Question: 25 tion Note. Use the Cornerstone Co. data and the Reference Sheet to assist you in answering the following question Cornerstone Co. Balance Sheet Accounts


25 tion Note. Use the Cornerstone Co. data and the Reference Sheet to assist you in answering the following question Cornerstone Co. Balance Sheet Accounts 12/31/17 12/31/18 Bonds Payable Cash Accounts Receivable Preferred Stock $2,100 $2,100 400 392 145 128 500 500 Accounts Payable 244 250 Land 3,285 3,285 Common Stock 1,200 1,200 Inventory 480 520 Retained Earnings 320 400 Unearned Rent Revenue (to be earned in 2 months) 40 28 Prepaid Insurance (3-month policy) 114 173 Taxes Payable 20 20 Insurance Expense Interest Expense Cost of Goods Sold Rent Revenue Net Sales Revenue Tax Expense Cornerstone Co. Income Statement Accounts For Year Ended 12/31/18 $60 32 1,500 25 2,000 27 Time left 1:52 25 stion Which transaction will affect the total of Current Liabilities? Select one O a Payment Accrual Ob of of Account Wage Payable Expense No Yes Payment Accrual of of Time 1:52:55 Account Wage Payable Extense No No Oc Payment Accrual of of Account Wage Bavable Expense Yes Yes Od Payment Accrual of of Account Wage
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