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EA 5. LO 3.2 Cromwell Corporation has the following trial balance account balances, given in no certain order, as of December 31, 2018. Retained Earnings at January 1, 2018, was $3,600. Using the information provided, prepare Cromwell's annual financial statements (omit the Statement of Cash Flows). S 865 Supplies Fees earned 22,850 Accounts receivable 2,580 Accounts payable Office furniture 1,945 12,685 12,240 Rent expense Cash 4,695 Electricity expense 1,380 Common stock 10,000 Miscellaneous expenses 1,450 Dividends 2,500 EA 6. LO 3.3 From the following list, identify which items are considered original sources: A. prepaid insurance B. bank statement C. sales ticket D. general journal E. trial balance F. balance sheet G. telephone bill H. invoice from supplier 1. company sales account J. income statement FA71034 Indicate what impact the following transactions would have on the accounting equation, Ass EA 11. LO 3.4 Identify whether each of the following transactions would be recorded with a debit (Dr) or credit (Cr) entry. Debit or credit? Cash increase Supplies decrease Accounts Payable increase Common Stock decrease Interest Payable decrease Notes Payable decrease Table 3.6 EA 13. LO 3.4 Identify whether ongoing transactions posted to the following accounts would normally have only debit entries (Dr), only credit entries (Cr), or both debit and credit entries (both). Type of entry 1.11 Accounts Payable Cash Gas and Oil Expense Rent Revenue Supplies Expense Common Stock Table 3.8 EA 15. LO 3.5 Journalize for Harper and Co. each of the following transactions or state no entry required and explain why. Be sure to follow proper journal writing rules. A. A corporation is started with an investment of $50,000 in exchange for stock. B. Equipment worth $4,800 is ordered. C. Office supplies worth $750 are purchased on account. D. A part-time worker is hired. The employee will work 15-20 hours per week starting next Monday at a rate of $18 per hour. E. The equipment is received along with the invoice. Payment is due in three equal monthly installments, with the first payment due in sixty days. EA 19. LO 3.5 A business has the following transactions: The business is started by receiving cash from an investor in exchange for common stock $20,000 The business purchases supplies on account $500 The business purchases furniture on account $2,000 . The business renders services to various clients on account totaling $9,000 The business pays salaries $2,000 The business pays this month's rent $3,000 The business pays for the supplies purchased on account. . The business collects from one of its clients for services rendered earlier in the month $1,500. What is total income for the month

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