Assume the following T-accounts reflect Belle Co.'s general ledger and its first seven transactions a through g, which are posted to them. Supplies Prepaid Insurance 6,000 9,60 700 BB 3,200 Equipment 6,400 Accounts Payable 800() Common Stock Selling Expenses 780 5,400 d Identify the explanation from 1 through 7 below that best describes each transaction a through g reflected in the T-accounts. 1. The company paid $6.000 cash in advance for prepaid insurance coverage D. Bebe created a new business and invested $6.600 cash 55.400 of equipment and $11,300 in web servers in exchange for common stock 3. The company purchased $800 of supplies on account 4. The company received $5,400 cash for services provided 5. The company paid $800 cash towards accounts payable 6. The company paid 53 200 cash for equipment 17 The company paid $700 cash for selling expenses