Analyze the following transactions in the manner shown for the December I transac- tion of Miramar Electronics. Also record each transaction in the journal. Explanations are not required. Dec. 1 Paid utilities expense of $700. (Analysis: The expense. Utilities Expense, is increased; therefore, debit Utilities Expense. The asset. Cash, is decreased; therefore, credit Cash.) Utilities Expense.................. Cash. 700 700 5 102922 24 27 Purchased office furniture on account, $800. Performed service on account for a customer. $1.600. Borrowed $7.000 cash, signing a note payable. Sold for $29.000 land that had cost this same amount. Purchased building for $140,000; signed a note payable. Paid the liability created on December 5.