Utah Inc. sells office equipment and provides maintenance services. It has the following accounting balances on December 31, 2021, the end of its fiscal year. Accounts Debit Credit Cash $3,000 Accounts receivable 5,000 Inventory 6,000 Equipment 30,000 Accumulated depreciation $6,000 Accounts payable 4,000 Notes payable 20,000 Common stock 10,000 Retained earnings 4,000 Total $44,000 $44,000 Utah executed the following summary transactions during 2022: 1. Issued additional common stock for $5,000 cash. 2. Purchased new equipment by paying $5,000 cash and signing a note of $10,000. 3. Paid premium of $2,400 for a two-year liability insurance policy, effective on January 1, 2022. 4. Received $8,400 advance payments for contracts to deliver services later. 5. Sold inventory for $9,000 on credit. The cost of inventory sold is $5,000. 6. Purchased inventory of $3,000 on credit. 7. Sold inventory for $3,600 cash. The cost of inventory sold is $2,000. 8. Received $10,000 payment on accounting receivables. 9. Paid $7,000 accounts payables. 10. Paid utility bills $1,100. 11. Paid wages $3,100 Required 1. Record the effects of each of above transactions 1-11 using the FSET and compute the total of each column. Verify that the left and right sides of the balance sheet have the same total. 2. Prepare journal entries to record the above transactions of 2022. 3. Set up T-accounts and enter the account balances on December 31, 2021. 4. Post the journal entries in Part 2 into the T-accounts created in Part 3. Note, additional accounts need to be added. 5. Prepare an unadjusted trial balance. 6. A year end review reveals that the following adjustments are necessary. Prepare journal entries to record the adjustments and post the adjusting journal entries into the T-accounts created in Parts 3 and 4. Note, additional accounts need to be added. i. Depreciation of the year is $4,500. ii. $1,200 of the insurance policy expired during 2022. iii. iv. Interest on the notes totaled $1,500. None of the interest has been paid yet. Wages incurred but not yet paid is $200. V. All but $800 of the advance payments received for service contracts has been earned. 7. Prepare an adjusted trial balance. 8. Prepare the following statements a. income statements b. statement of stockholders' equity c. balance sheet 9. Prepare journal entries to close the temporary accounts and post the closing journal entries to the T-accounts set up in Part 3, 4, and 6. 10. Prepare a post closing trial balance.