Ouellette Corporation began operations on Jamuary 2. Its year end is Decernber 31, and it adjusts its accounts annually. Selected transactions for the current year follow: 1. On January 2, purchased supplies for $4,100 cash. A plysical count at December 31 revealed that $700 of supplies were still on hand. 2. Purchased a vehicle for $45,000 on April 1, paying $5,000 cash and signirig a $40,000 bank loan for the balance. The vehicle is estimated to have a useful life of 5 years and the compary uses straight-line depreciation. The bank loan has an interest of 38, payable at maturity. 3. Purchased a $3,600, one-year insurance policy for cash on August 1. The policy carne into effect on that date. 4. Received a \$1,600 advance cash payment from a client on November 9 for services to be performed in the future As at. December 31 , half of these services had been completed. 5. On December 1, the comparry rented additional office space for a sio month period starting on December 1 for $1.200 each month. It paid rent for the months of December and January in advance on this date. Ouellette Corporation began operations on January 2 . Its year end is December 31 , and it adjusts its accounts annually. Selected transactions for the current year follow: 1. On January 2, purchased supplies for $4,100 cash. A physical count at December 31 revealed that $700 of supplies were still on hand. 2. Purchased a vehicle for $45,000 on April 1, paying $5,000 cash and signing a $40,000 bank loan for the balance. The vehicle is estimated to have a useful life of 5 years and the company uses straight-line depreciation. The bank loan has an interest of 3%, payable at maturity. 3. Purchased a $3,600, one year insurance policy for cash on August 1. The policy came into effect on that date. 4. Receiveda $1,600 advance cash payment from a client on November 9 for services to be performed in the future. As at December 31 , half of these services had been completed. 5. On December 1, the company rented additional office space for a six-month period starting on December 1 for $1,200 each month. It paid rent for the months of December and January in advance on this date. Sr Date Account Titles and Explanation no. Debit Credit 1. 2