stock. It paid cash dividends of $13,000. The company issued $20,000 of common stock and paid cash dividends of $18,000. Solution: a. Stockholders equity, May 31, 2016 (188000 -122000) Issuance of common stock Net income for the month $ $ $ Dividends() means a negative number Stockholders equity, June 30, 2016 (244000-88000) Chapter 1: Accouting and the Business Environment $ b. $ c. $ 0 $ $ $ 156,000 169,000 174,000 0 ($) ($) $ $ Page 2 of 4 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition E1-25 Give an example of a transaction that has each of the following effects on the accounting equation: a. Increase one asset and decrease another asset. b. Decrease an asset and decrease equity. c. Decrease an asset and decrease a liability. d. Increase an asset and increase equity. e. Increase an asset and increase a liability. Solution: a. b. c. d. e. Chapter 1: Accouting and the Business Environment Page 3 of 4 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition E1-29 Analyze the effects on the accounting equation of the medical practice of Samantha Stamford, M.D. Solution: Date Jul-15 Bal. 9 Bal. 12 Bal. 15 Bal. 20 Bal. 31 Bal. 31 Bal. Cash + 65,000 $6,500 $ $13,000 + $13,000 + $13,000 + $ $+ 8,000 $17,850 + (800) $17,050 + Assets = Liabilities+ Medical + Supplies Contributed + Capital Retained Earnings Common Accounts Rent Utilities - Dividends + Service - Salaries = + Stock Payable Revenue Expense Expense Expense Land Equity 65,000 $65,000 = + + 1,600 $1,600 + $ $= = $= + 1,600 $1,600 + $65,000 $1,600 + $= $1,600 + $65,000 $65,000 $1,600 + $= $1,600 + $65,000 $1,600 + $= = $= $1,600 + (800)### $800 + $65,000 $1,600 + Chapter 1: Accouting and the Business Environment $65,000 (1,500) $1,500 - (1,300) $1,300 - (350) $350 $1,500 - $1,300 - $350 $8,000 - $ 1,500 - $ 1,300 - $350 + 8,000 + $ 8,000 - Page 4 of 4 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition E2-14 For each transaction, identify a possible source document. Solution: a. Bank Deposit Slip b. c. Chapter 2: Recording Business Transactions Page 1 of 10 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition E2-15 As the manager of Margarita Mexican Restaurant, you must deal with a variety of business transactions. Provide an explanation for the following transactions: Solution: a. b. c. d. e. f. g. Purchased Equipment with Cash Received cash from customer for work to be completed in the future Chapter 2: Recording Business Transactions Page 2 of 10 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition E2-18 Journalize the transactions of Wilson Technology Solutions. Include an explanation with each journal entry. Solution: Date May-15 Cash Accounts and Explanation Debit Credit Common Stock 2 Office Supplies Accounts Payable 4 Building Land Cash 6 Cash Service Revenue 9 Accounts Payable Cash 17 Accounts Receivable Service Revenue 19 Rent Expense Cash 20 Cash Unearned Revenue 21 Prepaid Advertising Cash 23 Cash Accounts Receivable 31 Salaries Expense Cash Chapter 2: Recording Business Transactions Page 3 of 10 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition Date Accounts and Explanation Chapter 2: Recording Business Transactions Debit Credit Page 4 of 10 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition E2-19 Requirements 1.Open four-column accounts using the following account numbers: Cash, 110; Accounts Receivable, 120; Office Supplies, 130; Prepaid Advertising, 140; Building, 150; Land, 160; Accounts Payable, 210; Unearned Revenue, 220; Common Stock, 310; Service Revenue, 410; Rent Expense, 510; Salaries Expense, 520. 2.Post the journal entries to the four-column accounts and determine the balance in the account after each transaction. Assume that the journal entries were recorded on page 10 of the journal. Make sure to complete the Post. Ref. columns in the journal and ledger. Chapter 2: Recording Business Transactions Page 5 of 10 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition Solution: Requirement 2 Date Accounts and Explanation 1-May Cash Common Stock Post Ref. Debit Credit 110 310 2 Office Supplies Accounts Payable 4 Building Land Cash 6 Cash Service Revenue 9 Accounts Payable Cash 17 Accounts Receivable Service Revenue 19 Rent Expense Cash Chapter 2: Recording Business Transactions Page 6 of 10 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition Date Accounts and Explanation Post Ref. Debit Credit 20 Cash Unearned Revenue 21 Prepaid Advertising Cash 23 Cash Accounts Receivable 31 Salaries Expense