Question 1 (20 marks) The following transactions occurred for Richmond Limited for the month of February 2021: Date 1 Feb Prepaid insurance of $9,000 for the period from 1 February to 31 July 2021. Borrowed $600,000 from National Bank by signing a note payable. 4 Feb 9 Feb Performed services for customers and earned revenue of $50,000 on account. 15 Feb Paid $8,000 cash on accounts payable. 20 Feb Collected $30,000 cash on account from the customers. Utilities bills of $1,200 were received and will be paid next week. 26 Feb 28 Feb Adjust the insurance expense for February 2021 (refer to 1 February). Required: For Richmond Limited, (a) Prepare the journal entries for the month of February 2021. (Narration is NOT required.) (14 marks) (b) Describe the effects in the accounting equation for the transactions on 4 and 26 February. Use the format as shown below for your answers. Specify your answers with either 'increase', 'decrease' or 'no effect'. (6 marks) + Transactions e.g. 4 Feb 26 Feb Assets Increase Liabilities Decrease Shareholders' equity No effect [Total marks for Question 1: 20 marks