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Q). Post any adjustments needed for transactions 3, 4, and/or 5. (Use posting reference "A-3." if an adjustment is required for transaction 3, "A-4" if an adjustment is required for transaction 4, and "A-5" if an adjustment is required for transaction 5. Do not select a posting reference if no adjustment is required.)

Consider the following transactions for Georgetown, Inc. (Click the icon to view the transactions.) The year end for Georgetown, Inc., is June 30 Requirement 1. Record the transactions for Georgetown, Inc., in T-accounts and tell how each affects assets, liabilities, or stockholders' equity. Requirement 1. Record the transactions for Georgetown, Inc., in T-accounts and tell how each affects assets, liabilities, or stockholders' equity Begin by describing how each transaction affects assets, liabilities, or stockholders' equity. Transaction Affect on Assets, Liabilities, or Stockholders' equity i More Info 2. Increases one asset and decreases another asset 3. I. On September 1, the company issued a $40,000 note at 9%, both interest and principal due in one Increases an asset and increases a liability year Increases an asset and increases stockholders' equity 2. On October 1, the company rented a copy machine and paid one year of rent in advance at a rate of $200 per month. 5. Increases an asset and decreases a liability Increases an asset and decreases stockholders' equity 3. On December 30, the company purchased an insurance policy for a term of one year, beginning immediately. The cost was $480, paid in cash. Increases one liability and decreases another liability 4. On March 1, the company purchased $750 worth of supplies for cash. The company started the year with $450 worth of supplies on hand Increases a liability and increases stockholders' equity Increases a liability and decreases stockholders' equity 5. Over the course of the year, the company eaned $105,000 of service revenue, collected in cash. Print Done More Info On September 1, the company issued a $35,000 note at 6%, both interest and principal due in one 1. year. 2. On October 1, the company rented a copy machine and paid one year of rent in advance at a rate of $1,000 per month. 3. On December 30, the company purchased an insurance policy for a term of one year, beginning immediately. The cost was $1,800, paid in cash. On March 1, the company purchased $650 worth of supplies for cash. The company started the year with $400 worth of supplies on hand. 4. 5. Over the course of the year, the company earned $95,000 of service revenue, collected in cash. Print Done ASSETS LIABILITIES SHAREHOLDERS' EQUITY Cash Notes payable Revenues 12,000 2 35,000 1 95,000 5 35,000 95,000 1,800 3 650 4 Prepaid rent on equipment Interest payable Interest expense 12,000 9,000 A-2 1,750 A-1. 1,750 2 A-1 Prepaid insurance Equipment rental expense 9,000 A-2 1,800 Supplies Insurance expense 400 4 650 Supplies expense