Would appreciate some help with this to better understand these accounting concepts

B . L N P S U w Y AA AD AF AL AL AN AP 2 Balance Sheet AT Assets Liabilities Stockholder's Equity 3 Date Description Accounts Receivable Cash Amount Prepaid Insurance Unearned Service Revenue Prepaid Rent Supplies Notes Accounts Payable Equipment Salaries Payable Payable Interest Payable Expenses Should Be Entered as Positive Numbers Income Statement Common Stock Retained Earnings Account Title Beginning Balances, January 1st Year 1 Statement of Cash Flows 4 Revenue 1-Jan Expense Issued common stock in exchange for cash Net Income Armount Activity 5 $732,415 1-Feb 6 161,131 10-Mar 7 7,141 Borrowed money from the bank by signing a one-year note, at a rate of 10% Paid for advertisements to be run during the month Paid in advance for a one-year insurance policy Paid in advance for two years of rent on a storage facility 1-Apr S 16,113 1-Oct 9 40,283 15-May Purchased supplies on account 20 32,080 1-Jun Landscaping equipment is purchased for cash 11 585,932 18-lul Performed lawn mowing services for cash 12 134,032 13 10,712 14 104,003 15 84,228 Paid for maintenance on the lawn mowers 1-Aug in cash Performed landscaping services on 20-Aug account Received cash payment from a customer 30 Nov for future services (not yet performed) Paid new employees for one month of 15-Dec work, payday is always on the 15th of the month December 31st Adjustments: Eleven months of interest has accrued on the note (to be paid in cash on Feb 1 next year) Nine months have lapsed on the one-year b insurance policy 16 32,959 17 TE Liabilities 3 Date Stockholder's Equity Description Accounts Receivable Amount Cash Prepaid Insurance Supplies Prepaid Rent Unearned Service Revenue Accounts Payable Equipment Notes Payable Salaries Payable Interest Payable Common Stock Petained Earnings Expenses Should Be Entered as Positive Numbers Income Statement Account Title 104 003 Statement of Cash Flows Revenue Expense Net Income Amount 84,228 Activity 32,959 Beginning Balances, January 1st Year 1 4 account Received cash payment from a customer 30-Nov 15 for future services (not yet performed) Paid new employees for one month of 15-Dec work, payday is always on the 15th of the 16 month. 17 December 31st Adjustments: Eleven months of interest has accrued on a the note (to be paid in cash on Feb 1 next 18 year) Nine months have lapsed on the one-year b 19 insurance policy A physical count of supplies at the end of the year reveals half of the supplies were 20 used The equipment is estimated to have a d useful life of five years with no salvage 21 value; depreciation must be recorded The rented storage facility has been used for three months 22 Employees have worked for half a month (December 16 - December 31) in the f current year but won't be paid until 23 24 25 Ending Balances, December 31st Year 1 26 27 e January 15 28 Total Assets Total L&SE Statement Service Revenue Statement of Stockholders' Equity Beginning Common Stock Cash Less: Expenses Accounts Receivable Plus Stock Issued Advertising Expense Supplies Ending Common Stock Maintenance Expense 9 Prepaid Insurance Salaries Expense 10 Prepaid Rent Beginning Retained Earnings Interest Expense Plus: Net Income Equipment (Net) Insurance Expense Minus: Dividends 12 Total Assets Supplies Expense Ending Retained Earnings 3 Depreciation Expense Liabilities Rent Expense Total Stockholders' Equity Accounts Payable Total Expenses Unearned Revenue Net Income *Enter a formula for Total Stockholders' Equity which calculates it Notes Payable based on the entries on this page. Does the Total SE which Salaries Payable *Enter a formula for Net Income which calculates Net Income you calculated here match the Total SE on the Year 1 Ledger? Interest Payable based on the entries on this page. Does the Net Income which Total Liabilities you calculated here match the Net Income on the Year 1 Ledger? Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity Enter formulas to compute the totals on the Balance Sheet. Does your Balance Sheet Balance? Does Total Assets here match Total Assets on the Year 1 Ledger