Cash Chapter 2: Recording Business Transactions Page 7 of 10 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition Requirements 1 and 2 CASH Date May 1 4 6 9 19 20 21 23 31 Item Post. Ref. J10 J10 J10 J10 J10 J10 J10 J10 J10 Debit 85,000 3,600 1,300 2,600 Account No. 110 Balance Credit Debit Credit 85,000 57,000 28,000 31,600 450 3,150 1400 29,750 31,050 300 30,750 33,350 1,200 32,150 ACCOUNTS RECEIVABLE Date May 17 23 Item Post. Ref. J10 J10 Debit Credit OFFICE SUPPLIES Post. Ref. Chapter 2: Recording Business Transactions Account No. 120 Balance Debit Credit Account No. 130 Balance Debit Credit Page 8 of 10 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition Date May 2 Item Post. Ref. J10 Debit Credit PREPAID ADVERTISING Date May 21 Item Post. Ref. J10 Debit Item Post. Ref. J10 Debit Credit Credit Account No. 150 Balance Debit Credit Credit Account No. 160 Balance Debit Credit Credit Account No. 210 Balance Debit Credit LAND Date May 4 Item Post. Ref. J10 Debit ACCOUNTS PAYABLE Date May 2 9 Item Chapter 2: Recording Business Transactions Post. Ref. J10 J10 Debit Credit Account No. 140 Balance Debit Credit BUILDING Date May 4 Debit Page 9 of 10 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition UNEARNED REVENUE Date May 20 Item Post. Ref. J10 Debit Credit Account No. 220 Balance Debit Credit Credit Account No. 310 Balance Debit Credit Credit Account No. 410 Balance Debit Credit Credit Account No. 510 Balance Debit Credit Credit Account No. 520 Balance Debit Credit COMMON STOCK Date May 1 Item Post. Ref. J10 Debit SERVICE REVENUE Date May 6 17 Item Post. Ref. J10 J10 Debit RENT EXPENSE Date May 19 Item Post. Ref. J10 Debit SALARIES EXPENSE Date May 31 Item Chapter 2: Recording Business Transactions Post. Ref. J10 Debit Page 10 of 10 1) Accounting is the information system that measures business activities, processes the information into reports, and communicates the results to decision makers. a. True b. False 2) Critical thinking and judgment skills are not necessary for accountants because technology has made the activities routine. a. True b. False 3) Accounting starts with economic activities that accountants review and evaluate using critical thinking and judgment to create useful information that helps individuals make good decisions. a. True b. False 4) Accounting is referred to as the language of business because it is the method of communicating business information to decision makers. a. True b. False 5) Managerial accounting focuses on information for external decision makers. a. True b. False 6) Stockholders primarily use managerial accounting information for decision-making purposes. a. True b. False 7) A creditor is a person who owes money to the business. a. True b. False 8) Local, state, and federal governments use accounting information to calculate income taxes. a. True b. False 9) Financial accounting focuses on information for decision makers outside of the business, such as creditors and taxing authorities. a. True b. False 10) Business owners use accounting information to set goals, evaluate progress toward those goals, and make adjustments when needed. a. True b. False 11) A payment of an expense in advance is called a prepaid expense. a. True b. False 12) An accounts receivable requires the business to pay cash in the future. a. True b. False 13) Liabilities are economic resources that are expected to benefit the business in the future. a. True b. False 14) A payable involves a future receipt of cash. a. True b. False 15) Unearned revenue is a liability account. a. True b. False 16) The stockholders' claim to the assets of a business is called equity or stockholders' equity. a. True b. False 17) Dividends and expenses increase equity. a. True b. False 18) Revenues and contributions of the stockholders in the business increase equity. a. True b. False 19) A chart of accounts is a detailed record of the changes in a particular asset, liability, or equity account during a specified period. a. True b. False 20) A chart of accounts is a list of all of a company's accounts with their account numbers. a. True b. False Multiple choice questions, worth 2pts each: 60 21) Managerial accounting provides information to ________. A) Internal decision makers B) Outside investors and lenders C) Creditors D) Taxing authorities 22) The field of accounting that focuses on providing information for external decision makers is ________. A) Managerial accounting B) Financial accounting C) Cost accounting