During the month, Gates Labs Co$.$ has a substantial number of transactions affecting each of the following accounts.Required:State for each account whether it is likely to have $($a$)$ debit entries only, $($b$)$ credit entries only, or $($c$)$ both debit and credit entries.Accounts PayableAccounts ReceivableCashFees EarnedInsurance ExpenseDividendsUtilities ExpenseInstructions:Must submit this PQ using an Excel worksheet.List $1$ through $7$ and enter the corresponding letter from the options above.