Identify the element or elements associated with these items.

		Items		The element
(a)		Arises from peripheral or incidental transactions.		select an element Losses Comprehensive Income Gains Revenues Distributions to Owners Investments by Owners, Comprehensive Income Assets Liabilities Equity Expenses Revenues, Expenses Investments by Owners Gains, Losses
(b)		Obligation to transfer resources arising from a past transaction.		select an element Gains, Losses Equity Comprehensive Income Liabilities Investments by Owners, Comprehensive Income Revenues, Expenses Distributions to Owners Assets Expenses Investments by Owners Revenues Gains Losses
(c)		Increases ownership interest.		select an element Losses Expenses Gains Investments by Owners Revenues Distributions to Owners Equity Investments by Owners, Comprehensive Income Assets Revenues, Expenses Gains, Losses Comprehensive Income Liabilities
(d)		Declares and pays cash dividends to owners.		select an element Distributions to Owners Equity Expenses Comprehensive Income Liabilities Gains Revenues, Expenses Losses Revenues Gains, Losses Assets Investments by Owners, Comprehensive Income Investments by Owners
(e)		Increases in net assets in a period from nonowner sources.		select an element Assets Distributions to Owners Losses Liabilities Revenues Revenues, Expenses Investments by Owners, Comprehensive Income Gains Expenses Equity Investments by Owners Comprehensive Income Gains, Losses
(f)		Items characterized by service potential or future economic benefit.		select an element Investments by Owners Gains, Losses Liabilities Losses Equity Investments by Owners, Comprehensive Income Assets Revenues, Expenses Comprehensive Income Expenses Revenues Distributions to Owners Gains
(g)		Equals increase in assets less liabilities during the year, after adding distributions to owners and subtracting investments by owners.		select an element Losses Revenues, Expenses Revenues Assets Liabilities Distributions to Owners Investments by Owners, Comprehensive Income Expenses Investments by Owners Gains Comprehensive Income Equity Gains, Losses
(h)		Arises from income statement activities that constitute the entity's ongoing major or central operations.		select an element Distributions to Owners Revenues, Expenses Assets Gains Revenues Equity Investments by Owners Comprehensive Income Losses Expenses Investments by Owners, Comprehensive Income Liabilities Gains, Losses
(i)		Residual interest in the assets of the enterprise after deducting its liabilities.		select an element Investments by Owners, Comprehensive Income Comprehensive Income Revenues Losses Gains Equity Liabilities Assets Investments by Owners Revenues, Expenses Expenses Gains, Losses Distributions to Owners
(j)		Increases assets during a period through sale of product.		select an element Revenues Investments by Owners Gains, Losses Equity Revenues, Expenses Distributions to Owners Expenses Losses Investments by Owners, Comprehensive Income Comprehensive Income Assets Liabilities Gains
(k)		Decreases assets during the period by purchasing the company's own stock.		select an element Gains Comprehensive Income Liabilities Distributions to Owners Expenses Gains, Losses Revenues, Expenses Equity Investments by Owners, Comprehensive Income Assets Revenues Investments by Owners Losses
(l)		Includes all changes in equity during the period, except those resulting from investments by owners and distributions to owners.		select an element

2.

Transactions forMarigoldCompany for the month of May are presented below. Prepare journal entries for each of these transactions.(If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

May1		B.D. invests $3,910cash in exchange for common stock to start his welding business,MarigoldCompany.
3		Buys equipment on account for $1,172.
13		Pays $380to landlord for May rent.
21		Bills Noble Corp. $500for welding work done. (Use Service Revenue account.)

3.

The adjusted trial balance ofBrianCooper Co. as of December 31, 2020, contains the following.

BRIANCOOPER CO. ADJUSTED TRIAL BALANCE DECEMBER 31, 2020
		Debit		Credit
Cash		$20,617
Accounts Receivable		8,065
Prepaid Rent		3,425
Equipment		19,195
Accumulated Depreciation-Equipment					$6,040
Notes Payable					6,845
Accounts Payable					6,617
Common Stock					21,145
Retained Earnings					12,455
Dividends		4,145
Service Revenue					12,735
Salaries and Wages Expense		7,985
Rent Expense		2,174
Depreciation Expense		231
Interest Expense		169
Interest Payable					169
		$66,006			$66,006

Prepare an income statement.(Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Prepare a statement of retained earnings.

Prepare a classified balance sheet.