D) Nonmonetary accounting 23) The field of accounting that focuses on providing information for internal decision makers is ________. A) Managerial accounting B) Financial accounting C) Nonmonetary accounting D) Governmental accounting 24) Which of the following users would rely on managerial accounting information for decision-making purposes? A) Potential investors B) Creditors C) Customers D) Company managers 25) Which of the following is an external user of a business's financial information? A) Customers B) Cost accountant C) Company manager D) The board of directors 26) ________ are professional accountants who serve the general public, not one particular company. A) Certified public accountants B) Certified financial accountants C) Audit accountants D) Controllers 27) GAAP refer to guidelines for accounting information in the United States. The acronym GAAP in this statement refers to ________. A) Globally Accepted and Accurate Policies B) Global Accommodation Accounting Principles C) Generally Accredited Accounting Policies D) Generally Accepted Accounting Principles 28) Which of the following statements is true of a sole proprietorship? A) A sole proprietorship joins two or more individuals as co-owners. B) The sole proprietor is personally liable for the liabilities of the business. C) A sole proprietorship is taxed separately from the owner. D) A sole proprietorship has to pay business income taxes. 29) David has decided to open an auto-detailing business. He will pick up an automobile from the client, take it to his parents' garage, detail it, and return it to the client. If he does all of the work himself and takes no legal steps to form a special organization, which type of business organization, in effect, has he chosen? A) A limited-liability company B) A partnership C) A corporation D) A sole proprietorship 30) Ten years ago a corporation purchased a building for $160,000. At that time, the corporation felt that the business was worth $185,000. The current market value of the business is $460,000. The building has been assessed at $435,000 for property tax purposes. At which amount should the corporation record the building in its accounting records? A) $160,000 B) $185,000 C) $435,000 D) $460,000 31) Sunlight Company has assets and equity that amount to $200,000 and $90,000, respectively. Liabilities total ________. A) $90,000 B) $110,000 C) $200,000 D) $290,000 32) The assets of Moon Company are $160,000 and the total liabilities are $60,000. The equity is ________. A) $160,000 B) $220,000 C) $60,000 D) $100,000 33) Wallace Repair Corporation incurred $1,500 as a labor expense and promised to pay the labor agency within 30 days. Which of the following will decrease as a result of this transaction? A) Assets B) Stockholders' equity C) Liabilities D) Revenues 34) Which of the following will be categorized as an operating activity on the statement of cash flows? A) Cash received by selling old equipment B) Cash paid for purchase of new machinery C) Cash paid for purchase of office supplies D) Cash received from issuance of shares of common stock 35) Which of the following financial statements is used to analyze the economic resources, debt, and overall financial position of a company? A) Income statement B) Balance sheet C) Statement of cash flows D) Statement of retained earnings 36) Dividends is a(n) ________ account that has a normal ________ balance. A) Liability; credit B) Equity; debit C) Liability; debit D) Equity; credit 37) Which of the following is a source document that provides the evidence and data for accounting transactions? A) Journal B) Sales invoice C) Ledger D) Trial balance 38) Journalizing a transaction involves ________. A) Calculating the balance in an account using journal entries B) Posting the account balances in the chart of accounts C) Preparing a summary of account balances D) Recording the data only in the journal 39) Which of the following is the order of steps to journalize an entry? A) Identify the accounts and the account type Decide whether each account increases or decreases, then apply the rules of debits and credits Record the transaction B) Identify the accounts and the account type Record the transaction Decide whether each account increases or decreases, then apply the rules of debits and credits C) Record the transaction Identify the accounts and the account type Decide whether each account increases or decreases, then apply the rules of debits and credits D) Decide