Responses will be due as noted on bright space. D E Entry No Account Description Debit Credit Intructions: 1 $14,35221 Inventory Accounts Payable $14,352.21 Review each of the 20 accounting entries Write a brief description of the purpose of the entry You also need to state whether the entry impacts Net Income or the effect the entry has on the balance sheet 2 975.00 Note Interest Receivable Interest income 975.00 3 600.00 Insurance Expense Prepaid Insurance 600.00 1 4 Cash Accounts receivable 11,456.88 Example: No. 1 To record purchase of inventory on account: No impact on earnngs, assets and liabilities increase This exercise is worth 20 extra credit points. Your response is to be printed and handed in during dass Responses will be due as noted on brightspace 11,456.88 S 6,147.96 Legal Expense Accounts Payable 6,147.96 6 1,102.55 Utility Expense - Electricity Accounts Payable 1,102.55 7 47.56 102.55 3.12 Travel Expense Meals Expense Office Expense Supply expense Postage Cash Over/Short Cash 14.99 55.00 0.77 224.04 225.00 225.00 Accounts Payable Inventory Sheet1 ED Responses will be due as noted on brightspace 0 37 Cash Over/Short Cash 0.77 224.04 22 30 8 Accounts Payable Inventory 225.00 11 225.00 72 33 9 Accounts Payable Cash 9,656.24 4 9,655.24 56 10 Depreciation Expense Accumulated Depreciation 78,445,67 78,445.67 19 11 Prepaid Supplies Cash 2,214.67 2,214.67 687.94 12 Supply Expense Prepaid Supplies 687.94 13 2,500.00 Cash Deferred revenue gift cards 2,500.00 14 1,365.00 Deferred revenue gift cards Sales Revenue 10 1,365.00 50 1 32 198,563.00 87,461.75 53 26,040.00 SE 13,020.00 15 Salary Expense Hourly Wage Expense FICA Payable FICA Match Expense 401k withheld payable 401k Company Match Expense Federal Income Tax Withheld Sheet1 9,478.55 54 4,756.30 31,595.40 Type here to search O . 14 Deferred revenue gift cards Sales Revenue 1,365.00 40 1.365.00 50 51 15 52 198,563.00 87,461.75 26,040.00 54 13,020.00 55 Salary Expense Hourly Wage Expense FICA Payable FICA Match Expense 401k withheld payable 401k Company Match Expense Federal Income Tax Withheld State Income Tax Withheld Employee Health Care Contribution Cash 9,478.55 550 4,756.30 se 59 31,595.40 6,774.40 7,219.66 222,693.04 to 1 16 Cash Note Payable Chase Bank 150,000.00 150,000.00 54 17 500.00 Interest Expense Cash 500.00 791.50 18 Allowance for Doubtful Accounts Accounts Recevable 791.50 19 Loan Payable Interest Expense Cash 421.56 78.96 500.52 20 72,556.20 Cost of Goods Sold Inventory 72,556.20 Sheet1 RI O dt Type here to search