Record the following selected transactions for january in a two‐column journal. once you have completed that, answer questions 1 – 5 related to your work.

(a) earned $7,000 fees; customer will pay later.

(b) purchased equipment for $45,000, paying $20,000 in cash and the remainder on credit

(c) paid $3,000 for rent for january.

(d) purchased $2,500 of supplies on account.

(e) a. allen $1,000 investment in the company.

(f) received $7,000 in cash for fees earned previously.

(g) paid $1,200 to creditors on account.

(h) paid wages of $6,250.

(i) received $7,150 from customers on account.

(j) a. allen withdrawal of $1,750.

3. for part (a), which two accounts are affected?

a. accounts receivable and fees earned

b. supplies and accounts payable

c. cash and accounts receivable

d. rent expense and cash

Jennifer purchased a house in a brand new development in the outskirts of town. when her house was built, the nearest fire department was nearly 20 miles away. as her neighborhood developed, the density of the community called for a new fire department 1.5 miles away. what effect will the new fire station have on her homeowners insurance premium? a. a new fire department will be more demanding on local taxes. her annual premium will go up. b. the location of a fire department has no bearing on the value of her house. her annual premium will stay the same. c. the new fire department will reduce the risk of financial loss in her home. her annual premium should decrease. d. with a fire department so close (less than 5 miles), financial risk on jennifer’s home practically disappears. she will not need to pay insurance anymore.