whether each account increases or decreases, then apply the rules of debits and credits Identify the accounts and the account type Record the transaction 40) A business renders services to a customer for $26,000 on account. Which of the following accounts is debited? A) Cash B) Accounts Receivable C) Service Revenue D) Accounts Payable 41) A business receives $40,000 for services that it will perform over the next four months. Which of the following accounts is credited? A) Cash B) Accounts Payable C) Service Revenue D) Unearned Revenue 42) A business makes a payment of $1,400 on a note payable. Which of the following journal entries would be recorded? A) Cash is credited and Notes Payable is debited for $1,400. B) Notes Payable is credited and Cash is debited for $1,400. C) Cash is credited and Financing Expense is debited for $1,400. D) Cash is debited and Financing Revenue is credited for $1,400. 43) Which of the following is used by both internal and external users? A) Chart of Accounts B) Trial Balance C) Balance Sheet D) Costing Reports 44) Which of the following sequences states the order in which accounts are listed on a trial balance? A) Equity Assets Liabilities B) Liabilities Assets Equity C) Assets Equity Liabilities D) Assets Liabilities Equity 45) Which of the following is a financial statement that presents a business's accounting equation? A) Chart of Accounts B) Trial Balance C) Income Statement D) Balance Sheet 46) When is a trial balance usually prepared? A) After each entry is journalized B) Before the financial statements are prepared C) After the financial statements are prepared D) At the beginning of an accounting period 47) A journal entry for a $290 payment to purchase office supplies was erroneously recorded as a debit to Office Supplies for $600 and a credit to Cash for $290. Which of the following statements correctly states the effect of the error on the trial balance? A) The sum of the credits will exceed the sum of the debits by $310. B) The sum of the debits will exceed the sum of the credits by $290. C) The sum of the debits will exceed the sum of the credits by $310. D) The sum of the debits will exceed the sum of the credits by $600. 48) The percentage of assets that are financed with liabilities can be calculated using the ________. A) Accounting equation B) Debt ratio C) Journal D) Ledger 49) Mitchell Florists & Co. reported assets of $1,000 and equity of $450. What is its debt ratio? (Round your percentage answer to two decimal places.) A) 55.00% B) 45.00% C) 100.00% D) 60.00% 50) Which of the following factors is assessed using the debt ratio? A) Expenses B) Revenues C) Risk D) Income Solve it: Worth 5pts each: (please complete all problems to maximize your points and show all work) 50 51) For each user of accounting information, identify if the user would use financial accounting (FA) or managerial accounting (MA). User of Accounting Information Business manager Creditor Stockholder Human resources director Internal Revenue Service FA or MA 52) Vista Camera Services started the year with total assets of $110,000 and total liabilities of $45,000. The revenues and the expenses for the year amounted to $120,000 and $90,000, respectively. During the year, the company did not issue any common stock, but it distributed dividends of $50,000. What is the amount of stockholders' equity at the end of the year? A) $90,000 B) $120,000 C) $45,000 D) $50,000 Hint: Equity (ending balance)=Equity (beginning balance)-divdends+revenues-expenses 53) Gatto Production Services started the year with total assets of $120,000 and total liabilities of $65,000. The revenues and the expenses for the year amounted to $110,000 and $50,000, respectively. During the year, the company did not issue any common stock, but it distributed dividends of $70,000. Calculate Gatto's net income for the year. A) $60,000 B) $110,000 C) $50,000 D) $120,000 Hint: Net income = revenues - expenses 54) The net income of Avid Camera Services is $20,000. The beginning and ending stockholders' equity balances were $36,000 and $54,000, respectively. The company issued no common stock. Calculate the amount of dividends. A) $12,000 B) $2,000 C) $16,000 D) $15,000 Hint: LO: 1-3 55) Glendale Corporation had the following transactions in August: Earned $5,000 of revenues on account; collected $5,000 from a customer for services provided last month; incurred $500 of repair expense and paid cash; paid $600 for rent that it owed from the