1. Prepare general journal entries for the following transaction of Valdez Services. a. The company paid $15,000 cash for payment on a 16-month-old liability for office supplies. b. The company paid $1,300 cash for the just completed two-week salary of the receptionist. c. The company paid $38,000 cash for equipment purchased. d. The company paid $500 cash for this months utilities. e. Owner (B. Valdez) withdrew $4,800 cash from the company for personal use.

2. Transactions a, c, and e did not record an expense. Match each transaction(a, c, and e) with one of the following reasons for not recording an expense. __________This transaction decreased assets in settlement of a previously existing liability (equity did not change). Cash payment does not mean the same using up assets (expense is recorded when assets are used).

___________This transaction involves the purchase of an assets. The form of the companys assets changed, but total assets did not (and neither did equity). _________This transaction is a distribution to the owner. Even though equity decreased, that decrease did not occur in the process of providing goods or services to customers.

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