Accounting Equation and Debit/Credit Rules Complete the Accounting Equation below by placing the following account types in the proper order to complete the accounting equation: Assets, Common Stock, Dividends, Expenses, Liabilities and Revenues. Indicate the increase side of the account with "+" and the decrease side with a "-". Use Chapter 2 of your textbook Journal Entries Chart of Accounts Cash Accounts Receivable Supplies Prepaid Insurance Prepaid Rent Office Equipment Accounts Payable Wages Payable Common Stock Dividends Fees Earned Insurance Expense Rent Expense Supplies Expense Utility Expense Wages Expense Using the Chart of Accounts provided above, journalize the following transactions: a) On January 1, the owners deposited $50,000 into the business bank account in exchange for Common Stock b) On January 12, the company paid employees wages of $8,000 c) On January 18, M4 Engineering billed customers $20,000 for consulting services. d) On January 25, M4 Engineering paid $7,500 on account Proper journal formatting required: Debit account(s) placed against the margin of the description column. Credit accounts(s) indented slightly from the debit account. Skip lines between transaction No descriptions needed No S M. Baker VI Page 1 -234 5 6 7 8 9 10 11 12 Date Accounting IA Chapter 2 Analyzing Transactions GENERAL JOURNAL Description Page Post ref Debit Credit -234567% 8 9 10 11 12 Posting Transactions Using the transactions on page 3 (not the transactions above), post and balance the T accounts. Use proper Alpha referencing and balance all of the accounts. Cash Accounts Receivable Supplies Prepaid Rent Accounts Payable Unearned Revenue Common Stock Fees Earned M. Baker VI Page 2 Accounting 1A Transaction Posting Chapter 2 Analyzing Transactions Post the following transactions for M4 Engineering into the T accounts on the page 2. Use proper Alpha referencing and balance all the accounts. GENERAL JOURNAL Page Date Description Post Debit Credit ref 1 A Cash 50,000 1 2 Common Stock 50,000 2 3 4 B Prepaid Rent 3,000 5 Cash 3,000 5 6 7 C Supplies 7,200 8 Accounts Payable 7,200 8 9. 1456789 3 10 D Accounts Receivable 32,000 10 11 Fees Earned 32,000 11 12 12 13 E Accounts Payable 4,800 13 14 Cash 4,800 14 15 15 16 F Cash 12,000 16 17 Unearned Revenue 12,000 17 18 18 19 G Cash 5,000 19 20 Accounts Receivable 5,000 20