MDTERYLLACC203INCLASSREVIEW PROBLEMS PROBLEM 1: RECORD TRANSACTIOMS cash.S18.000, and on account, $62.000 Step 1: Identify the accounts impacted by this transaction Account 1: Account 2: Account 3: Step 2: Identify if each account in step 1 is increasing or decreasing Account Increase or Decrease Step 3: Fill in the Basic Accounting equation and Make sure it balances (write the amount and a + or-sign) SE Step 4 Record the Journal Entry Step 5: Post to T Accounts (make sure to write the account name at the top of the T account and then the amount on the Debit or Credit Side) Transaction B:On October 4, 2017 the Hospital purchased a three-year insurance policy for $24,000. Step I: identify the accounts impacted by this transaction Account 1 Account 2: Step 2: Identify if each account in step l is increasing or decreasing Account Step 3: Fill in the Basic Accounting equation and Make sure it balances (write the amount and a + or- sign) Step 4: Record the Journal Entry Step 5: Post to T Accounts (make sure to write the account name at the top of the T account and then the amount on the Debit or Credit Side) Step I: identify the accounts impacted by this transaction AccountI Account 2 Step 2: Identify if each account in step I is increasing or decreasing Account Step 3: Fill in the Basic Accounting equation and Make sure it balances (write the amount and a + or- sign) SE Step 4: Record the Journal Entry Step 5: Post to T Accounts (make sure to write the account name at the top of the T account and then the amount on the Debit or Credit Side)