Page 4 ACCT 201 Case Spring 2022 Question 4 Identify the normal balonce for each of the following accounts Cash Uncanned Revenue Service Ravenue Building Supplies Salaries Expense Accounts Receivable Accounts Payable Common Stock Rent Revenue Question 51 The following account balances were taken from the financial statements of Indirect Cable Inc. as of December 31, 2022 Accounts Payable Accounts Receivable Accumulated Depreciation Equipment Advertising Expense Cash Common Stock Dividends Equipment Land $ 100 19,000 ROXXO 10.100 620) 69,000 8.900) 134,000 167,650 Notes Payable due in 2025 Prepaid Insurance Rent Revenue Retained Earnings, 1/1/22 Salaries & Wages Expense Service Revenue Supplies Uneamed Revenge Utilities Expeme $62.000 3.5 5,000 180,000 23.900 115,400 30,250 19.900 11,800 Calculate the below totals/amounts based on the above account balances Revenues Current Assets Exp ses Property, Plant & Equipment Net Income Current Liabilities Long Term Liabilities Retained Earnings 12/31/2022 Please show your work/calculations in the space below: Page 5 Question 6. In June, 2022. LOM Children's Boutique Inc. was established in Lafayette Louisiana, 10 provide seamstress services and designer clothing for infants and children in the Acadian area. Bubbles Breaux and Anastasial.ee ore the major stockholders in this corporation. Use the following data to prepare the journal entries for the following transactions that occurred during the month of October June 1 3 6 13 17 20 26 27 28 29 Stockholders (Bubbles & Anostasia) invested $90,000 cash in the business Purchased shelves and cash register for $25,000 paid $6,000 down and signed al year 6% note for the balance. Hired Trixie Keyes as a soles person Purchased supplies for $1,300 on account, Provided $1,000 of services on account. Received $700 when a customer purchased a gift card to be used in September Collected $600 from the transaction on October 17 Paid $6,000 for a one-year insurance policy effective July 1, 2022 Paid $1,000 rent and $800 for utilities used during the month. Paid receptionist $1.500 for July Date Account Titles Ref Debit Credit Page 6 Spring 2022 Ref Debit Credit Date Account Titles Question 7: Using the following data, prepare the adjusting entries for the month ended December 31, 2022 a Insurance in the amount of $700 expired during December 6. on December 1, the supplies account had a balance of $400: $2,800 of supplies were purchased during December. A physical count of supplies on December 31 indicated $1,100 on hand. c. Depreciation on equipment for December is $900. & Employees are paid $5,000 every Friday for the five-day work week Monday - Friday. They were last paid on Friday, December 26. December 31 is a Wednesday Date Account Titles Ref Debit Credit
