Record the following sclccted transactions for January in a two-column journal. Once you have completed that, answer questions 1 5 related to your work (a) Earned $7,000 fees; customer will pay later (b) Purchascd equipment for $45,000, paying $20,000 in cash and the remainder on credit (c) Paid $3,000 for rent for January (d) Purchased $2,500 of supplies on account. (e) A. Allen $1,000 investment in the company. (f) Received $7,000 in cash for fees earned previously. (g) Paid $1,200 to creditors on account (h) Paid wages of $6,250. (i) Received S7,150 from customers on account. (i) A. Allen withdrawal of $1,750. 5. For part (b), what is the cash balance? $45,000 $20,000 $25,000 $10,000 10. When are adjusting entries entered? At the beginning of the accounting cycle At the end of the fiscal year At the beginning of the fiscal year At the end of the accounting cycle Record the following selected transactions for January in a two-column journal. Once you have completed that, answer questions 1 -5 related to your work. (a) Earned $7,000 fees; customer will pay later (b) Purchased equipment for $45,000, paying $20,000 in cash and the remainder on credit (c) Paid $3,000 for rent for January (d) Purchased $2,500 of supplies on account (e) A. Allen $1,000 investment in the company (f) Received $7,000 in cash for fees earned previously (g) Paid $1,200 to creditors on account (h) Paid wages of $6,250 (i) Received $7,150 from customers on account (i) A. Allen withdrawal of $1,750 1. For part (e), which two accounts are affected? Cash and Fees Earned Cash and Prepaid Insurance Cash and Allen, Capital Cash and Accounts Receivable