Practice Quiz Journal Entries In the general journal provided, prepare entries (in good form) for the following transactions. If no entry is required, write "NO ENTRr. Ignore the "Post" column. October 1 Bob Lee opened a martial arts school, called Lee Martial Arts, by depositing $40,000 cash into a business bank account and contributing exercise equipment worth $10,000. October 4 Hired an assistant, to be paid $400 per week, starting next week. October 5 Signed up 5 students, who will begin lessons on October 8 , at $80 per week per student. October 12 First week's lessons completed. Received payment of the first week's tuition from 4 students, the 5 student will make payment in 3 days. October 12 Paid assistant his first week's wages. October 15 Received payment from 5 student. October 16 Purchased exercise equipment for $6,000, paying cash of $4,000 with the balance due in two weeks. October 20 The company receives the phone bill for $55 due in two weeks. October 30 Paid the balance due for the exercise equipment purchased October 16m. October 31 Received $160 tuition in advance for two weeks of lessons starting next week. Please answer the following questions: 1. How would you define a revenue? An expense? 2. Are dividends an expense? Please explain. 3. How would you determine whether an expenditure is an asset or an expense? 4. What is the financial statement impact of not making the second entry on October 12 to pay the assistant's wages? Which accounts would be overstated/understated assets, liabilities, equity, revenue, expense