Answer the attached two questions related to T-account table and type of accounts.

Q # 1 X Company had these adjusting entry situations at the end of December. 1. On July 1, Gaffney Company paid $1,200 for a one-year insurance policy. The policy was for the period July 1 through June 30. The transaction was recorded as prepaid insurance and a reduction in cash. 2. On September 10, Gaffney Company purchased $500 of supplies for cash. The purchase was recorded as supplies. On December 31, it was determined that various supplies had been consumed in operations and that supplies costing $200 remained on hand. 3. Gaffney Company received $1,000 on December 1 for services to be performed in the following year. This was recorded on December 1 as an increase in cash and as revenue. As of December 31, this needs to be recognized as Unearned Revenue, a liability account. 4. As of December 31, interest charges of $200 have been incurred because of borrowed funds. Payment will not be made until February. A liability for the interest needs to be recognized, as does the interest expense. 5. As of December 31, a $500 liability for salaries needs to be recognized. 6. As of December 31, Gaffney Company had provided services in the amount of $400 for Jones Company. An asset, Accounts Receivable, needs to be recognized along with the revenue. Required Record the adjusting entries at December 31, using T-accounts. Q # 2 The following are selected accounts of Laura Gibson Company on December 31: Permanent (P) or Temporary (T) Normal Balance (Dr.) or (Cr.) Cash Accounts Receivable Equipment Accounts Payable Common Stock Sales Purchases Rent Expense Utility Expense Selling Expense Required In the space provided: 1. Indicate if the account is a permanent (P) or temporary (T) account. 2. Indicate the normal balance in terms of debit (Dr.) or credit (Cr.). 2