Q1.Identify the users and uses of accounting information.

Q2.Identify the two main groups involved in establishing generally accepted accounting principles in the U.S.

Q3.Identify and describe the four basic financial statements.

Q4.A company purchased $7,000 of supplies and testing equipment on credit. Enter the appropriate amounts that reflect this transaction into the accounting equation format shown below.

Assets =	Liabilities +	Equity

Q5. Flora Accounting Services completed these transactions in February:

a. Purchased office supplies on account, $300

b. Completed work for a client on credit, $500

c. Paid cash for the office supplies purchased in (a)

d. Completed work for a client and received $800 cash

e. Received $500 cash for the work described in (b).

Prepare journal entries to record the above transactions.