1: For the attached table, identify the type of account as an asset, liability, equity, revenue or expense account. Then type debit or credit within the increase/decrease columns to signify whether a debit increases the account, or a credit increases the account. The same for the decrease column. (33 points, 1 point per answer) Account Name Account Type Increase Decrease 1 Cash Asset Debit Credit 2 Inventory 3 Accounts Receivable 4 Accounts Payable Liability Credit debit 5 Owner Capital equity credit debit 6 Owner Withdrawal equity Debit Credit 7 Sales 8 Sales Discounts 9 Sales returns 10 COGS 11 Shipping expense Question 2: In a double entry accounting system, each transaction affects at least two different accounts. For the following transactions identify the two accounts and what type of account is each, asset, liability, equity, revenue, or expense. (46 points, 1 point per answer) 1. On August 1, Debbie, the owner invested $40,500 cash into the company. Name of Accounts Affected: Type of Account: 2. On August 2 purchased $5,000 worth of merchandise terms 2/10, n/30, FOB shipping point. 100 items of BAC at a cost of $50 each. T 2. On August 2 purchased $5,000 worth of merchandise terms 2/10, n/30, FOB shipping point. 100 items of BAC at a cost of $50 each. ACCT110 Accounting Name of Accounts Affected: I Type of Account: 3. On August 3 returned 8 items of BAC at a cost of $50 each because they were defective/ and received a credit to our account. Name of Accounts Affected: Type of Account: 4. On August 5 paid the shipping cost of $100. Name of Accounts Affected: Type of Account: 5. On August 6 sold 10 BACS for a total selling price of $1000 that had a cost of $500 terms 2/10/, EOM. Name of Accounts Affected: Type of Account: 6. On August 8 customer returned two BACs worth $200 that had a cost of $100, they were damaged and not returned to inventory. Name of Accounts Affected: Type of Account: On August 10 we paid our bill within the discount period, less the return. Name of Accounts Affected: Type of Account: ACCT110-Accounting E 8. On August 11 the customer paid their bill within the discount period less the return to us. Name of Accounts Affected: Type of Account: Question 3: Use the following information to create a Trial Balance for the company. As of August 31, the company, DEBS Services, had the following account balances: (29 points) Cash $40,000 Accounts Receivable 4,000 Inventory 11,000 Accounts Payable 5,000 Owner Capital 30,000 Owner Withdrawals 1,000 Sales 32,000 Sales returns 250 Sales discounts 1,250 8,000 1500 COGS Shipping expense Use the following table to complete the ffial balance: DEBS Services Trial Balance August 31, XXX Account: Debits Credits Use the following table to complete the trial balance: DEBS Services Trial Balance August 31, XXX Account: Debits Credits TOTAL