previous month. What is the net income in August? A) $500 B) $5,000 C) $9,500 D) $4,500 Hint: Net income = revenues - expenses 56) Provide an explanation for each of the follow asset accounts. Account Name Accounts Receivable Explanation Prepaid Expense Notes Receivable 57) Provide an explanation for each of the follow liability accounts. Account Name Explanation Accounts Payable Accrued Liability Unearned Revenue 58) For each transaction, identify which account is debited and which account is credited. Use proper account titles. Transaction Debit Credit Received cash on account from a customer Paid cash dividends to stockholders Purchased office supplies on account Received cash from customers for services to be performed next month Paid employee's salary 59) For each transaction, identify which account is debited and which account is credited. Use proper account titles. Transaction Received a bill for utilities to be paid next month Performed services on account Debit Credit Paid cash for a 12-month insurance policy, coverage starting next month Paid rent for the current month Borrowed cash from the bank for business use; a note was signed 60) Camile Plastics Company had the following total assets, liabilities, and equity as of December 31. Assets $430,000 Liabilities Equity 132,000 298,000 What is the company's debt ratio as of December 31? (Round your percentage answer to two decimal places.) A) 30.70% B) 69.30% C) 100.00% D) 44.30% Hint: Debt ratio = total liabilities/total assets Essay Problems: Worth 10 pts each. (Please complete all problems to maximize your points and show all work) I have provided multiple hints for you to help with the process. 50 61) Prepare an income statement and a statement of retained earnings for the month of May. Also, prepare a balance sheet as of May 31, 2017, for McGuire Corporation. The financial transactions of McGuire Corporation for the month of May, their first month of operations, are as follows: On May 1, 2017, McGuire Corporation issued common stock in exchange for $20,000 cash from a stockholder, Deborah Merchant. On May 3, the corporation borrowed $5,000 from a creditor and executed a note payable with the principal and interest to be due in one year. On May 7, the corporation purchased $15,000 of equipment for cash. On May 8, McGuire Corporation rendered service to a client and earned $3,000 in cash. On May 12, the corporation incurred a repair expense of $1,800 and promised to pay the repair contractor the following month. On May 18, the corporation rendered service to a new client in the amount of $8,000 on account, as the client promised to pay the following month. At the end of May, McGuire Corporation distributed cash dividends of $1,500. Income Statement Month Ended May 31, 2017 Revenues: Service Revenue Expenses: Repair Expense Total Expenses Net Income $xx $xx xx $ xx Statement of Retained Earnings Month Ended May 31, 2017 Retained Earnings, May 1, 2017 Net Income for the month Dividends Retained Earnings, May 31, 2017 $xx xx xx (xx) $ xx Balance Sheet May 31, 2017 Assets Cash $xx Accounts Receivable xx Equipment xx Total Assets _______ $xx Liabilities Accounts Payable $ xx Notes Payable xx Total Liabilities xx Stockholders' Equity Common Stock xx Retained Earnings xx Total Stockholders' Equity xx Total Liabilities and Stockholders' Equity $xx 62) Prepare an income statement and a statement of retained earnings for the month of June. Also, prepare a balance sheet at June 30. The transactions of Magna Designer Corporation for the first month of their operations are as follows: On June 1, 2017, Magna Designer Corporation received $25,000 cash from its stockholders and gave common stock to the stockholders. The company rendered services to three clients on account with total revenues earned of $9,000. It then incurred an advertising expense on four different websites and promised to pay a total of $1,200 at a later date. On June 13, Magna Designers purchased $1,000 worth of office supplies for cash. (The supplies are not used by June 30.) On June 22, it received $2,000 on account from a client and deposited it into the business account. On June 23, it incurred $1,300 for a legal expense and paid cash. On June 30, Magna Designers made a payment of $500 to one of the websites that it owed for advertising provided earlier in the month. No dividends were paid during the month. 