Following are the transactions for Valdez Services. a. The company paid $2,000 cash for payment on a 6-month-old account payable for office supplies. b. The company paid $1,200 cash for the just completed two-week salary of the receptionist. c. The company paid $39,000 cash for equipment purchased. d. The company paid $800 cash for this month's utilities. e. The owner (B. Valdez) withdrew $4,500 cash from the company for personal use. 1. Prepare general journal entries for the above transactions of Valdez Services. View transaction list View journal entry worksheet c General Journal Credit No 1 Transaction a. Debit 2,000 Accounts payable Cash 2,000 1200 " 2 b. Salaries expense Cash 1,200 39,000 2 3 .. 39.000 Equipment Cash 800 Utilities expense Cash 5 e. B. Valdez, Withdrawals Cash 2 of 3 !!! 2. Listed below are three reasons why a transaction would not result in an expense. Match each of the rea properly describes.. Transaction Reason This transaction is a distribution of cash to the owner. Even though equity decreased, that decrease did not occur in the process of providing goods or services to customers. This transaction decreased cash in settlement of a previously existing liability (equity did not change). Supplies expense is recorded when assets are used, not necessarily when cash is paid. This transaction involves the purchase of an asset. The form of the company's assets changed, but total assets did not (and neither did equity).