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I have already prepared the journal entries, but would like some help on Part B, organizing the T-accounts and getting them to balance correctly.

Part A:

Journal Entry Wages Payable Cash Journal Entry Supplies Accounts Payble Cr Cr. 3600 1850 3600 1850 Journal Entry Cash Accounts Receivable Dr Journal Entry No Transactions 5500 5500 Journal Entry Accounts Payable Cash Journal Entry Cash Investments Accrued Interst Receivable Dr 7000 2710 2660 50 Journal Entry Cash Common Stock Journal Entry Equipment Cash Long-Term Notes Payable Dr Cr Dr Cr. 8000 23000 8000 15000 Journal Entry Short-term Notes Payble Interest Payble Cash 11000 750 11750ACCT:2100 Fall 2017 Chapter 2 Take Home Quiz The following information is provided for Restoration, Inc. at December 31, 2016 Monthly Account Balances (in thousands of dollars) Accounts payable Accounts receivable Accrued wages payable Cash Common stock Dividends payable Interest payable Interest receivable Investments Land Long-term notes payable (due June 15, 2018) Prepaid expenses Other noncurrent assets Plant and equipment Retained earnings Short-term notes payable Supplies Balan 7,750 6,440 3,600 20,000 14,600 1,500 1,100 50 2,660 5,000 4,000 1,800 800 15,200 10,400 11,000 2,000 Restoration entered into the following transactions during January 2017 1. Paid wages owed at December 31,2016 2. Collected S5,500 on outstanding accounts receivable 3. Paid accounts payable of $7,000 4. Issued 1000 shares of common stock for S8 each. 5. Paid S11,000 on a short-term note payable including $750 of accrued interest. 6. Purchased supplies worth $1,850 on account. 7. Signed a contract with a new cleaning company. Agreed to pay $1,500 a month for cleaning the shop each night. Redeemed a six-month S2,660 certificate of deposit held as an investment. Proceeds including accrued interest totaled $2,710 Purchased shop equipment in exchange for $8,000 in cash and a note payable of S15,000 due 8/31/18 8. 9.

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Accrued wages payable Interest receivable 3600 Op. bal. 3600 3600 3600 Op. bal. 50 Cash 50 Cash Investments Op. bal. Accounts

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