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 I was paid. In addition, $4,000 of insurance costs was paid in cash. There was no insurance payable or prepaid insurance at year-end. al year. 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. g. 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 paid. At year-end no interest was payable. i. 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) Show c. (Record collection of cash on account) d. (Record payment of rent) 000 000 0 101 100 (Record payment of insurance) (Record payment of utilities) f. (Record payment of utilities) 9. (Record payment of salaries) h. (Record payment of interest) 1. (Record payment of income taxes) 3. Post your journal entries to the appropriate T-accounts. If a balance is zero, please enter zero ("0"). Cash 3. Post your journal entries to the appropriate T-accounts. If a balance is zero, please enter zero ("0"). Cash Beg. Bal. Accounts Receivable Beg. Bal. End. Bal. End. Bal. Accounts Payable Beg. Bal. Interest Payable Beg. Bal End. Bal. End. Bal. Rent Payable Insurance Payable Beg. Bal. Beg. Bal. End. Bal. End. Bal. Common Stock Notes Payable HUD Ule appropriate T-accounts. If a balance is zero, please enter zero ("O"). Cash Accounts Receivable Beg. Bal. End. Bal. Interest Payable Accounts Payable Beg. Bal. Beg. Bal. End. Bal. End. Bal. Insurance Payable Rent Payable Beg. Bal. Beg. Bal. End. Bal End. Bal. Common Stock Notes Payable Accounts Payable Beg. Bal. End. Bal. Interest Payable? Jeeg. Bal. Rent Payable Beg. Bal End. Bal. End. Bal. Insurance Payable Beg Bal End Bal Notes Payable Beg. Bal. Common Stock End. Bal. (Beg. Bal. End. Bal Retained Earnings Beg. Bal. End. Bal Service Revenge End. Bal Rent Expense Insurance Expense Accounts Payable Beg. Bal. Interest Payable End. Bal. Beg. Bal. End. Bal. Rent Payable Beg. Bal. Insurance Payable Beg. Bal. End. Bal. End. Bal. Notes Payable Common Stock Beg. Bal. Beg. Bal. End. Bal End. Bal. Service Revenue Retained Earnings Beg. Bal End. Ball End. Bal. Insurance Expense Beg. Bal. Beg. Bal. End. Bal. End. Bal. Service Revenue Retained Earnings Beg. Bal. End. Bal. End. Bal Rent Expense Insurance Expense End. Bal. End. Bal. Utilities Expense Salaries Expense End. Bal End. Bal. Income Taxes Expense Interest Expense End. Bal. End. Bal. Beg. Bal. Beg. Bal. End. Bal. End, Bal Service Revenue Retained Earnings Beg. Bal. End. Bal. End. Bal. Insurance Expense Rent Expense End. Bal Salaries Expense Utilities Expense End. Bal Income Taxes Expense Interest Expense End. Bal Show Utilities Expense Salaries Expense End. Bal. End. Bal. Interest Expense Income Taxes Expense End. Bal. 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 Show Trial Balance December 31, 2019 Account Debit Credit Account Debit Credit DI Cornerstone Exercise 2-16 Qualitative Characteristics Three statements are given below. Required: Give the qualitative characteristic or constraint that is most applicable to each of the statements. a. When financial information is free from error or bias, the information is said to possess this characteristic. b. Griffin Company uses the same depreciation method from period to period. C. A trash can that is purchased for $10 is expensed even though it will be used for many years