Question 3: Quality Planet Corporation has been operating for one year. On January 1, at the start of its second year, its income statement accounts had zero balances and its balance sheet account balances were as follows: Cash Accounts Receivable Supplies Equipment Land Buildings Required: Accounts Payable Deferred Revenue (deposits) $7,500 20,000 1,500 Notes Payable (long-term) 7,000 Common Stock 15,000 Retained Earnings 30,000 $ 14,000 4,000 25,000 18,000 20,000 1. Prepare journal entries for the following transactions for January Year 2, using the letter of each transaction as a reference: a. b. C. d. Received a $600 deposit from a customer for services to be provided in February. Rented a part of the building to a bicycle repair shop; $500 rent received for January Delivered services worth $18,000 to customers who paid in cash. Delivered services worth $9,500 to customers on account. e. f. g Received $8,000 from customers as payment on their accounts. Received an electric and gas utility bill for $400 for January services to be paid in February. Ordered $500 in supplies. h. Paid $4,000 on account in January. Paid $12,000 in wages to employees in January for work done this month. Received and paid cash for the supplies in (g).