3911 The following list includes a series of accounts for B-ball Corporation, which has been operating for three years. These accounts are listed alphabetically and numbered for identification. Following the accounts is a series of transactions. For each transaction, Indicate the account(s) that should be debited and credited by selecting the appropriate account number(s) to the right of each transaction. If no journal entry is needed, select NA after the transaction. The first transaction is used as an example. TIP: In transaction (h), remember what the expense recognition principle says. TIP: Think of transaction (1) as two transactions: (1) incur expenses and liability and (2) pay part of the liability. Account Number 1 10 12 Account Title. Accounts Payable Accounts Receivable Cash Common Stock Equipment Income Tax Expense Income Tax Payable Notes Payable Prepaid Insurance Rent Expense Service Revenue Supplies Transactions a. Example: Purchased equipment for use in the business; paid one-third cash and signed a note payable for the balance. b. Issued common stock to new investors Collected cash for services performed this period d. Paid cash for rent this period. Performed services this period on credit. f. Collected cash on accounts receivable for services performed last period. 9. Paid cash on accounts payable for expenses incurred last period h. Purchased supplies to be used later, paid cash. Debit Credit 5 3,8