2. The transactions listed below are from the general journal of All American Farms', which uses a single-entry cash accounting system. Date Description Amount ($) Dec. 31, 2012 Cash 20,000 Jan. 02, 2013 Soybean sales 66,000 Jan. 03, 2013 Interest expense 2,000 Jan. 03, 2013 Principal payment 4,000 Feb.15, 2013 Corn sales 13,000 Feb. 20, 2013 Veterinary and medicine expense 1,000 Feb. 25, 2013 Purchased feed expense 11,000 Mar. 01, 2013 Labor and benefits expense 11,250 Mar. 11, 2013 Calf sales 22,000 Mar. 20, 2013 Fuel, oil and grease expense 3,500 Apr. 03, 2013 Interest expense 5,500 Apr. 03, 2013 Principal payment 500 Apr. 09, 2013 Fertilizer expense 11,000 Apr. 15, 2013 Fertilizer expense 25,000 Apr. 15, 2013 Property taxes expense 5,000 May 01, 2013 Rent expense 25,000 May 13, 2013 Seed expense 10,000 May 18, 2013 Chemicals expense 1,000 May 22, 2013 Seed expense 27,000 May 29, 2013 Other farm revenue 5,000 June 01, 2013 Labor and benefits expense 11,250 June 10, 2013 Fertilizer expense 12,000 June 18, 2013 Fuel, oil and grease expense 3,500 June 27, 2013 Chemicals expense 11,000 June 30, 2013 Office expense 3,000 July 06, 2013 Chemicals expense 11,000 July 11, 2013 Repairs and maintenance expense 26,000 July 22, 2013 Purchased feed expense 11,000 July 03, 2013 Interest expense 5,000 July 03, 2013 Principal payment 1,000 Aug. 09, 2013 Veterinary and medicine expense 1,000 Aug. 15, 2013 Utilities 6,000 Sep. 01, 2013 Labor and benefits expense 11,250 Sep. 08, 2013 Calf sales 50,000Sep. 17, 2013 Fuel, oil and grease expense 3,500 Oct. 03, 2013 Soybean sales 100,000 Oct. 03, 2013 Corn sales 80,000 Oct. 03, 2013 Interest expense 4,500 Oct. 03, 2013 Principal payment 1,500 Oct. 13, 2013 Gain on sale of capital assets 10,000 Oct. 13, 2013 Miscellaneous revenues 1,000 Nov. 01, 2013 Rent expense 25,000 Nov. 08, 2013 Veterinary and medicine expense 1,000 Nov. 23, 2013 Soybean sales 30,000 Dec. 01, 2013 Labor and benefits expense 11,250 Dec. 05, 2013 Corn sales 90,000 Dec. 20, 2013 Fuel, oil and grease expense 3,500 Other information for the year ended 2013 (not journalized): Depreciation expense $52,000 Income taxes $14,000 a) Post the corresponding journal entries above into the two-column form of account below. (Points: 21) Soybean sales Purchased feed expense Date Amount Date Amount Balance = Balance = Corn sales Veterinary and medicine expense Date Amount Date Amount Balance = Balance = Calf sales Utilities expense Date Amount Date Amount Balance = Balance = 6Other farm revenue Property taxes expense Date Amount Date Amount Balance = Balance = Rent expense Office expense Date Amount Date Amount Balance = Balance = Fertilizer expense Interest expense Date Amount Date Amount Balance = Balance = Labor and benefits expense Gains on sale of capital assets Date Amount Date Amount Balance = Balance = Seed expense Losses on sale of capital assets Date Amount Date Amount Balance = Balance = 7Chemicals expense Miscellaneous revenues Date Amount Date Amount Balance = Balance = Repairs and maintenance Miscellaneous expenses Date Amount Date Amount Balance = Balance = Fuel, oil, and grease expense Date Amount Balance = b) Complete the following adjustments for the income statement. (Points: 18) Crop inventories 350.000 $60,000 Accounts receivable 22,000 17 .000 Prepaid expenses 6.000 4.000 Cash in growing crops 25,000 25,000 Accounts payable 32.000 35.000 Accrued interest 2,000 3,000 Income taxes payable 5.000 5.000 Current portion deferred taxes 2,000 1,000