(Solved): Use the drop-downs to select the accounts that should be properly included on the Balance Sheet. The ...

Use the drop-downs to select the accounts that should be properly included on the Balance Sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection.

Transactions during 2023 follow. All dollars are in millions, except per share amounts:

1. Borrowed $15 cash on a five-year, 8 percent note payable, dated March 1, 2023.
2. Sold 4 million additional shares of common stock for cash at $1 market value per share on January 1, 2023.
3. Purchased land for a future building site; paid cash, $13.
4. Earned $215 in revenues for 2023, including $52 on credit and the rest in cash.
5. Incurred $89 in wages expense and $25 in miscellaneous expenses for 2023, with $20 on credit and the rest paid in cash.
6. Collected accounts receivable, $34.
7. Purchased other noncurrent assets, $15 cash.
8. Purchased supplies on account for future use, $27.
9. Paid accounts payable, $26.
10. Declared cash dividends on December 1, $25.
11. Signed a three-year $33 service contract to start February 1, 2024.
12. Paid the dividends in (j) on December 31.

Data for adjusting entries (amounts in millions):

1. Supplies counted on December 31, 2023, $18.
2. Depreciation for the year on the equipment, $10.
3. Interest accrued on notes payable (to be computed).
4. Wages earned by employees since the December 24 payroll but not yet paid, $16.
5. Income tax expense, $11, payable in 2024.