under the Sanchez scenario, what precisely is being looked for? I do not understand what is being asked for or how it should look

CHAPTER 2 Debits and Credits: Analyzing and Recording Business Transactions 75 L04 (5 min) Financial Report Problem Reading the Kellogg's Annual Report Go to http://investor Rellots.com/annuals.cfm, to access the Kellone's 2010 Annual Report and find the balance sheet of Kello 's. Did Kellogg's Accounts Payable go up or down from 2009 to 20107 What does this change mean? Into what category does Accounts Payable fall by rules of debit and credit? Which side of the T account would make Accounts Payable increase? On the JOB TITTTTTTTTTTTTTTT My Accountinglab OOO LO2, 3, 4 (60 MIN) SANCHEZ COMPUTER CENTER The Sanchez Computer Center created its chart of accounts as follows: Chart of Accounts as of July 1, 201X Assets Revenue 1000 Cash 4000 Service Revenue 1020 Accounts Receivable Expenses 1030 Supplies 5010 Advertising Expense 1080 Computer Shop Equipment 5020 Rent Expense 1090 Office Equipment 5030 Utilities Expense Liabilities 5040 Phone Expense 2000 Accounts Payable 5050 Supplies Expense Owner's Equity 5060 Insurance Expense 2000 Freedman, Capital 5070 Postage Expense 3010 Freedman, Withdrawals You will use this chart of accounts to complete the Continuing Problem. The following problem continues from Chapter 1. The balances as of July 31 have been brought forward in the working papers that accompany this text. Assignment 1. Set up T accounts in a ledger 2. Record transactions k through s in the appropriate Taccounts. 3. Foot and take the balances of the T accounts where appropriate. 4. Prepare a trial balance at the end of August. 5. Prepare from the trial balance an income statement, statement of owner's equity, and a balance sheet for the two months ending with August 31, 201X. k. Received the phone bill for the month of July, $155. L. Paid $150 (check #8099) for insurance for the month. m. Paid $200 (check w8100) of the amount due from transaction d in Chapter 1. n. Paid advertising expense for the month, $1,400 (check #8101). o. Billed a client (Jeannine Sparks) for services rendered, $850. p. Collected $900 for services rendered. 4. Paid the electric bill in full for the month of July (check #8102, transaction h. Chapter 1). 1. Paid cash (check #8103) for $50 in stamps. 5. Purchased $200 worth of supplies from Computer Connection on credit