5. Cost is used in recording all transactions Problem 1-4 Listed below are 10 business actions of the Carlton Service Entity 1. James Carlton, the owner, deposited $50,000 in the Carlton service Entity business account. 2. Purchased a one year liability insurance policy, $3,000 3. Hired three secretaries at a salary of $625 per week. 4. Negotiated and signed a contract 5. Purchased office supplies on account, $900 6. Received an advance payment from client for services that are to be provided during the next accounting period, $300. 7. Provided service to a client on account, $1,500 8. Paid an outstanding accounts payable, $700 9. Received a utility bill with payment due the 4th of next month, $270 10. Paid weekly employees salaries, $6,500. Required a. State if each business action is a transaction. b. Using the account titles listed below; list the accounts that were affected by each transaction. CASH, ACCOUNTS RECEIVABLE, PREPAID INSURANCE, OFFICE SUPPLIES, ACCOUNTS PAYABLE, UNEARNED SERVICE REVENUE, J. CARLTON, CAPITAL, SERVICE REVENUE, UTILITIES EXPENSE, SALARIES EXPENSE c. Determine if each effected account was increased or decreased d. Open t-accounts for each account title listed in requirement b. Place the effects of each transaction in the t-accounts 18