5. T-Accounts LO3 A company reports the following asset and liability T-accounts: Account #1 Account #2 Account "3 , 1,000 6,000 8,400 3,250 4,280 3,600 4,000 3,000 2,120 1,660 1,120 Required Determine the balance in each account and identify whether each account would most likely be an asset account or a liability account. 6. Normal Balances LO3 The following is a list of possible accounts found in a trial balance: 1. Equipment 2. Notes Payable 3. Dividends 4. Supplies 5. Rent Expense 6. Service Revenue 7. Unearned Revenue Required Indicate each account's normal balance and the ef- fect of a debit and credit to the account. 7. Posting Transactions LO3 A company records the following transactions dur- ing November: Debit Credit 3,200 Date Account Title Nov. 1 Accounts Receivable Nov.6 Cash Nov 15 Utilities Expense Nov. 26 Inventory 3,200 Service Revenue Accounts Receivable Cash Accounts Payable 1,000 1,000 250 250 2,360 2,360 Required Post the transactions to appropriate T-accounts and prepare a Trial Balance. 8. Recording Transactions LO2.3.5 Barrett Fisher, a clerk for Naval Supplies, received a payment from a customer and recorded the follow- ing journal entry Date Account Title Mar 1 Cash Debit 1,000 Credit Accounts Payable 1,000 Required Is this entry correct or not? Explain why it is or is not correct