please explain it briefly

SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question 1) Dave Shurek started Hindsight Electric in February 2020. Hindsight completed th following transactions during February of the current year: (15 Marks) Feb. 1 Began a Hindsight Electric company by investing $7.000 in cash and computer equipment having a $5,000 fair value Feb. 2Purchased clectrical tools for $1,100 on account Fcb 4 Completed hot tub clectrical work for $1.900 on account Feb. 8 Completed electrical panel upgrade for S500 cash Fsh. 10 Paid for the items purchased on credit on February 2 Feb 14 Paid $1.600 for the annual rent Feb 18 Received 5900 for the work completed on February 4. Shurek withdrew $200 cash from the practice to pay personal Feb. 27 expenses Feb 28 Paid the February utility bills, S100 Prepare general journal entries to record the transactions. Include a brief description for each entry 2) The adjusted trial balance of Richardson Electric at May 31, 2020 is as follows: (15 Marks) Richardson Electric Trial Balance May 31, 2020 Credit Cash Debit 56.00 2.000 18.000 $20,000 Prepaid insurance Equipment Accumulated depreciation, equipment Salaries payable Mitch Richardson, capital Mitch Richardson, withdrawals Repair foes earned 1.000 12.700 6.000 11.800 1.200 Incarned repair fees Insurance expense Depreciation expense Total 3.500 11.200 $46,700 $46,700 Prepare the necessary closing entries at May 31