AApp1-1 Journalize Transactions: The Fardy Information Management Inc. follows the expedient recording method. It engaged in transactions during the month of May: a. Paid $8,500 for May rent. b. Bought $5,300 of office supplies on account. c. Payroll for May was $72,000. Employees were paid $54,800, and the remainder was payroll deductions (income tax etc.) All payroll deductions were immediately remitted to the Receiver General. d. Customers were billed $ 105,400 for completed assignments. Page 788 e. Utilities of $3,950 were paid. f. Declared a cash dividend of $1.70 per preferred share and $0.80 per common share, payable 6 June. There are 60,000 preferred shares and 180,000 common shares outstanding. g. Sold used computer equipment with an original cost of $53,700 accumulated depreciation to date of $49,200, for $7,000. h. Paid suppliers $4,000 on account for supplies in (b). i. Collected $81,900 from customers on account in (d). Required: 1. Journalize each of the above transactions in general journal form. 2. Which entries would be different if the standard recording method were used? Repeat these entries, using the standard reporting method. Explain how the (eventual) adjusting journal entries for these accounts would be different under this approach. 3. Indicate in which journal each transaction would normally be recorded, assuming that the company keeps a journal for purchases (merchandise for resale/inventory purchases), sales, cash receipts, cash disbursements, and also a general journal