prepare a balance sheet based on the following journal entries

HYDROQUAL, INC. JOURNAL ENTRIES DECEMBER 31, 20X2 JIE CREDIT DATE 1/1/X2 1 ACCT I ACCOUNT NAME 563 SERVICE COSTS-INDIRECT-LEASE EXPENSE-SHOP BLOG 602 SELLING & ADMIN-LEASE EXPENSE-OFFICE BLDG 101 CASH To record and allocate new building lease payment. DEBIT 31,667 6,333 38,000 2 2 1/1/X2 10,750 190 409 101 RIGHT-OF-USE ASSET--LEASE-SHOP EQUIPMENT LEASE PAYABLE-SHOP EQUIPMENT CASH To record new shop equipment lease and first payment. 6,985 3,765 3 2/1/X2 240,000 101 401 CASH LONG-TERM DEBT-NOTES To record issuance of long-term notes payable. 240,000 4 2/1/X2 240,000 181 101 VEHICLES CASH To record purchase of two new trucks. 240,000 5 101 105 505 255,000 1,090,500 CASH ACCOUNTS RECEIVABLE SERVICE REVENUE FROM CONTRACTS WITH CUSTOMERS To record revenue from maintenance contracts. 1,345,500 6 181 561 101 305 VEHICLES 7,040 SERVICE COSTS-INDIRECT-SHOP WAGES 150,600 CASH 154,230 WAGES PAYABLE 3,410 To record accrual and payment of shop wages, including wages capitalized to trucks. 7 351,195 15,969 560 305 101 305 SERVICE COSTS-DIRECT-CREW WAGES WAGES PAYABLE CASH WAGES PAYABLE To record accrual and payment of crew wages. 359,714 7,450 00 40,341 553 101 SERVICE COSTS-DIRECT-FUEL CASH 40,341 To record purchase and payment of truck fuel. 9 1,019,500 101 105 CASH ACCOUNTS RECEIVABLE To record receipts on account. 1,019,500 10 54,140 302 101 ACCTS PAY-SUPPLIERS-OTHER COSTS CASH To record payment on account. 54,140 11 22,780 552 101 SERVICE COSTS-DIRECT-LEASE EXPENSE-TRUCKS CASH To record rent payment for maintenance trucks. 22,780 12 1,553 181 563 VEHICLES SERVICE COSTS-INDIRECT-LEASE EXPENSE-SHOP BLOG To capitalize part of shop rent to trucks. 1,553 13 181 631 611 612 609 615 607 101 VEHICLES 1,120 SELLING & ADMINISTRATIVE-OTHER 7.110 SELLING & ADMIN-OFFICERS SALARIES 138,880 SELLING & ADMIN-OTHER SALARIES 54,600 SELLING & ADMIN-PROFESSIONAL FEES 6,300 SELLING & ADMIN-PAYROLL AND OTHER TAXES 57,675 SELLING & ADMIN-SUPPLIES 14,500 CASH 280,185 To record accrual and payment of S&A expenses, including salary capitalized to trucks. 14 181 562 601 101 VEHICLES 662 SERVICE COSTS-INDIRECT-SHOP UTILITIES 12,846 SELLING & ADMIN-UTILITIES 2,702 CASH To record accrual and payment of utilities, including amount capitalized to trucks. 16,210 15 181 564 302 VEHICLES 16,275 SERVICE COSTS-INDIRECT-SUPPLIES 32,108 ACCTS PAY-SUPPLIERS-OTHER COSTS To record purchase of supplies, and to capitalize parts used for truck modifications. 48,383 16 12/31/X2 3,020 129 564 SUPPLIES ON HAND SERVICE COSTS-INDIRECT-SUPPLIES To adjust to ending supplies inventory count. 3,020 14 181 562 601 101 VEHICLES 662 SERVICE COSTS-INDIRECT-SHOP UTILITIES 12,846 SELLING & ADMIN-UTILITIES 2,702 CASH To record accrual and payment of utilities, including amount capitalized to trucks. 16,210 15 181 564 302 VEHICLES 16,275 SERVICE COSTS-INDIRECT-SUPPLIES 32,108 ACCTS PAY-SUPPLIERS-OTHER COSTS To record purchase of supplies, and to capitalize parts used for truck modifications. 48,383 16 12/31/X2 3,020 129 564 SUPPLIES ON HAND SERVICE COSTS-INDIRECT-SUPPLIES To adjust to ending supplies inventory count. 3,020 17 12/31/X2 3,000 710 197 AMORTIZATION OF LICENSING COSTS LICENSE To record amortization of licensing costs. 3,000 18 12/31/X2 40,000 701 182 TRUCK DEPRECIATION VEHICLES-ACCUMULATED DEPRECIATION To record depreciation expense on trucks. 40,000 19 12/31/X2 6,357 704 172 EQUIPMENT DEPRECIATION EQUIPMENT-ACCUMULATED DEPRECIATION To record depreciation expense on shop equipment. 6,357 20 12/31/X2 821 314 77,927 INCOME TAX EXPENSE INCOME TAX PAYABLE To record income tax expense at statutory rate of 21%. 77,927 Totals 4,012,449 4,012,449