1 1. From the following transactions, classify the debit and credits each separately and pass the necessary JOURNAL ENTRIES FOR EACH OF THE TRANSACTIONS (20 Marks) (1) Brought in cash of RO 8,000 to start up the business (2) Purchase of supplies on credit for RO 500 (3) Paid RO 4,000 in cash to Purchase equipment (4) Paid RO 400 liability to the supplier (accounts payable resulting from delivery of supplies) (5) Earned revenue of RO 5,000 on credit (6) Collection of accounts receivable RO 3,000 (7) Paid rent of RO 500 for rent (cash) and incurred expenses of RO 200 (on credit) for utility (8) Prepaid insurance of RO 1,200 (9) Reception of a down payment of RO 2,400 for services to be performed (unearned revenue), and (10) Withdraw of RO 800 for personal use. 2. Define the following terms (i) Credit Period (ii) Cash Discount