Problem 1, Charleigh's Listed below are the accounts and their respective balances for Charleigh's Best Shop, Inc. (CBS, Inc.) at December 31, 2018: Cash Accounts Receivable Inventory (5 things @ $ 20,000 each) Prepaid Insurance Equipment Accumulated Depreciation Security Deposit Accounts Payable Taxes Payable Wages Payable Rent Payable Note Payable Common Stock (2,000 shares) Retained Earnings $ 177,000 40,000 100,000 1,000 220,000 80.000 5,000 13,000 10,000 12,000 1.000 150,000 70,000 207.000 During 2019 the following transactions occurred: Paid prior year's accounts payable Received prior year's accounts receivable, Purchased 10 things at $24,000 each. Paid 70% down and will pay the rest later. Sold 8 things for $42.000 each with 80% down (cash) and the other 20% will get later. Paid 2018 taxes payable Paid cash for wages of $60,000 Paid fourteen months rent. $14,000. Paid $8.800 for a two-year insurance policy on July 1, 2019. Paid $3,000 for advertising for 2019 Sold 500 shares of common stock for $35.00 each on May 1, 2019 Paid utility bill for 2019, $2,000. On Dec 31, paid annual payment on note payable of $10,000 principal plus 9,000 interest Paid a $5,000 dividend to shareholders on December 31, 2019 Also, during the year the company paid 50% of the 2019 taxes. The tax rate is 30% The company uses the FIFO inventory system. At Dec 31, 2019, the company owed $10.000 in wages which had not yet been paid. The prepaid insurance at the end of 2018 was for a policy that expired on June 30, 2019. The equipment originally cost $220,000, had a twenty-year life and was expected to be worth $20,000 at the end Other adjustments? Prepare Journal Entries and T-Accounts in the supplied Excel file and submit it for question 23 of this exam. QUESTION 16 Answer questions 16 - 22 using your entries and balances calculated for Problem 1: CBS. Inc. for 2019 (click here Prepare Journal Entries and T-Accounts using the attached Excel file(click here), and submit this file for question 23 of this exam. The ending balance in Prepaid Insurance at 12/31/19 is A. Some other number B. $ 6,600 C. $ 1.000 OD.-0- E. $8.800 QUESTION 17 Accounts Receivable at 12/31/19 15 O A $140,800 B. $ 83.000 C. Some other number D. $ 150.000 O E $100.800 QUESTION 18 Wage Expense for 2019 is A $ 60,000 B. $ 48,000 C. Some other number OD. $ 58,000 E. $70,000 QUESTION 19 Depreciation Expense for 2019 is A. Some other number B. $ 9,000 C. $ 15,000 D. $ 11,000 E. $ 10,000 QUESTION 20 Cost of Goods Sold for 2019 is A. Some other number B. $ 225,000 C. $ 220,000 D. $ 172,000 E. $ 200,000 QUESTION 21 4 Accounts Payable at 12/31/19 is A $ 48,000 OB. $ 96.000 O C. Some other number D. $ 58,000 E. $72,000 QUESTION 22 Prepaid Rent at 12/31/19 is O A Some other number OBS0 C. $ 1.000 O 0.$ 4,000 E. $6,000