Following are the transactions for Valdez Services a. The company paid $4,500 cash for payment on a 3-month-old account payable for office supplies. b. The company paid $1,500 cash for the just completed two-week salary of the receptionist. c. The company paid $31,000 cash for equipment purchased. d. The company paid $600 cash for this month's utilities, e. The company paid a $5,000 cash dividend to the owner (sole shareholder). 1. Prepare general journal entries for the above transactions of Valdez Services. 2. Listed below are three reasons why a transaction would not result in an expense. Match each of the reasons to the transaction properly describes. Gomplete this question by entering your answers in the tabs below. Required 1 Required 2 Listed below are three reasons why a transaction would not result in an expense. Match each of the reasons to the transaction it 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 necessanly 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)