Question 1 Nicole Brighten started a painting business in November. Prepare journal entries to record the transactions during the month of November detailed below. You may omit explanations of the transactions. (10 marks): 1. Nicole started the business by investing cash of $20,000, equipment with a fair value of $5,000 and painting supplies with a fair value of $800. 2. Entered into a painting contract with a client for a total of $2,500 that provided a deposit of $500 prior to commencing any work. 3. Purchased painting supplies for $320 on account. 4. Received cash of $1,200 for painting services rendered. 5. Paid for one year insurance in advance, $2,400. 6. Completed the painting contract in (2) above and received the balance owing in cash of $2,000. Date Transaction Debit Credit