BRIEF EXERCISES 1. Chart of Accounts LO The following accounts were taken from the charts of accounts of a retailer, a bank, andlor a chemical company: Cash Research and Development Expense Dividends Payable Retained Earmings Property and Equipment Salaries Expense Sales Returns Mortgage Receivable Required Indicate whether each account would likely appear in the chart of accounts of the retailer (R), the bank (B), the chemical company (C, or all three (A). 2. Accounting Transactions LO A company enters into the following economic events 1. Hired a new receptionist. 2. Billed customers for services performed 3. Announced the signing of a contract that should produce $100,000 of new revenue. 4. Paid for insurance that will not be used until next year Required Indicate whether each economic event would be considered an accounting transaction. 3. Analyze Transactions LO2 EA Systems entered into the following transactions during the month of August 1. Received $6,350 for services performed during August 2. Purchased $1,200 of supplies on account. 3. Paid employee salaries of $3,280 for the first week of August. 4. Paid $900 towards the previous purchase of supplies Required Indicate whether each transaction increases, de- creases, or has no effect on assets, liabilities, and eq- uity. If a transaction affects equity, indicate whether the transaction affects revenues or expenses 4. Journalize Transactions LO Review the EA Systems information in the preceding Brief Exercise. Required Prepare journal entries for each transaction (omit ting explanations)