Question:Explaining certain information to support the following THREE questions:

1.With regards to the entry on 8 September (see below) Peter would like to know which financial statement element 'Motor vehicle' refers to. Peter has heard that both Assets and Expenses increase on the debit side and he would like to know which of the two (Assets or Expenses) 'Motor vehicle' refers to.You have to discuss the relevant definitions to explain this query to Peter.

8 Sept Dr Motor vehicle $25 000 Cr Cash at Bank $25 000 ('Tutor Solutions' purchased a motor vehicle for $25 000 to pick students up and drop them for their tutoring sessions).

2 Peter would like you to explain to her what the two objectives of Accounting are and why these objectives are important when we record Accounting entries.

3.Peter has heard about the "Accounting process" and would like you to explain to her what happens after a journal entry has been recorded.In your discussion you need to explain which steps take place after the journal entry has been recorded until the financial statements are prepared.