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Problem #3 Complete the following table by stating the accounting element of each account, and whether increases and decreases in the accounts are represented by a debit or credit entry. For example: + Decrease Accounts Element Increase Credit Supplies Asset Debit a. Service Revenues g. Salaries Expense b. Withdrawal h. Office Equipment c. Utilities Expense i. Fixtures and Fittings d. Rent Expense j. Interest Expense e. Cash in Bank k. Loans Payable f. Trade Payables 1. Capital Accounts Element Increase Decrease a. Service Revenues Income b. Withdrawals C. Utilities Expense d. Rent Expense e. Cash in Bank f . Trade Payables g. Salaries Expense h. Office Equipment i. Fixtures and Fittings j. Interest Expense k. Loans Payable 1. CapitalProblem #2 Debits and Credits Innovative Designs, owned by Leopoldo Medina, has been operating for two years. Below is a series of transactions. For each transaction, indicate the accounts that should be debited and credited. If no journal entry is required, write "n/a" in the columns. Use the following account titles: Cash; Accounts Receivable; Supplies; Prepaid Expenses; Equipment; Patents; Accounts Payable; Notes Payable; Salaries Payable; Medina, Capital; Medina, Withdrawals; Service Revenues and Operating Expenses. Transactions Debit Credit a. Purchased equipment for use in the business; paid one- third cash and gave a note payable for the balance. b . Paid cash for salaries. C . Collected cash for services performed this period. d. Collected cash for services performed last period e. Performed services this period on credit. f. Paid operating expenses incurred this period. g. Paid cash for operating expenses incurred last period. h. Incurred operating expenses this period to be paid next period. i. Purchased supplies for inventory to be used later; paid cash. J. Used some of the supplies from inventory for operations. k. Purchased a patent (an intangible): paid cash. 1. Made a payment on the equipment note in (a); the payment was part principal and part interest expense. m. Collected cash on accounts receivable for services previously performed. n. Paid cash on accounts payable for expenses previously incurred. O. On the last day of current period, paid cash for an insurance policy covering the next twelve months