Problem #1 -By entering a"" or "-"indicate the effect of each of the transactions given on the accounting equation and accounts given. If an account is not involved, leave the cell blank OWNER EQUITY ASSETS LIABILITIES Prepaid Acct Rec Cash Land Supplies Accts Pey. Notes Pay Transaction Capital 1 = + 1) Provided services for cash 2) Provided services on account 3) Paid employees 4) Purchased land, signing a note payable 5) Paid a 1-year insurance policy in advance 6) Purchased supplies on account 7) Collected payment from the customer in w2 B) Paid for last month's advertising 9) Paid for the supplies purchased in #6 10) Paid last month's utility bill - = + + + + + Problem #2 - On which financial statement would the information requested below be found? 1) The amount of equipment owned 2) Withdrawals made by the owner 3) The balance of any bank loans owed 4) Beginning Owners Equity 5) Ending Owners Equity 6) Amounts owed to creditors 7) Fees earned for services rendered B) Amounts due from customers e) The amount spent on wages 10) The company's cash balance 33 34 35 36 37 8 Problem - Given the following account balances, calculate the amounts requested below. Accounts Payable 3,200 Interest Expense 2, Ac Receivable 14, HOO 16,000 Supplies Expense 1,500 Note Payable 40,000 Building 30, Utilities Expense 4,100 7,400 Taxes Expense 3,300 Repair Service Revenue 56,000 Wages Expense 37,500 1) Company total assets as of December 31st? 2) Company total abilities as of December ist? 3) What was the year's net income? Problem 4 - Answer the questions below. 1) Name the four transactions that affect Owners Equity 2) What financial statement needs to be prepared first? Explain why