Your advertising agency's balance sheet for December 31, 2015 as follows:

Question 5 130 pointsl Yount Advertising Agency's balance sheet for December 31, 2015 is as follows: Balance Sheet (12/31/2015) Cash 100 Accounts receivable 126 Art supplies Prepaid insurance Printing equipment, at cost 1,500 Accumulated depreciation 000 1.200 Printing equipment, net 476 Total assets Accounts payable Interest payable 12 Notes payable 240 Unearned advertising revenue Accrued salaries payable 10 Paid-in-capital 950 Retained earnings Total liabilities and shareholders' equity 1,476 The following summarized transactions occurred during 2016: 1. Billed customers $50 for services performed; 2. Purchased art supplies for cash, $50; 3. Collection from credit customers was $100; 4. Paid salaries in cash, $60, including the $10 accrued on December 31, 2015 5. Unearned advertising revenue of $20 was earned prior to December 31, 2016; 6. $240 of Notes Payable are due on July 1, 2017. Interest of 10% per annum is col July 1