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$11,900Accounts Receivable384,000Cash16,300Common Stock165,000Insurance Payable1,000Interest Payable11,200Notes Payable (Long term)100,000Rent Payable (Building)10,000Retained Earnings, 12 31 2018101,200 During 2019, the following transactions occurred (the events described below are aggregations of many individual events) Taping services in the amount of $994,000 were billed The accounts receivable at the beginning of the year were collected In addition, cash for $983,000 of the services billed in Transaction a was collected 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 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 Utilities expense of $56,000 was incurred and paid in 2019 Salaries expense for the year was $702,000 All $702,000 was paid in 2019 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 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)c (Record collection of cash on account)d (Record payment of rent)e (Record payment of insurance)f (Record payment of utilities)g (Record payment of salaries)h (Record payment of interest)i (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 Beg Bal End Bal Accounts Receivable Beg Bal End Bal Accounts Payable Beg Bal End Bal Interest Payable Beg Bal End Bal Rent Payable Beg Bal End Bal Insurance Payable Beg Bal End Bal Notes Payable Beg Bal End Bal Common Stock Beg Bal End Bal Retained Earnings Beg Bal End Bal Service Revenue End Bal Rent Expense End Bal Insurance Expense End Bal Utilities Expense End Bal Salaries Expense End Bal Interest Expense End Bal Income Taxes Expense 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 StudiosTrial BalanceDecember 31, 2019AccountDebitCredit $$ $$

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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

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$11,900Accounts Receivable384,000Cash16,300Common Stock165,000Insurance Payable1,000Interest Payable11,200Notes Payable (Long-term)100,000Rent Payable (Building)10,000Retained Earnings, 12/31/2018101,200

During 2019, the following transactions occurred (the events described below are aggregations of many individual events):

Taping services in the amount of $994,000 were billed.
The accounts receivable at the beginning of the year were collected.
In addition, cash for $983,000 of the services billed in Transaction a was collected.
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.
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.
Utilities expense of $56,000 was incurred and paid in 2019.
Salaries expense for the year was $702,000. All $702,000 was paid in 2019.
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.
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.)

(Record billing of services performed)b.

(Record collection of cash on account)c.

(Record collection of cash on account)d.

(Record payment of rent)e.

(Record payment of insurance)f.

(Record payment of utilities)g.

(Record payment of salaries)h.

(Record payment of interest)i.

(Record payment of income taxes)

3.Post your journal entries to the appropriate T-accounts. If a balance is zero, please enter zero ("0").

CashBeg. Bal.