\begin{tabular}{|l|l|} \hline No & Questions \\ \hline & a. What is the first step of the accounting cycle? \end{tabular} b. A amount will appear on the right of a T-account. c. Prepaid expense account has balance. Make journal entries for the following transaction: a. Paid utility expense: $10.000 2 b. Advanced payment to suppliers with cash: $500 c. Purchased equipment: $50.000, paid with cash: $35.000. The remaining will be paid in the following period. Write journal entries which would correct these errors: a. Sales on credit has been added up to $28.825 instead of $28.425 3 b. Equipment bought in cash $7.605 was recorded in the books at $6.705 c. A sale of goods on credit for $1000 had been omitted from the AR account a. The economic entity concept means that economic activity can be identified