63) Following is a list of account balances of Morris Mowing Services as of December 31 of the first year of operations. Accounts Receivable Accounts Payable $6,000 7,000 Salaries Expense Repairs Expense Truck Equipment Notes Payable Cash Supplies Expense Service Revenue Gasoline Expense Salaries Payable 6,000 900 12,000 9,000 24,000 12,000 9,000 24,000 7,100 1,500 Calculate the net income. A) $1,000 B) $31,300 C) $2,800 D) $34,100 Hint: LO: 1-5 64) The following transactions have been journalized and posted to the proper accounts. Prepare a trial balance at the end of the first month using the following details: a) Received $15,000 cash and issued common stock. b) Paid the first month's rent with $800 cash. c) Purchased equipment by paying $4,000 cash and executing a note payable for $4,000. d) Purchased office supplies for $200 cash. The supplies remain at the end of the month. e) Billed clients for a total of $7,000 for design services rendered. f) Received $1,000 cash from clients for services rendered above. Hint: LO: 2-4 65) Melody Instruments, Inc. sells musical instruments. On December 31, 2017, after its first month of business, Melody Instruments, Inc. had the following balances in its accounts, listed alphabetically. Accounts Receivable Accounts Payable Advertising Expense Building Cash Common Stock Dividends $ 5,000 15,000 2,000 16,500 ? 50,000 1,200 Equipment Land Notes Payable Office Supplies 2,000 70,000 60,000 3,400 Salaries Expense Service Revenue Utilities Expense 4,000 72,000 4,100 Determine the balance in the cash account and prepare the trial balance. Hint: LO: 2-7 Melody Instruments Trial Balance December 31, 2017 Account Title Cash Accounts Receivable Office Supplies Equipment Building Land Accounts Payable Notes Payable Common Stock Dividends Service Revenue Utilities Expense Salaries Expense Advertising Expense Total Debit $xx xx xx xx xx xx Credit $ xx xx xx xx xx xx xx xx $xx _______ $xx E2-14 Identifying source documents Learning Objective 3 For each transaction, identify a possible source document. The business received $20,000 cash and issued common stock to stockholders. Purchased office supplies on account, $500. Recorded $1,000 revenue for services rendered to customers. E2-15 Analyzing and journalizing transactions Learning Objective 3 As the manager of Margarita Mexican Restaurant, you must deal with a variety of business transactions. Provide an explanation for the following transactions: a. b. c. d. e. f. g. Debit Debit Debit Debit Debit Debit Debit Equipment and credit Cash. Dividends and credit Cash. Wages Payable and credit Cash. Equipment and credit Common Stock. Cash and credit Unearned Revenue. Advertising Expense and credit Cash. Cash and credit Service Revenue. Use the following information to answer Exercises E2-18 and E2-19. The following transactions occurred for Wilson Technology Solutions: May 1 The business received cash of $85,000 and issued common stock to Zack Wilson. 2 Purchased office supplies on account, $550. 4 Paid $57,000 cash for building and land. The building had a fair market value of $48,000. 6 Performed services for customers and received cash, $3,600. 9 Paid $450 on accounts payable. 17 Performed services for customers on account, $3,400. 19 Paid rent expense for the month, $1,400. 20 Received $1,300 from customers for services to be performed next month. 21 Paid $300 for advertising in next month's IT Technology magazine. 23 Received $2,600 cash on account from a customer. 31 Incurred and paid salaries, $1,200. E2-18 Analyzing and journalizing transactions Learning Objective 3 Journalize the transactions of Wilson Technology Solutions. Include an explanation with each journal entry. Use the following accounts: Cash; Accounts Receivable; Office Supplies; Prepaid Advertising; Building; Land; Accounts Payable; Unearned Revenue; Common Stock; Service Revenue; Rent Expense; Salaries Expense. E2-19 Posting journal entries to four-column accounts Learning Objective 3 2. Cash Balance $32,150 Requirements 1. Open four-column accounts using the following account numbers: Cash, 110; Accounts Receivable, 120; Office Supplies, 130; Prepaid Advertising, 140; Building, 150; Land, 160; Accounts Payable, 210; Unearned Revenue, 220; Common Stock, 310; Service Revenue, 410; Rent Expense, 510; Salaries Expense, 520. 2. Post the journal entries to the four-column accounts, and determine the balance in the account after each transaction. Assume that the journal entries were recorded on page 10 of the journal. Make sure to complete the Post. Ref. columns in the journal and ledger