Problem 2-62A Comprehensive Problem Western Sound Studios records and masters audio tapes of popular artists in live concerts. The performers use the tapes to prepare "live" albums, CDs, and MP3s. The following account balances were available at the beginning of 2019: Accounts Payable $11,900 Accounts Receivable 384,000 Cash 16,300 Common Stock 165,000 Insurance Payable 1,000 Interest Payable 11,200 Notes Payable (Long-term) 100,000 Rent Payable (Building) 10,000 Retained Earnings, 12/31/2018 101,200 During 2019, the following transactions occurred (the events described below are aggregations of many individual events): a. Taping services in the amount of $994,000 were billed. b. The accounts receivable at the beginning of the year were collected. c. In addition, cash for $983,000 of the services billed in Transaction a was collected. d. The rent payable for the building was paid. In addition, $48,000 of building rental costs was paid in cash. There was no rent payable or prepaid rent at year-end. e. The insurance payable on January 1 was paid. In addition, $4,000 of insurance costs was paid in cash. There was no insurance payable or prepaid insurance at year end. f. Utilities expense of $56,000 was incurred and paid in 2019. 9. Salaries expense for the year was $702,000. All $702,000 was paid in 2019. h. The interest payable at January 1 was paid. During the year, an additional $11,000 of interest was pald. At year-end no interest was payable. 1. Income taxes for 2019 in the amount of $19,700 were incurred and paid. Required: 1. Scroll down to the T-accounts. The account title for each has been provided. Using the data provided, enter the applicable beginning balances. 2. Analyze each transaction. Journalize as appropriate. For compound transactions, if an amount box does not require an entry, leave it blank.(Note: Ignore the date since these events are aggregations of individual events.) a. (Record billing of services performed) b. (Record collection of cash on account) c. (Record collection of cash on account) d. (Record payment of rent) e. (Record payment of insurance) f. (Record payment of utilities) g. (Record payment of salaries) h. 111 111 (Record payment of interest) i. (Record payment of income taxes) 3. Post your journal entries to the appropriate T-accounts. If a balance is zero, please enter zero ("0"). Accounts Payable Beg. Bal. End. Bal. Interest Payable Beg. Bal. End. Bal. Rent Payable Beg. Bal. End. Bal. Insurance Payable Beg. Bal. End. Bal. Notes Payable Beg. Bal. End. Bal. Common Stock Beg. Bal. End. Bal. Service Revenue Retained Earnings Beg. Bal. End. Bal. End. Bal. Rent Expense Insurance Expense End. Bal. Utilities Expense Salaries Expense End. Bal. Interest Expense Income Taxes Expense End. Bal. 4. Use the ending balances in the T-accounts to prepare a trial balance. If an amount box does not require an entry, leave it blank. Western Sound Studios Trial Balance December 31, 2019 Account Debit Credit 111